In fiscal year 2009, which ended on June 30, 2009, CIO James Walsh received a compensation package that totaled $888,643. This included $413,680 in base salary pay, $15,000 in other reportable compensation, $49,963 in benefits and deferred compensation, and $420,000 categorized as “bonus and incentive compensation.” Walsh received this bonus compensation during one of the worst fiscal years in the University endowment’s recent history. Under Walsh’s management, the University’s endowment lost about $1.4 billion of its value during fiscal year 2009, falling from about $5.4 billion in June 2008 to about $4 billion in June 2009. The sudden drop in the value of the endowment forced Cornell to implement hiring and construction pauses, lay off employees and slash budgets across campus. It also prompted the University to launch a massive restructuring process, dubbed “Reimagining Cornell.” Asked why the chief investment officer’s total compensation during fiscal year 2009 was more than doubled by bonus payments, Deputy University Spokesperson Simeon Moss ’73 said in an e-mail that “such bonuses are contingent on performance.” [Cornell Sun]
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Bernie was poorly endowed, his performance sucked, and he wound up in jail. The world is so unfair.
- Ruthie
How many bucket of beer does that buy you at the Haunt?
Bess:
I’m sure that if I had a Cornell education I’d be able to log in to your comment system without difficulty. However, not being a Cornel man I have difficulty logging in – the log in box rarely comes up when I click on disqus. I seem to have a little success if I set the disqus box an inch or two above the bottom of the screen. I’m not sure if my difficulty reflects (a) your IT departments’s unintentional incompetence on (2) a sophisticated screening system designed to weed out the unintelligent. Either way, I feel bad.
ab- hobart?
Jump! Jump!
I heart Cornell
I started the main Frisbee Golf Club at Cornell. Where I went to college. I live to frolf.
When I was in college I used to get wicked hammered. My nickname was puke. I would chug a fifth of socos, sneak into a frat party, polish off a few people’s empties, some brewskies, some Jell-O shots, do some body shots off myself, pass out, wake up the next morning, puke, rally, more soco, head to class. Probably would have gotten expelled if I had let it affect my grades, but I aced all my courses. They called me Ace. It was totally awesome. Got straight B’s. They called me Buzz.
AZZLE BAZZLE IN THE HIZZY
the office is so overrated – it hasnt been funny since 2007
~guy who likes to say things are overrated
You, me, bar, beers, buzzed. Wings, shots, drunk. Waitresses, hot. Football, Cornell/Hofstra, slaughter. Then quick nap at my place, and we hit the tizzown.
They only paid him six bucks for each hundred he lost. I charge twice that.
Beer me my bonus.
Obviously you don’t realize how stressful it is to lose $1.4 billion. The man should have been paid much more to compensate for the ulcers, weight loss, hair loss, and general psychosis he endured during the fiscal year.
He’s realized this — that’s why he’s started Cayuga Capital Partners where no doubt he’ll be more fairly compensated for his losses.
“Walsh, who began his stint as chief investment officer at Cornell in 2006, announced in February that he would be resigning his post in order to return home to the United Kingdom with his family. His employment at Cornell officially ended on June 30. In May, Bloomberg News reported that Walsh was starting a $150 million hedge fund named Cayuga Capital Partners.”
i too did not attend a pseudo-ivy league college and am having the same trouble.
i guess what im saying is, stop making me feel bad bess.
Stress from losing megabux? Is that why his head is so misshapen?
losing over a billion dollars and getting a bonus for doing such a terrific job is the new killin’ it
My college doesn’t have a school for hotel management, and that’s why I work in operations.
And like the Steely Dan song, most of your friends are Thru with Buzz…