Wednesday, May 16, 2007

Good to know some folks aren't homeless after losing their jobs

Severance pact for former Harvard president Summers includes $1 million home loan, salary deal - From The Boston Globe:
The former Harvard University president, Lawrence H. Summers, received a severance package that could be worth up to $2 million or more, including a $1 million home loan, according to the university's annual Internal Revenue Service filing....

Summers's compensation in 2005-2006, his final year as president, was $611,226, including base pay of $580,115.

Summers, who resigned amidst controversy after five years in office, declined to comment last night. A university spokesman said Harvard does not comment on compensation beyond what it is required to report to the IRS.

"Harvard had a need to make a change, so they did what they did to make it amicable, as distinct from adversarial," said Robert Atwell, former president of the American Council on Education. "I'm not prepared to say this is a bad settlement."...

Summers and his wife, Elisa New, a Harvard English professor, bought a 6,541-square foot Colonial in Brookline last year for $2.53 million.

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