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☆ These tech investors are trawling UC Berkeley to fund the next Perplexity or Databricks
▼ + stars: | 2024-10-21 | by ( Melia Russell | ) www.businessinsider.com time to read: +4 min

The University of California, Berkeley, is the top producer of alumni starting tech companies. Founded by Jeremy Fiance, The House Fund targets Berkeley-affiliated startups like Databricks. Related stories"I was learning more and more about what The House Fund is from the outside in," Hargreaves said. His move from Founders Fund to The House Fund hasn't been previously reported. The House Fund said it can write checks up to $10 million.

Persons: Jeremy Fiance, Zachary Hargreaves, —, Jeremy, Aravind Srinivas, Hargreaves, it's, Fund hasn't Organizations: University of California, Fund, Berkeley, House Fund, Service, College of Computing, Data Science, Society, The, SpaceX, Founders Fund, Investors, Stanford, Massachusetts Institute of Technology, Berkeley Endowment Management Company, UC Investments, Ahoy Locations: Berkeley

Michael Bloomberg’s organization Bloomberg Philanthropies is announcing a $600 million gift to the endowments of four historically Black medical schools. Xavier University of Louisiana, which is opening a new medical school, will also receive a $5 million grant. The donations will more than double the size of three of the medical schools’ endowments, Bloomberg Philanthropies said. The four historically Black medical schools are still deciding with Bloomberg Philanthropies how the latest gifts to their endowments will be used, said Garnesha Ezediaro, who leads Bloomberg Philanthropies’ Greenwood Initiative. Dr. Yolanda Lawson, president of the National Medical Association, said she felt “relief,” when she heard about the gifts to the four medical schools.

Persons: Michael Bloomberg’s, Bloomberg Philanthropies, ” Bloomberg, Charles Drew, Garnesha Ezediaro, Ezediaro, ” Ezediaro, Valerie Montgomery Rice, we’ve, ”, Ronda Stryker, William Johnston, Denise Smith, Spelman, Smith, MacKenzie Scott’s, ” Smith, Yolanda Lawson, Utibe Organizations: Bloomberg, New, New York City, National Medical Association, Associated Press, Howard University College of Medicine, Meharry Medical College, Morehouse School of Medicine, Charles, Charles Drew University of Medicine & Science, Xavier University of Louisiana, Johns Hopkins University, Greenwood Initiative, Democratic, United Negro College Fund, Spelman College, Greenleaf Trust, The Century Foundation, David Geffen School of Medicine, UCLA, NBC Locations: New York, Tulsa , Oklahoma, Atlanta, Ronda

☆ The dark side of the 2024 Paris Olympics
▼ + stars: | 2024-08-06 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +11 min

Read previewAs the 2024 Olympics Games plays out in Paris, some nonprofits are warning of a dark reality looming over the sporting event. Wijeyakumar said Rahab's Daughters had distributed pamphlets ahead of the Paris Olympics at a local refugee camp. Rahab's Daughters has identified labor and sex trafficking occurring mainly within the manufacturing, construction, retail, and hospitality industries in Paris. The US National Human Trafficking Hotline explains on its website, however, that human trafficking is "notoriously underreported." These figures are based on interviews with survivors, reports Rahab's Daughters has received, and data it has collected from online ads.

Persons: —, Sam Wijeyakumar, Rahab's, Wijeyakumar, Lauren Hersh, hadn't, Hersh, William Pinzón, Reyes, Jonathan Machler, Airbnb, Mark Godin Organizations: Service, Paris Games, Business, Volunteers, BI, Olympic, Paris, Labor, US Department of State, State Department, Olympics, National Institute of Justice, US Department of Justice, Coalition, CAP, Paris Olympics Locations: Paris, US, Poland, Germany, France, London

☆ Bloomberg gives $600 million to 4 Black medical schools’ endowments
▼ + stars: | 2024-08-06 | by ( Associated Press | ) edition.cnn.com time to read: +6 min

NEW YORK AP —Michael Bloomberg’s organization Bloomberg Philanthropies is announcing a $600 million gift to the endowments of four historically Black medical schools. Xavier University of Louisiana, which is opening a new medical school, will also receive a $5 million grant. The donations will more than double the size of three of the medical schools’ endowments, Bloomberg Philanthropies said. The four historically Black medical schools are still deciding with Bloomberg Philanthropies how the latest gifts to their endowments will be used, said Garnesha Ezediaro, who leads Bloomberg Philanthropies’ Greenwood Initiative. Dr. Yolanda Lawson, president of the National Medical Association, said she felt “relief,” when she heard about the gifts to the four medical schools.

Persons: Michael Bloomberg’s, Bloomberg Philanthropies, ” Bloomberg, Charles Drew, Garnesha Ezediaro, Ezediaro, ” Ezediaro, Valerie Montgomery Rice, we’ve, ”, Ronda Stryker, William Johnston, Denise Smith, Spelman, Smith, MacKenzie Scott’s, ” Smith, Yolanda Lawson, Utibe Organizations: Bloomberg, New, New York City, National Medical Association, Associated Press, Howard University College of Medicine, Meharry Medical College, Morehouse School of Medicine, Charles, Charles Drew University of Medicine & Science, Xavier University of Louisiana, Johns Hopkins University, Greenwood Initiative, Democratic, United Negro College Fund, Spelman College, Greenleaf Trust, The Century Foundation, David Geffen School of Medicine, UCLA Locations: New York, Tulsa , Oklahoma, Atlanta, Ronda

☆ As the super-rich pile into alternatives, a top investment manager reveals how others can too
▼ + stars: | 2024-07-22 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

Private market assets or alternative investments are those that do not fall into the conventional categories of stocks, bonds, commodities and cash. Prequin, which provides data on the alternative assets market, says it expects assets under management to hit $23.21 trillion by 2026 . Listed companies related to private markets He advised investors to consider listed companies in "the business of private markets management." These include the likes of KKR and Blackstone , which invest in a range of alternatives like real estate, credit and capital markets. Listed private market funds Another way to gain exposure to the alternatives space is through private market funds which are available in some countries.

Persons: —, Juan Delgado, Moreira, Hamilton Lane, Delgado Organizations: CNBC Pro, Nvidia, KKR, Blackstone, London Stock Exchange, Oxford Tech, Venture Capital Trust, Temasek, Asset Management Locations: U.S, Hamilton Lane, Singapore

☆ Here's where — and how — the super-rich are investing, according to a wealth manager
▼ + stars: | 2024-07-10 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

The super-rich have a very different mindset toward investing than the average person, wealth manager Robert Fraser says. Fraser named real estate as another asset class the ultra-rich like, with many owning properties and earning rental income. "Billionaires love real estate — it brings benefits to owners like growth through inflation, depreciation, tax-deferral and long-term capital gains," Fraser added. He suggests that the remaining funds be channeled into real estate — starting with single family residences and eventually diversifying into industrial properties, multi-family residences and retail real estate. "It is good for the average investors regardless of whether they are accredited to be in real estate.

Persons: Robert Fraser, Fraser, cryptocurrencies — Organizations: Aspen Funds, CNBC Pro, Forbes, Yale Endowment Fund Locations: U.S

☆ Campus protests have called for schools to divest from Israel. Here's how that would actually work
▼ + stars: | 2024-05-17 | by ( Anuz Thapa | ) www.cnbc.com time to read: +1 min

One constant refrain at these protests is the call for college endowment funds to divest from Israel and the many American companies that do business there. Tech companies such as Google and Amazon and defense contractors such as Boeing and Lockheed are on that list. "These endowments are famously opaque," said Alison Taylor, clinical associate professor at New York University's Stern School of Business. However, many universities have ignored the calls to divest from Israel or companies that do business there. Watch the video above to learn more about how divesting from Israel and companies who do business there would actually work, and how it would affect the tens of billions of dollars at stake in college endowment funds.

Persons: Alison Taylor, University's, Witold Henisz, there'll Organizations: Tech, Google, Boeing, Lockheed, University's Stern School of Business, University of California, Universities, The Wharton School, University of Pennsylvania Locations: Israel, New, Berkeley

☆ Antiwar Protest Camp in Dublin Is Dismantled After College Agrees to Divest
▼ + stars: | 2024-05-08 | by ( Ed O Loughlin | ) www.nytimes.com time to read: +1 min

Students who oppose the war in Gaza began dismantling their protest camp at Trinity College Dublin in Ireland on Wednesday evening, after the institution agreed to divest from three Israeli companies listed by the United Nations for their links to settlements in the occupied Palestinian territories. Trinity said that it would move to divest as soon as next month, and that its endowment fund would also seek to divest from investments in other Israeli companies in the future. “We fully understand the driving force behind the encampment on our campus, and we are in solidarity with the students in our horror of what is happening in Gaza,” the college said in a statement released on Wednesday evening. “We abhor and condemn all violence and war, including the atrocities of October 7th, the taking of hostages and the continuing ferocious and disproportionate onslaught in Gaza,” it added. “The humanitarian crisis in Gaza and the dehumanisation of its people is obscene.”

Persons: Trinity Organizations: Trinity College Dublin, United Nations Locations: Gaza, Ireland, Palestinian

A core demand over by the pro-Palestinian student groups at Columbia University was for the school to withdraw investment funds from what they describe as companies profiting from Israel’s war in Gaza. The group has described those companies as profiting “from Israeli apartheid, genocide, and military occupation of Palestine.” Israel denies accusations of genocide. Columbia now lists five areas where it refrains from investing: tobacco, private prison operations, thermal coal, Sudan and fossil fuels — all decisions made in the past decade. Columbia was also the first Ivy League university to divest from South Africa, and various other colleges followed suit. In 2015, Columbia became the first US university to divest from private prison companies after a student campaign raising concerns about human rights abuses.

Persons: ” Israel Organizations: Columbia University, Columbia, Ivy League, Columbia’s, Trustees Locations: Gaza, Palestine, Columbia, Sudan, South Africa

☆ Columbia student protestors are demanding ‘divestment.’ Here’s what the university has divested from in the past
▼ + stars: | 2024-04-27 | by ( Clare Duffy | Ramishah Maruf | ) edition.cnn.com time to read: +7 min

Columbia University Apartheid Divest submitted a formal proposal to the committee for withdrawing investments related to Israel in December, which has yet to yield success. Students at Columbia College, the university’s undergraduate school, voted to support the divestment proposal last week. Heading a nationwide South Africa divestment movementCurrently, Columbia lists five areas where it refrains from investing: tobacco, private prison operations, thermal coal, Sudan and fossil fuels — all decisions that were made in the past decade. In April 1985, students led a three-week student demonstration against Columbia’s investments in South Africa, the New York Times reported at the time. Pete Seeger, right, speaks to the crowd at Columbia University as hundreds of students continued to protest the school's ties to South Africa, April 8, 1985.

Persons: ” Israel, Catherine Elias, Daniel Armstrong, “, ” Armstrong, Pete Seeger, Frankie Ziths, G4S, Karla Ann Cote, divests, ”, Savannah Pearson, Michael Cusack Organizations: New, New York CNN, Columbia University, Columbia University Apartheid, —, Columbia, Columbia College, CNN, Coalition, New York Times, American Express, Ford, Ivy League, University of California, Johns Hopkins University, University of North, Corrections Corporation of America, Library, “, Columbia’s, Trustees, Columbia’s Teachers College Locations: New York, Gaza, Palestine, Columbia, Vietnam, Upper Manhattan, Israel, South Africa, Sudan, Los Angeles, Chevron, Berkeley, University of North Carolina, Hill, South, United States

☆ National Sciences Academy Asks Court to Strip Sackler Name From Endowment
▼ + stars: | 2024-04-12 | by ( Christina Jewett | ) www.nytimes.com time to read: +1 min

The National Academy of Sciences is asking a court to allow it to repurpose about $30 million in donations from the wealthy Sackler family, who controlled the company at the center of the opioid epidemic, and to remove the family name from the endowment funds. The petition filed by the Academy in Superior Court in Washington, D.C., Thursday aims to modify the terms of the donations so the institution can use them for scientific studies, projects and educational activities. The move follows a report in The New York Times last year that examined donations from several Sackler members, including an executive of Purdue Pharma, which produced the painkiller OxyContin that has long been blamed for fueling the opioid crisis that has claimed thousands of lives. “The notoriety of the Sackler name has made it impossible for the Academy to carry out the purposes for which it originally accepted the funds,” Marcia McNutt, president of the National Academy of Sciences, said in a statement released on Thursday.

Persons: Sackler, ” Marcia McNutt Organizations: National Academy of Sciences, Academy, Washington , D.C, The New York Times, Sackler, Purdue Pharma Locations: Superior Court, Washington ,, The

☆ Baylor tops Ivy League schhols in endowment rankings
▼ + stars: | 2024-02-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBaylor tops Ivy League schhols in endowment rankingsOver the past 3 years, Baylor's endowment fund has beaten the Ivy League schools in performance. Two of the endowment fund's managers, Dave Morehead and Renee Hanna, join us to describe their strategy.

Persons: Dave Morehead, Renee Hanna Organizations: Baylor, Ivy League

☆ Factbox-Policy Pledges of Indonesia's Presidential Candidates
▼ + stars: | 2024-02-06 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +5 min

(Reuters) - Three candidates are running in Indonesia's presidential election on Feb. 14. The following is a summary of policy objectives they have pledged while campaigning. ANIES BASWEDAN- Target 5.5%-6.5% average annual economic growth from 2025-2029- Create 15 million jobs, including 'green' jobs- Raise the tax-to-GDP ratio from 10.4% in 2022 to 13%-16% by 2029- Target annual inflation of 2%-3% from 2025-2029- Offer incentives for renewable energy projects- Impose a carbon tax with proceeds to be used as an endowment fund to finance development of renewable energy- Increase the 'village fund' to 5 billion rupiah ($317,965) for each village, from the current 1 billion rupiah. - Widen access to global markets for palm oil farmers- Strengthen free trade agreements and Indonesia's role in international financial institutions- Minimise imports of staple foods- Create 2 million new affordable housing units, including for informal workers, youth- Expedite forest conservation and rehabilitation projects- Limit new construction of, and retire existing coal-fired power plants, especially in Java, Bali islands- Review debt of state-owned enterprises, continue debt restructuring programme- Revise Jobs Creation Law with goal to ensure fair wages for workers- Evaluate the $32 billion new capital city project- Evaluate food estate programme, replacing it with contract farming, a scheme to ensure farm products will be sold- Impose a wealth tax on Indonesia's 100 richest people- Audit the nickel industry with focus on its impact on the environment and ensuring welfare of domestic workers- Strengthen the anti-corruption agency by revising the law that regulates it- Ease permitting requirements for building places of worshipGANJAR PRANOWO- Continue programmes of outgoing President Joko Widodo's administration- Target average annual economic growth of 7%- Create 17 million new jobs- Expedite construction of new capital city- Increase the defence budget as a percentage of gross domestic product (GDP) to between 1%-2%, from about 0.8% presently. Modernise military hardware- Target 30% share for renewable sources in energy mix by 2029- Allow more renewable energy producers to use electricity grids of state utility firms to boost green energy adoption- Set up a dedicated ministry for the palm oil sector- Maintain moratorium on deforestation, accelerate reforestation programmes- Create digital tax collection system under the new tax agency separated from finance ministry- Limit permit issuance of new nickel smelter to avoid a further oversupply- Expand social welfare to cover 15 million families, up from 10 million currently- Provide funding to ensure at least one member of a poor family receives education until college- Strengthen national anti-corruption agency- Maintain foreign policy of non-alignment- Strengthen Indonesia's commitment to support fight of Palestinian people- Revitalise the Association of Southeast Asian Nations and its decision-making process, especially regarding South China Sea disputes.

Persons: ANIES, GANJAR, Joko Widodo's, PRABOWO, Joko, Stanley Widianto, Ananda Teresia, Stefanno Sulaiman, Bernadette Christina Munthe, Martin Petty Organizations: Reuters, Association of Southeast Asian Nations Locations: Java, Bali, South

☆ Met Opera Taps Its Endowment Again to Weather Downturn
▼ + stars: | 2024-01-25 | by ( Javier C. Hernández | ) www.nytimes.com time to read: +1 min

The move came after the Met took $30 million from its endowment fund last season to help cover operating expenses amid weak ticket sales and a cash shortfall. Nonprofits usually try to avoid drawing down their endowments, which are meant to grow over time while producing investment income. The Met’s endowment fund is now worth about $255 million, down from $309 million in July. There is light at the end of the tunnel.”The company pointed to several signs that it may be turning the corner. And as the Met presents more contemporary opera, it is attracting younger audiences: The average age of single-ticket buyers for in-person performances has fallen to 44 from 50 before the pandemic.

Persons: we’re, ”, Peter Gelb Organizations: Metropolitan Opera

☆ Columbia University postpones major fundraiser amid tensions over Israel-Hamas war
▼ + stars: | 2023-10-25 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN —Columbia University has postponed its massive Giving Day fundraising event scheduled for Wednesday amid simmering tensions on campus over the Israel-Hamas war. At Columbia, school officials took the rare step earlier this month of shutting the campus down to the public as two simultaneous rallies were held on school grounds. That decision came after the assault of a Columbia student who was hanging up posters on campus in support of Israel. In a statement on Tuesday, the alumni club of Israel said it is now “formally disengaged” from UPenn. We are reviewing this incident and will take any appropriate steps with respect to the individuals involved in accordance with university policies,” the university said.

Persons: “, Samantha Slater, ”, Minouche Shafik, Shai Davidai, Shafik, it’s, ” Davidai, “ Ben Franklin, Doc Hoch, Dalia Hope Levine, Liz Magill, Dick Wolf, Jon Huntsman, Cliff Asness, Marc Rowan, Rowan, Emil Woods, Magill, “ Penn, Penn, ” Woods, Rowan . Woods Organizations: New, New York CNN — Columbia University, Columbia, University, Columbia Business School, University of Pennsylvania, Penn Alumni Club of Israel, Ivy League, Palestine, CNN, “, George Washington University Locations: New York, Israel, Columbia, Gaza, America, UPenn, New Jerusalem, Jerusalem, Palestine, Washington , DC

☆ Harvard posts investment gain in fiscal 2023, endowment stands at $50.7 billion
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

BOSTON, Oct 19 (Reuters) - Harvard University's endowment fund, the world's largest university endowment, posted a small investment gain that bested several other top U.S. universities' returns but saw the value of the fund shrink as more was paid to university operations. Harvard Management Co said on Thursday that it earned a 2.9% return in the fiscal year that ended June 30, leaving the total endowment at $50.7 billion. A year earlier it lost 1.8% amid tumbling markets but the endowment ended at $50.9 billion. Returns from these schools are watched closely because they pioneered putting money into hedge and private equity funds. Rival Yale University returned 1.8% while the University of Pennsylvania returned 1.3%.

Persons: N.P, Narvekar, Svea Herbst, Bayliss, Diane Craft Organizations: BOSTON, Harvard, Harvard Management, Harvard Management's, Private, Rival Yale University, University of Pennsylvania, Massachusetts Institute of Technology, Columbia University, Stanford, Svea, Thomson

☆ Many Boards Are Playing Catch-Up on ESG and Green Issues
▼ + stars: | 2023-09-14 | by ( Rob Sloan | ) www.wsj.com time to read: +9 min

Other findings were that most believed sustainability efforts had brought real benefits and said ESG engagement with investors had been mostly positive. They also reported that while about half of big companies had ESG targets—many linked to executive compensation—smaller, private companies lagged behind. For public companies investors were most influential, followed by regulators, while directors of private businesses ranked their customers as top with investors in second place. “You had a wind that was giving companies and boards energy, and now you have a countervailing wind of political backlash,” Smith said. Despite those changes, half of respondents believe ESG will continue to be an important driver of their business decisions and strategy.

Persons: aren’t, —, ”, Kristin Campbell, Campbell, “, Alan Smith —, Smith, ” Hilton’s Campbell, ” Smith, ESG, ” Campbell, — hadn’t, Rob Sloan Organizations: Pro, National Association of Corporate, ESG, Hilton Worldwide Holdings, Regency Centers, HSBC, Estates, Sustainable Business, rob.sloan@wsj.com Locations: U.S

☆ Hunting alligators is actually good for the environment and for people
▼ + stars: | 2023-09-06 | by ( Maiya Focht | ) www.businessinsider.com time to read: +5 min

Mississippi hunters just broke the state record for the largest alligator ever caught. These hunting programs help control alligator populations and fund state wildlife agencies. This has drawn attention to the state's alligator hunting program, which may provide more benefits for the reptiles than you might think. Because of this system, state officials were able to track the 776 alligators that were harvested in Mississippi in 2021. It's best for both the alligators and humans to keep their populations separate, at least from a public relations standpoint, Watkins said.

Persons: Tate Watkins, Bruce Bennett, Watkins, Mike Heithaus, Maureen Donnelly, Phys.org, he's Organizations: Service, Environment Research Center, Mississippi Department of Wildlife Fisheries, Endowment Fund, gator, Mississippi, gators Locations: Mississippi, Wall, Silicon, Texas , Arkansas , Louisiana , Alabama, Georgia, Florida, South Carolina, Parks, Yellowstone, Willow

☆ Once a Force in Harlem, the Oldest Black Church in New York Hangs On
▼ + stars: | 2023-08-18 | by ( Mia Jackson | ) www.nytimes.com time to read: +2 min

“The history of Harlem churches is bound up with the history of cities and the changes that happen within the cities,” said Prof. Wallace Best, who teaches African American studies and religion at Princeton University and is writing a book on Black churches in Harlem. But the church will be unable to financially sustain itself and uphold its legacy of tending to the spiritual, political, and social needs of its community, without a dramatic uptick in its membership and donation flow. On any given Sunday, a few dozen or so churchgoers, primarily a mixture of older congregants and curious tourists, fill the pews. The First Sunday After Second-class TreatmentThe very first Sunday service of the church was held in 1796 in a cabinetmaker’s shop in Lower Manhattan on Cross Street, flanked by Orange and Mulberry Streets. A group of former slaves, dissatisfied with their second-class treatment in the predominantly white John Street Methodist Church, left to start Zion church under the leadership of its first bishop, James Varick.

Persons: ”, Wallace Best, paraders, Adam Clayton Powell Jr, James Varick Organizations: African, Princeton University, National Trust for Historic Preservation, The New York Times, Cross, John Street Methodist Church, John Street Methodist, Methodist Church, Episcopal Locations: Harlem, Lower Manhattan, Orange, Mulberry, ”

☆ How Harvard makes so much money — and why a major funding source could be at risk
▼ + stars: | 2023-07-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Education Department's inquiry into the school's legacy admissions process could shake up funding sources. Harvard fiscal year 2022 operating revenue sources. According to the school's 2022 financial report, philanthropy, which includes gifts from donors and alumni, accounted for 45% of total revenue. "In fiscal year 2022, Harvard received current use gifts from alumni, foundations, and others totaling $505 million, representing approximately 9% of operating revenues," the school said. When it comes to actually spending all that money, Harvard said it uses endowment funds to "support nearly every aspect of University operations."

Persons: Johns, Harvard Organizations: Harvard, Service, Harvard University, Ivy League, Education Department, Community Economic, Greater Boston, Network, Amherst, Research, University Locations: Wall, Silicon, New England, Johns Hopkins

☆ In hard times, Corporate America looks out for its CEOs
▼ + stars: | 2023-04-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

See here: Recent filings illustrate the way CEOs are still lavishly compensated even when massive screw-ups happen on their watch. A Southwest representative told CNN that the December cancellations did factor into the bonuses paid out to employees. The boards that make decisions on CEO pay are usually stacked with executives or former executives from other companies who benefit from the system. Often, CEOs of distressed companies — rather than seeing pay cut — receive so-called retention bonuses to encourage leaders not to flee the sinking ship. “When all the numbers are crunched, 2022 is going to be a flat year for CEO pay,” said Reda.

☆ Norfolk Southern CEO more than doubled his pay last year after getting promoted
▼ + stars: | 2023-03-31 | by ( Chris Isidore | ) edition.cnn.com time to read: +1 min

New York CNN —Norfolk Southern CEO Alan Shaw got $9.8 million in total compensation in 2022, more than double the $4.7 million he received in 2021. The plan to promote him to CEO in May of 2022 was also announced at that time. The combined pay for the two executives is equal to 70% of the $27.8 million that Norfolk Southern has committed so far to compensate the communities and its residents affected by the derailment. Thursday the US Justice Department sued Norfolk Southern for violations of the Clean Water Act caused by the derailment. Shaw has personally contributed $445,000 to set up a scholarship endowment fund for seniors at East Palestine High School.

☆ How universities became giant piggy banks for hedge-fund billionaires
▼ + stars: | 2023-03-08 | by ( Catherine Liu | ) www.businessinsider.com time to read: +14 min

The move also marked the beginning of a new way to manage endowment funds. The arrangement has been a boon for the hedge-fund managers who received university endowment cash, but the benefits for the schools are trickier to parse. As Eaton put it in his book, universities directed funds to "wherever those allocations would generate the largest further investment returns." Eaton estimated in 2017 that tax breaks for university endowments cost federal coffers up to $19 billion a year. As the influence of billionaires and hedge-fund managers has grown, universities have moved further away from their ultimate goal: educating people.

☆ Norfolk Southern CEO sells stock and sets up scholarship fund for East Palestine
▼ + stars: | 2023-03-03 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Norfolk Southern CEO Alan Shaw sold $448,000 worth of the company’s stock this week, a month after the toxic train derailment in East Palestine, Ohio, that is still being cleaned up. The stock sale was completed under terms of a pre-arranged plan put in place in May 2022, shortly after he was promoted to CEO. In Shaw’s plan, he sells 2,000 shares of Norfolk Southern shares every three months. While his stock sale is typical for a CEO, it’s also an indication of how well paid he is running one of the nation’s four major freight railroads. His predecessor as CEO, James Squires, received $14 million that year, which is more than the $12 million the railroad has said it paid to residents and community groups in East Palestine.

☆ Exclusive: Nexus Venture eyes $700 million fund to bet on India, U.S. tech startups
▼ + stars: | 2023-01-04 | by ( M. Sriram | ) www.reuters.com time to read: +3 min

It would also expand the pool of funds available to startups, at a time when fundraising by Indian startups fell by a third last year to $24 billion, Venture Intelligence data showed. Founded in 2006, Nexus was one of the first Indian venture capital firms to invest in U.S. and India-based software startups. The new fund will be its seventh so far and take the firm's assets under management to more than $2 billion. The new fund has received a strong response from endowments, one of the sources said, without sharing names of any specific investors. Nexus was co-founded by Naren Gupta who ran a software company in the United States for 15 years before selling it to Intel.

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