A helpful FrontBurnervian passes along this news item: investment managers of the Permanent University Fund got $2 million in bonuses, even though the fund’s value fell 27 percent. Cue state senators airing their grievances. Chairman of the University of Texas Investment Management Company Robert Rowling explained that the bonusus were contract obligations. That explanation apparently did not suffice. After more grilling, Rowling “angrily resigned.”
Update: A similarly helpful FrontBurnervian notes Paul Burka’s account of the goings-on, which on its own might not merit “Update” status, but commenter “effigy2009” makes it a must.
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