Stevens Tech Pres. made more money than MIT counterpart
Attorney General Anne Milgram filled suit against Stevens Techincal Institute for allegedly mismanaging school finances, improperly handling investments and overpaying its president.
The 16-count civil complaint filed in state court in Jersey City, New Jersey charges that President Harold Raveche and Chairman Lawrence Babbio “regularly misrepresented” spending and borrowing at the School whose endowment fell $42 million to $115 million in 2000.
According to the attorney general , in 2007, Raveche received salary and bonuses of $1.09 million in 2008, as well as below-market loans of $1.8 .
The Attoreny Genral further stated that in the previous year Raveche’s salary and bonuses totaled $770,645 and for overseeing an operating budget of $158 million. To put it in perspective, the president at the Massachusetts Institute of Technology was paid $635,294 at a school with $2.3 billion buget- roughly 15 times that of Stenvens.
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