Boston University's John Silber
The article "Boston University's President Weathers Charges of Illegal Gain," March 29, calls for a correction. While John Silber is correctly quoted as saying, "This was a sloppy way to pay us," he did not say that his attorney advised him it would be illegal to accept the funds because the trustees had only authorized to pay him in stock options, as the article states. Mr. Silber said the university counsel advised him that there was a discrepancy between the way in which the funds were paid and the vo te of the Task Force on Executive Compensation acting on behalf of the Board of Trustees.
The intent of the Board of Trustees - to reward Silber and Charles Smith for their efforts in Seradyn - was fulfilled by the payment of the funds. But the vote prescribed that the funds to exercise the options come from deferred compensation. No deferred compensation funds were used, the options were never exercised, and the stock never transferred to Silber and Smith. They received the funds from the general funds of the university and not from the sale of any interest they had in Seradyn stock. Carol Hillman, Boston Vice President for University Relations, Boston University
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