Honestly I don't care about UTAM. I didn't mean for this comment to become an analysis of UTAM's track record. That being said, not only has it performed worse than comparable pension/endowment funds, but also worse than a hypothetical "less sophisticated" portfolio a group of non-expert university staff developed for comparison when UTAM was created. http://www.utfa.org/sites/default/files/webfiles/pdf_files/2009-Dec-%20Jackman%20Report.pdf
Incidentally, they've also performed a whole lot worse than my own investments during the same time frame (recommended to me by a financial adviser earning somewhere around 40,000 a year). Just as we can attribute failure based on things beyond UTAM's control (the global financial meltdown), we could also potentially attribute their success to the same forces. For instance, the amateurs managing U of T's endowments before UTAM was established actually managed a higher annual return due to these same global forces beyond their control. Had the university just put its funds into low risk guaranteed funds in 2000 without active management, it would have likely seen equivalent returns.
Regarding the necessity of executive salaries, others might say these salaries are necessary, but I'm not sure why. When the university hired Moriarty, for example, he was happy to accept 600,000 a year. I'm not sure whether his value to the university has risen so exponentially since then that we need to be afraid of losing him to the private sector. Clearly the 600,000 was enough to make him jump from RBC to the public sector.
I'm not certain how a major component of the budget doesn't have bearing on TA or CI salaries. The university has claimed that they are not at liberty to significantly increase funding because funds are too limited. If the pressure for austerity has been so severe that wages Grad funding can't keep up with inflation, then surely the university does not have to budget to approve significant raises for its other staff.
Regarding "how good I have it", sure it could be worse. It's better than in the US. It's a lot worse than in many other wealthy nations, however. I think we can do better. Honestly, I'm earning less than I did in my MA, and even less than I was earning when I was 18 years old, making pizzas in a bar 12 years ago. But what do I know, I'm just a "basic income unit".
Regarding administrator's salaries, I guess I'm confused as to why we, as a nation, are suddenly okay with executive salaries skyrocketing, both within the public and the private sector, whether they bring us any additional benefits or not. Seriously, are universities 100% more efficient, 100% wealthier, 100% more effective than they were 15 years ago?