This is interesting:
The worst example of excess I have witnessed was when I interviewed a 31-year-old venture professional in San Francisco. When we got to talking about compensation, he told me he made one million a year, $250,000 in base salary and an excess management fee of $750,000. I asked, ?Why are you taking an excess management fee in distribution?? ?Well,? he answered, ?it?s in the contract. I?m allowed to do that.? And I responded, ?But you guys didn?t invest anything last year and you are not likely to return a dollar to any of your LPs in the near future. Aren?t you worried about clawbacks and people looking at this when you go to raise your next fund?? His attitude was, we will deal with that when we get there.