Harvard’s interest costs are set to increase as much as $550 million over three decades because the U.S.’s wealthiest and oldest university took advice from Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley.
Earlier, those same Wall Street banks sold Harvard -- then led by Lawrence Summers, now an Obama administration adviser -- derivatives that soured. When that worsened a cash squeeze, they recommended that the AAA rated school pay as much as 1.41 percentage points more than yields on identically rated corporate debt for a $1.5 billion Dec. 5 bond sale.
Bloomberg - H's endowment & bond sale
Yet another look at how Harvard has been (mis)managing its money, this one from Bloomberg
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Somebody at Harvard get Summers to tell Obama not to raise investment taxes. It's worth a billion dollars to you!
ReplyDeleteIf Barney Frank didn't try and impress his boyfriend by blocking regulation of the mortgage industry we wouldn't be in this mess.
ReplyDeleteNow, OBummer is totally finishing the job by completely destroying what's left of the economy. All these bailouts he told us were necessary to prevent a collapse haven't done anything, and now we're even worse off than before with the deficit.
Thanks to these so-called Harvard elites I see posting on this blog the whole country will resemble Allston!
I agree, if there was a recall election, like in California, you know Romney or Bloomberg would run the table.
ReplyDelete"Change" we can believe in is such a joke, but it appeals to the lowest common denominator. Which sadly means the slight majority of the population who can be classified as medically retarded.
- I won't veto a budget with earmarks. Now there are like 8 billion in earmarks...
- Treasury Sec who doesn't pay his own taxes. WTF?! LOL. You can't write jokes funnier than that one.
The hypocrisy is endless, and it's only 50 days in.
IDK - I personally was better off financially when gas was $4 a gallon. Maybe being beholden to Big Oil is a better pill to swallow than being beholden to Big Banks.