harvard makes catastrophic economic decisions...

Subject:	harvard makes catastrophic economic decisions...
Date:	Fri, 18 Dec 2009 15:03:26 +0100

never believe reputation...a major human foolishness is to
submit the mind to supposed 'authority'....
i notice the recent immature trust in 'peer review'....let alone
naive trust in the fossil media 'reporters' and politicians....

of course obarmy went to harvard...allegedly

"...Most of the wrong-way bets were made in 2004, when Lawrence
Summers, now President Barack Obama’s economic adviser, led the
university..."

http://www.bloomberg.com/apps/news?pid=20601109&sid=aHQ2Xh55jI.Q
"As vanishing credit spurred the government-led rescue of dozens of
financial institutions, Harvard was so strapped for cash that it asked
Massachusetts for fast-track approval to borrow $2.5 billion. Almost
$500 million was used within days to exit agreements known as
interest-rate swaps that Harvard had entered to finance expansion in
Allston, across the Charles River from its main campus in Cambridge,
Massachusetts.

The swaps, which assumed that interest rates would rise, proved so
toxic that the 373-year-old institution agreed to pay banks a total of
almost $1 billion to terminate them. Most of the wrong-way bets were
made in 2004, when Lawrence Summers, now President Barack Obama’s
economic adviser, led the university. Cranes were recently removed
from the construction site of a $1 billion science center that was to
be the expansion’s centerpiece, a reminder of Summers’s ambition. The
school suspended work on the building last week."
....

for those wishing to pay harvard to tell them how it's done
http://www.hbs.edu/mba/

for "a lifetime of leadership"

regards

--
web site at www.abelard.org - news comment service, logic, economics
energy, education, politics, etc over 1 million document calls in year past
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