“For nonprofits, this is going to be written up as a case study of what not to do,” said Mark Williams, a finance professor at Boston University, who specializes in risk management and has studied Harvard’s finances. “Harvard throws itself out as a beacon of what to do in higher learning. Clearly, there have been major missteps.”
Most of the wrong-way bets were made in 2004, when Lawrence Summers, now President Barack Obama’s economic adviser, led the university.
Derivatives have infected nearly every facet of finance around the global. Expect infinite QE to continue unabated regardless of suggestions of spin to the contrary.
Source: http://www.bloomberg.com/apps/news?pid=20601087&sid=aHQ2Xh55jI.Q
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