How Harvard Lost $1.8 billion
As you may have noticed, we have taken an interest in following the precipitous fall of Harvard’s endowment as an index of the ways in which Wall Street-style investment strategies infiltrated the university. Today there is an article in the Boston Globe about how former President Lawrence Summers (now an advisor to Obama) failed to listen to the endowment managers themselves regarding concerns about the stability of the market. Greed is what brought the financial “crisis” to the university; greed pure and simple. And why do these people still get to remain on the payroll, while students, faculty, and staff have to accept the brunt of the pain?
Posted on 2009-11-29 13:42:08