Wednesday, September 29, 2010

Harvard's plunge

-- Jane Mendillo -- who went to Yale -- stepped in to lead the univeristy’s endowment just as markets crashed and it lost $10.1 billion. It may be years before she can clean up the mess. ... In her first months on the job, Mendillo had to hasten to raise funds to extricate the university from interest-rate swaps it had entered into under former President Lawrence Summers, a Harvard economics professor who’s now an adviser to U.S. President Barack Obama. The White House said in September that Summers would resign and return to Harvard by year-end. --
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Comment: Summers is an amazing creature. There is a lot of talk about "crony capitalism" by academics who are quit silent about their own turf of "academic cronianism".

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