Larry Summers Put Harvard Near Bankruptcy. Guess Where He is Now?
He is the top economic advisor to Barack Obama.
From Vanity Fair
A $1 billion mistake
Harvard sold those bonds because it needed cash, fast, to cover what sources say was an almost unthinkable $1 billion unrealized loss from interest-rate swaps. The swaps were put in place under former Harvard president Larry Summers in the early 2000s to protect the university against rising interest rates on all the money it had borrowed. Instead, interest rates plunged. Yet for reasons no one can seem to explain, the university simply forgot to (or chose not to) cancel its swaps. The result was a $1 billion loss.
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It's actually a very good and funny article.
Oh man this Presidency is starting to make George Bush look shrewd. So far Obama has brought in tax evaders, banking insiders, and now a Harvard buddy ran the most prestigious university in America into the ground. LOVE IT!!!
Summers resigned as Harvard's president in the wake of a no-confidence vote by Harvard faculty that resulted in part from Summers' conflict with Cornel West as well as a 2005 speech in which he suggested that women's under-representation in the top levels of academia is due to a "different availability of aptitude at the high end." Summers has also been criticized by some liberals for the centrist economic policies he advocated as Treasury Secretary and in later writings. Since returning to government in the Obama administration, he has come under fire for his numerous financial ties to Wall Street.
I never thought in a million years that the Left would give us a President worse than GWB, but congratulations, you've almost done it. If he invades Iran or Pakistan, we may have a new champion.
But to put this all in perspective, a dose of Rockwell:
The nature of the state — and the core of its rationale for existence — is the conviction that it stands apart from and above society, to correct the failings of the market and individuals. A presumption of superiority is at the very heart of the state, whether it is minimal or totalitarian. Who is to say when and where it should intervene? Well, think about it. If the state is inherently wiser than and superior to society, standing in judgment over what is working and what is not working, the state alone is also in a position to decide when it should intervene.
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David in Qatar