The Boston Globe has an excellent piece on Larry Summers’ mismanagement of Harvard’s finances today. As president from 2001 to 2006, Summers overstepped his presidential duties and pushed most of the university‘s cash into the market, against the frantic warnings of his investment chiefs. These moves lost Harvard close to $2 billion. The article opens …
Tag: Harvard Management Company
How can Goldman Sachs afford year-end bonuses in a recession?
Two noteworthy stories chronicling the hegemonic position of the Goldman Sachs Group appeared last week. The first was a scoop by The Guardian about an internal announcement regarding the record bonuses that Goldman will pay at the end of 2009, assuming that the company’s year-end profit projections are borne out. The second piece was a …
New York Times is on Pimco’s speed dial
On Sunday, The New York Times ran “Bill Gross of Pimco is on Treasury’s Speed-Dial,” a lengthy article on the cozy relations between PIMCO executives Bill Gross and Mohamed El-Erian and the Treasury Department. The piece had the confessional tone that is commonplace these days on the Times business page. To seek absolution for rapaciously …