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Old 09-21-2010, 04:41 PM
coadie coadie is offline
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Join Date: Jun 2008
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Summers, chief economic advisor bails out

L Summers was famous for 2 things in my memory.

Quote:
Summers also served as the 27th President of Harvard University from 2001 to 2006. Summers resigned as Harvard's president in the wake of a no-confidence vote by Harvard faculty that resulted in large part from Summers' conflict with Cornel West, financial conflict of interest questions regarding his relationship with Andrei Shleifer, and a 2005 speech in which he suggested that the under-representation of women in science and engineering could be due to a "different availability of aptitude at the high end," and less to patterns of discrimination and socialization
Saying women are different rattled the feminists and social justice crowd.

He also clobberd Harvard's investments with some unwise and high risk speculation.
Quote:
During Summers' presidency at Harvard, the University entered into a series totalling US$3.52 billion of interest rate swaps, financial derivatives that can be used for either hedging or speculation.[39] Summers approved the decision to enter into the swap contracts as president of the university and as a member of Harvard Corp., "the university’s seven-member ruling body" which bears "the school’s ultimate fiduciary responsibility."[40] By late 2008, those positions had lost approximately $1 billion in value. This forced Harvard to borrow significant sums in distressed market conditions to meet margin calls on the swaps.[41] In the end Harvard paid $497.6 million in termination fees to investment banks and has agreed to pay another $425 million over 30–40 years.[40] The decision to enter into the swap positions has been attributed to Summers and has been termed a "massive interest-rate gamble" that ended badly.[42]
http://en.wikipedia.org/wiki/Larry_Summers

The social justice agenda suffered a setback.
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