Cassino Refusal to Disclose Swap With JPMorgan Results in Suit

[Thailandnotes]

"Harvard completed agreements in December 2004 that locked in interest rates on $2.3 billion of bonds. The benchmark overnight interest rate set by the U.S. Federal Reserve was then 2.25 percent. The swaps lost value as interest rates fell in 2008 to near zero, and the university paid almost $1 billion to terminate the agreements in 2009."

http://www.bloomberg.com/news/2011-0...n-lawsuit.html

One of Chris Hedges interesting assertions was that Summers had gambled away so much of Harvard's endowment.