Eminently Qualified

I can't beat Scrivener's headline: "Now that he's running the entire economy, don't we all feel better?"

Advisers told Summers, others not to put so much cash in market; losses hit $1.8b
[...]
But the warnings fell on deaf ears, under Summers’s regime and beyond. And when the market crashed in the fall of 2008, Harvard would pay dearly, as $1.8 billion in cash simply vanished. Indeed, it is still paying, in the form of tighter budgets, deferred expansion plans, and big interest payments on bonds issued to cover the losses...

Harvard ... would pay $500 million to get out of the interest-rate swaps Summers had entered into, which imploded when rates fell instead of rising...

Summers, now head of President Obama’s economic team, declined to be quoted on his handling of Harvard finances...

Obama Administration Posted by John Kranz at November 30, 2009 5:48 PM