Saturday, December 19, 2009

Theory vs Practice in Managing $$

Remember how Harvard under Larry Summers, often described by the press as "one of the brightest economists of his generation", nephew of 2 Nobels in economics lost about 1/3 of its endowment?

Here is more embarrassing news as to how at one point Harvard was so desperate for cash to balance its books, it had to ask the taxpayers of Massachusetts to lend the university some money. Read here.

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