Good ole Larry Summers.
You might know Larry Summers from the Clinton Admin, when he was appointed to the Treasury.
But what some may not know, is he was president of Harvard from 2001-2006. He abruptly stepped down shortly before the Lehman collapse. Larry, had decided to gamble Harvard considerable kitty on interest backed overnight swaps, and when the system collapsed, Harvard had to pay our $900,000,000 to unravel the swap position, essential bad bets in the worlds largest casino, which London was manipulating through the LIBOR rate, probably still are.
Now, Harvard is in dire straits.
“The wealthiest U.S. college plans to sell $2.5 billion of bonds this week to refinance debt amassed after the 2008 credit crisis, which led it to pay more than $1.25 billion to banks to back out of derivative trades upended by the financial market turmoil. With interest rates holding near record lows in the U.S. debt market, the school is seizing on the chance to reduce its costs.”
Now, the esteemed school is so broke, they can’t afford to pay their help.
“Dining hall workers at Harvard University began a strike early Wednesday after the union employees and university representatives failed to reach an agreement over a new contract.
The strike—the first one by Harvard employees since 1983, and the first ever during the academic year, according to union and school officials—was announced after mediator-led negotiations broke down between the school and the food service staffers, members of UNITE HERE Local 26. “
What is Larry Summers up to these days?
“Dr. Lawrence Summers, 71st Secretary of the Treasury under President Clinton and Director of the National Economic Council under Pres. Obama; former Louisiana Senator Mary Landrieu, who is credited with helping pass the U.S.-Israel Energy Cooperation Bill while she chaired the Senate Committee on Energy and Natural Resources; former governor of New Mexico, Bill Richardson, who became an energy insider after serving as the Clinton administration’s Energy Secretary; and former Director of Central Intelligence, R. James Woolsey, who co-founded the U.S. Energy Security Council.”
At stake is a 153 square-mile region in the Golan Heights, demarcated by Israeli authorities as exclusive territory for Afek to perform exploratory testing, which began in 2015, through early April 2017.