Harvard's Toxic Swaps: Interest Rate Bets Cost It Billions


Everyone knows Harvard. The prestigious 373-year-old university rejects 95% of the people who apply. But the ones who get in usually end up doing pretty well. The Ivy League institution counts JFK and FDR among its alumni -- but that's ancient history. It also can claim such respected finance gurus as former U.S. Treasury Secretary and current Obama economic advisor Larry Summers, and current U.S. Fed Chair and Time Person of the Year Ben Bernanke.