The swaps, which assumed that interest rates would rise, proved so toxic that the 373-year-old institution agreed to pay banks a total of almost $1 billion to terminate them. Most of the wrong-way bets were made in 2004, when Lawrence Summers, now President Barack Obama’s economic adviser, led the university. Cranes were recently removed from the construction site of a $1 billion science center that was to be the expansion’s centerpiece, a reminder of Summers’s ambition. The school said last week they will suspend work on the building early next yearOuch. "Smartest guys in the room," indeed.
Trump Administration Eyes More Mass Layoffs if Government Shuts Down
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The president’s top aides told agencies to prepare for potential firings if
Congress cannot extend funding before the end of Sept. 30.
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