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.
UK parliamentary researcher and alleged accomplice granted bail in
espionage case linked to China
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A former U.K. Parliament researcher and his alleged accomplice have been
granted bail after being charged with espionage for China, according to
officials.
9 minutes ago
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