Word: crediteers
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...over the course of four months, Harvard issued $1.5 billion in taxable bonds on Dec. 5 and another $1 billion in tax-exempt debt five days later, bringing the University’s total debt in bonds and commercial paper to over $6 billion, according to a Dec. 5 credit report issued by Standard & Poor’s rating services. Despite the debt increase, S&P reaffirmed Harvard’s AAA long-term rating, citing its “strong financial resources,” “balanced financial performance” in fiscal year...
...instruments performed well. The net ending fair value [or net gains/losses] of these equity, fixed-income, commodity, currency, and credit instruments totaled over $600 million as of June 30, representing a gain from the $100 million in net ending fair value from the previous year...
...shocked” by the mishandling and ignorance of derivatives at the HMC international equities division where she worked, led by Jeffrey B. Larson. At the time, Mack says, Larson’s group had only recently begun exploring more sophisticated financial instruments such as credit default swaps and capital structure arbitrage...
...According to Harvard’s annual financial statement issued in October, the University continues to use a variety of financial instruments with undisclosed risk—including options, forwards, credit default swaps, and exchange agreements—to gain exposure to various asset classes without having to actually invest in those assets...
...bureaucracy associated with tight regulations as time-consuming and expensive distractions from a funds’ ultimate goal: making money. These objections to oversight, however, ignore the potential damage that unregulated investing and high-risk betting can wreak. Unchecked hedge funds, unregulated derivatives traders, exotic trades, and obscure credit-default swaps all pose threats to the wider stability of the U.S. economy. Additionally, the government’s current inability to safely unwind financial institutions that pose systemic risk presents a gaping hole in federal resolution authority. Unfortunately, behaviors at hedge funds and on trading floors that pose substantial risk...