Word: interest
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Lewis largely blames the seven-person board and former President Larry Summers for Harvard’s current financial crisis—noting that the Corporation lost $3 billion by “gambling” with operating cash and making bad bets on interest rates, in addition to another $11 billion lost from the endowment. He writes about the Corporation’s notorious secretiveness (“Their meetings and agendas are unannounced, their decisions unreported”) and seeming invulnerability (“[They] serve for life if they wish and cannot be unseated by anyone except...
...they're going to slack off. I think that for a lot of people, that's just not the case. And when you start introducing these kinds of controlling, if-then rewards on something that people like to do and want to do, it ends up actually extinguishing their interest...
...President Olafur Grimsson refused to sign a bill requiring his country to repay the $5 billion that's owed to the British and Dutch citizens who deposited their savings in an online Icelandic bank that collapsed in 2008. Icesave, a subsidiary of the Icelandic bank Landsbanki, offered eye-popping interest rates of up to 15% to foreigners before the crash. (See pictures of the global financial crisis...
...Although Grimsson insists that Iceland will repay the debt - which amounts to about one-third of Iceland's annual output, or $17,400 per Icelander - he says the British and Dutch governments are trying to bully the country into accepting an extortionate interest rate of 5.55% over 15 years. He called for a referendum, set for Feb. 20, on whether the country should accept the repayment plan...
...Egypt, which depends on billions of dollars of annual aid from the U.S., says its actions in Gaza are driven by its own national interest. Not only is there pressure from Washington to stop smuggling into Gaza, but Mubarak is a staunch supporter of the Palestinian Authority President Mahmoud Abbas, and views Hamas as an ally of his own most feared opponents, the banned Muslim Brotherhood...