Word: interested
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Dates: during 2000-2009
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James W. Gilchrist, founder of the Minuteman Project, was uninvited from a speaking engagement Saturday at the Harvard Undergraduate Legal Committee’s annual Public Interest and Law Conference, sparking debate over the limits of free speech...
Harvard’s decision to use derivative investments to lock in low interest rates on the school’s mounting debt cost the University $500 million this past year and will cost it at least $425 million more over the next few decades, according to the University’s annual financial report released Friday...
Harvard entered into interest rate swap agreements—which are used to hedge against rising interest rates—in 2004, when it seemed that interest rates had reached favorable lows and that locking in those rates would help the University finance its mammoth, long-term expansion into Allston. But the agreements backfired this past year when the global financial crisis pushed interest rates to unprecedented lows, thereby decimating the value of the swaps...
...losses associated with the swaps, decided to post $500 million in collateral this past year to terminate agreements on $1.1 billion of its debt. In addition, the University will pay another $425 million over the next 30 to 40 years for new “offsetting” interest rate swaps, which will essentially negate the effect of the original swaps on $764 million of its debt...
...precipitous drop in interest rates and liquidity considerations made it important for us to scale back the swaps substantially,” said University Treasurer James F. Rothenberg ’68 in a interview posted by Harvard. “That has come at a real cost, but at least we are now in a better risk position going forward...