Word: swapped
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Dates: during 2000-2009
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After the terminations, Harvard now has $3.1 billion of debt subject to interest rate swap agreements...
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...
Many other universities have similar interest rate swap agreements in effect, but not to the magnitude of Harvard’s arrangements. Rothenberg said that this was because Allston presented Harvard with a “unique opportunity” to aggressively expand...
...said “generated significant positive investment results” in the past. But this year, that strategy backfired, dragging the value of the GOA down from $6.6 billion last year to $3.7 billion this year. Part of that decline reflects the payments made to terminate interest rate swap agreements...
...another chance to appear on Wife Swap maybe? Or the new show Richard was trying to develop, called Richard Heene: Science Detective? When it was the morning shows' turn to ask what had really happened, Falcon left the screen to go be sick; eventually he vomited on camera on Good Morning America. Richard, insisting this was no hoax, on Oct. 17 announced he would only answer questions submitted in writing and left in a cardboard box outside his home. It turns out that he and his wife had met at the Lee Strasberg acting school in Los Angeles. ABC News...