Word: swaps
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...every nearby block, it will lose its cachet as well as its customers. Likewise, if the McD's starts serving pricey, five-course meals, its fans will take a hike. That's the central notion of this illuminating book. Maney, a veteran business journalist, calls this dichotomy the "fidelity swap." He argues that there is an inevitable tension between fidelity (quality and snob appeal) and convenience (low cost and ease). The secret of success is deciding which type of product you are selling and staying true to that goal...
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...