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Harvard lost $11 billion in risky investments.(NEWSWATCH)
Harvard University has likely lost about $11 billion, or 30% of its $37 billion endowment due to risky investments.
The school invested heavily in commodities, hedge funds, credit default swaps and private equity partnerships. Its money managers leveraged every penny of the world's largest endowment and then some, so when the markets went south, its finances got very bad very quickly.
In recent months, Harvard has raised $2.5 billion by selling IOUs in the bond market. About two-thirds of the bonds are taxable, with rates from 5% to 6.5%.
...
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