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Dog Days of Summers Cost Harvard $345 Million

Larry Summers, left, at the Jacques Polak Annual Research Conference at the International Monetary Fund in Washington on Nov. 8
Larry Summers, left, at the Jacques Polak Annual Research Conference at the International Monetary Fund in Washington on Nov. 8Photograph by Andrew Harrer/Bloomberg

Nov. 15, 3pm: Updates to add a response from the Treasurer of Harvard and the Senior Fellow of the Harvard Corporation.

The Larry Summers administration is still costing Harvard University. The school lost $345 million this fiscal year getting out of interest rate swaps it agreed to before the financial crisis, when Summers, then the university president, made bets on exotic debt derivatives.