This page contains a single entry from the blog posted on April 12, 2009 12:06 PM. The previous post in this blog was Happy Easter. The next post in this blog is Paulson stadiums bond tab quietly doubles. Many more can be found on the main index page or by looking through the archives.

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Sunday, April 12, 2009

Dough Re Mi U.

Summers had done consulting work for another hedge fund, Taconic Capital Advisors, from 2004 to 2006, while still president of Harvard.

That the highly paid leader of arguably America's most esteemed educational institution (disclosure: I went there) would simultaneously freelance as a hedge-fund guy might stand as a symbol for the values of our time. At the start of his stormy and short-lived presidency, Summers picked a fight with Cornel West for allegedly neglecting his professorial duties by taking on such extracurricular tasks as cutting a spoken-word CD. Yet Summers saw no conflict with moonlighting in the money racket while running the entire university. The students didn’t even get a CD for his efforts — and Harvard's deflated endowment, now in a daunting liquidity crisis, didn’t exactly benefit either.

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