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Warning: trigger_error(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/themoney/public_html/includes/database.mysql.inc on line 135

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Harvard loses $1.8B in operating cash | The Money Times

Money Matters - Simplified

Harvard loses $1.8B in operating cash

CAMBRIDGE, Mass., Oct. 17 -- Harvard University, one of the richest and most prestigious U.S. educational institutions, confirms it lost almost $2 billion gambling with its operating fund.

The loss was revealed in Harvard's annual report on the fiscal year that ended June 30, The Boston Globe said. The report was released Friday.

The university said a large portion of its operating cash was handed over to Harvard Management Co., which handles the endowment. The total value of the endowment dropped 27 percent in the last fiscal year.

"I think that was an interesting way to handle the grocery money,'' said Harry R. Lewis, a computer science professor and former dean. "Did Harvard administration and Harvard Management have the kind of conversation that ordinary households have with their investment managers -- about risk and liquidity and what they need the money for and when?''

Daniel Shore, the chief financial officer, said Harvard made money by investing its operating cash when the market was going up. He said the university would be able to pay its bills.

Copyright 2009 by United Press International.

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Warning: trigger_error(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/themoney/public_html/includes/database.mysql.inc on line 135

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