Harvard Gets Stuck With Above-Market Debt Costs as Bankers Reap Millions Harvard, the oldest and richest academic institution in America, with more U.S. presidents than any other university, isn’t getting the respect it deserves in the bond market.
Schwarzman’s Pay Falls 99% as Blackstone Swings to Loss, Stock Price Falls Stephen Schwarzman, co-founder and chairman of Blackstone Group LP, took a 99 percent pay cut last year as the world’s largest buyout firm posted a $1.33 billion loss and its stock fell at almost twice the rate as the market.
Hidden Pension Fiasco May Foment Another $1 Trillion Bailout by Taxpayers The Chicago Transit Authority retirement plan had a $1.5 billion hole in its stash of assets in 2007. At the height of a four-year bull market, it didn’t have enough cash on hand to pay its retirees through 2013, meaning it was underfunded to the tune of 62 percent.
Ackman’s Target Fund Dropped 33.3% in February, Bringing Total Loss to 93% William Ackman’s hedge fund that invests solely in Target Corp. fell 33.3 percent in February, bringing the loss since inception to 93 percent, according to an e-mail sent to investors.
College Savings Funds Drop $23.4 Billion as Market Squeezes U.S. Students The value of college-savings plans fell 21 percent last year, a loss of $23.4 billion, as the bear market left American families with less money for tuition and put pressure on schools to increase financial aid.
Madoff’s Wife Ruth Says Her $62 Million `Unrelated’ to His Alleged Scheme Ruth Madoff said she owns a Manhattan apartment, $45 million in bonds and $17 million in cash that are “unrelated” to an alleged Ponzi scheme by her husband, Bernard Madoff.