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An article on www.forbes.com, “How Harvard's Investing Superstars Crashed” by Bernard Condon and Nathan Vardi says the college super-power is struggling with its trust funds because of the stock market. The article states, “lavish spending was made possible by the earnings from Harvard's $36.9 billion endowment, the world's largest. That pot was supposed to be good for $1.4 billion in annual earnings. Behind the scenes, though, a different story was unfolding.” Harvard had derivatives that gave it exposure to $7.2 billion in commodities and foreign stocks. With prices of both crashing, the university was getting margin calls--demands from counterparties such as JPMorgan Chase and Goldman Sachs for more collateral. Another bunch of derivatives burdened Harvard with a multibillion-dollar bet on interest rates that went against it, the authors stated. The investors relied too heavily upon what they thought would be solid investments, leaving the college with no liquid assets. This could affect how much money students can get for their loans and other financial support. What now? Read more at www.forbes.com/2009/02/20/harvard-endowment-failed-business_harvard.html. Is the market affecting your college planning or your children’s college funds?

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