Senior Harvard University officials -- especially then-president Lawrence Summers -- repeatedly ignored warnings that the university's investment strategies were placing far too much cash (needed for short-term spending) in risky investments, The Boston Globe reported. The placement of the cash in risky investments has been a key reason why Harvard, which even after investment losses is by far the wealthiest university in the world, has been forced to make many cuts in the last year; such cash reserves, had the advice been followed, would have been easily accessible. Summers declined to comment for the article, but a friend of his familiar with the Harvard investment strategy noted that conditions changed after Summers left the presidency and that the university had the time to change its strategy prior to last year's Wall Street collapse.
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