Financial Geniuses at Harvard lose 2 billion.

In cash

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Harvard University last year lost nearly $2 billion in the cash account it uses to pay for daily operations, by investing the money with its endowment fund instead of keeping it in safer, bank-like accounts.

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University officials are also moving to lower the school's risk taking in financial matters. On top of the cash losses, the school lost $500 million to get out of an investment called interest-rate swaps that backfired. Last summer, the university assembled a 10-member financial management committee, including faculty members and outside investment experts, to advise Shore and other members of the financial staff.

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the bloodletting is not over yet, they will pay another 500 million in a structered plan to avoid another 800 million in losses due to interest swaps. And these guys run wall street.