Monday, November 8, 2010
Via Taxprof, the report that the World's Wealthiest Universitty,TM after piling up a cash hoard outside its endowment of over a billion dollars, is now raising another billion from the bond markets. The money will pay down existing debt and be used for capital improvements.
Investors are very interested. The rate is just under 5%, and you have to figure that Harvard's credit rating is much better than, say, California's.
All of you who are borrowing money to contribute to that cash hoard can feel feel very proud. If the university gets enough money, maybe tuition will go down. Someday.