Friday, October 7, 2011

Just Call This "Elitist Cozy"

After posting the video of the protest in Boston in front of the Boston Fed, Iris Mack emailed:

I cracked up when I saw your the Boston Fed video on your website.

Do you know that Harvard Management Co is in that same building?
I had no idea, so I emailed Iris to re-confirm with Iris. She wrote back:

HMC had 2 floors in the building. The HMC money changers kept a very low profile - one of the reasons they were upset when I started speaking out.

The Boston Fed is where we would eat lunch a couple of times a week when we got tired of eating on the trading floor.

Talk about a dark, dismal cafeteria. The food looked DEAD!
For those of you who don't recall. Iris worked at HMC, before the financial crisis hit and sent emails to Larry Summers, who was then president of Harvard, warning him that HMC was taking on risky derivatives positions, with Harvard endowment money. She was fired becasue of the emails (and won the court case that followed). When the financial crisis finally hit, Harvard endowment lost billions because of the derivative positions Iris warned about.

But, it's good to know that Harvard elitists don't have to go outside during the harsh Boston winters, when they need to plot with the Fed.

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