Harvard Swap Toll Tops $1.25 Billion as Agreements Exited

``Harvard University, the world's richest college, lost $345.3 million terminating interest-rate swaps last year, bringing its cost of unwinding debt derivatives since 2008 to more than $1.25 billion... The school agreed to many of the swaps when former President Lawrence Summers was planning to build the Allston campus, including a $1 billion science center. The swaps, which locked in interest rates for Harvard, also required the school to post collateral if rates fell....''