That includes a lot of hedge funds as well as total return swaps.

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The total return swaps, which easily could have been terminated, were left alone.

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He also used total return swaps to bet on developed world stocks and commodities on the cheap, freeing up money for other investments.

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As Forbes first reported in February, Harvard's fully invested and overly illiquid endowment, coupled with the use of interest-rate and total-return swaps, caused Mendillo to scramble for cash last fall.

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