La finanza e l'università 
The history of the oldest universities were created over a thousand years and have always been a landmark for the community, an institution and a goal to strive for the youth of all generations.
Education and Sport, which is the main services that universities provide, however, have a significant cost. Here, therefore, that the universities have been created specifically for certain taxes ad-hoc, in the case of private institutions are transformed into "straight," often not really available to everyone.
last decade, in the midst of a process of economic globalization and competition tightened in each sector, there has been a real war between the most prestigious universities worldwide in an attempt to grab the best students and to increase its appeal.
The aim is obviously one: optimize budgets and transform the institutions into independent companies and profitable as possible.

While until a few years ago, the leaders were then rely solely on donations from individual benefactors or the like to improve and expand the university, it fell a second time to borrow huge sums to banks. The modernization and
adoption before the other with the latest technology and facilities has become a priority, no longer solely for educational purposes, but with the goal of increasing the company's cash flow.
And until the issue here is very positive, because of the intense competition among different institutes increase the quality without a doubt. Moreover, in an area such as education, competition, and which do well to students who find themselves in better facilities and more motivated teachers, is also good for the economy of the same university. In fact, potentially, there is no limit applicable to the line against an additional service and / or better, since the value assigned by the families culture and education of their children is priceless.

However, more recently, has bitten off more than you can chew. It has fallen into the error of believing that the creative financing can be a panacea.
In an attempt to win the title of world's most prestigious universities, American universities were the first to issue financial products to increase their investment capacity.
We are talking about the Bond or bonds, if you prefer. In practice this is a debt instrument that gives the holder the right to repayment of principal plus interest.
In a time of economic crisis, they thought the manager, why not put on the market bonds issued by prestigious private universities (which very easily get very high ratings: AA or AAA)?
The liquidity can be obtained in this way is very high and the interest rate is very good compared to what a bank typically practice. Hence
that many institutions have adopted this tool, and many others are considering today. The situation:
Harvard, the University of California and Princeton universities are more vulnerable to total more than $ 4 billion in bonds.
Harvard even issued bonds with a maturity of thirty years.
Over the past year have multiplied universities have exploited the time of economic crisis and Obama's economic stimulus to make its bonds more attractive.

In England, the heart of European finance, Cambridge could not stay to watch and is now considering the issuance of the first bond in more than 800 years of history.
- "The intention is to reinvest the money in infrastructure. Specifically increase the amount of money spent on advertising, marketing, accommodation and housing for students, sports fields and to increase the financial independence of Cambridge." - Andrew Reid, Chief Financial Officer of Cambridge said so 'borrowing the most prestigious English university.
And the phenomenon is not restricted only to the Anglo-Saxon world, unfortunately ...
The real risk is therefore that in future we will be with universities in the situation that the banks are experiencing today. Why did not you come and say that more than $ 6 billion total debt of Harvard are easily written off without concern. Just take a glance at its balance sheet to figure out an easy way out of this vicious circle is at least unlikely unless drastic changes of direction.
How will in the future when deciding whether to cut funding for universities and research will no longer be a minister, but a commissioner appointed by a bankruptcy court?