Harvard's Massive Bet on Land Hits Harsh Real Estate Reality

A biotech downturn and pulled federal funds have stymied the university's property bet in Boston's Allston neighborhood   while nearby MIT has thrived. Harvard had little room for growth in Cambridge, its home since the 1600s. But just across the Charles River sat Allston, a working-class Boston neighborhood where the university had assembled hundreds of acres of land. There, Summers envisioned developing a sort of Silicon Valley of the East a worthy competitor to California's Stanford University and the nearby Massachusetts Institute of Technology for high-tech innovation. Bloomberg's Janet Lorin joins to discuss.