;#Faculty News;# | American Public Media: Marketplace | 16
Commercial paper market rates at record lows
Re: David S. Scharfstein
David Scharfstein is a finance professor at Harvard Business School. He says in Google's case, it's acting like a bank. They're borrowing short-term in commercial paper market and lending out long-term, taking advantage of the historically high gap between ST rates and LT rates.