This article reports that a pair of university presidents is among the people feeling the heat from the collapse of the investment bank Bear Stearns. Henry S. Bienen, president of Northwestern University, and the Rev. Donald J. Harrington, president of St. John's University, in New York, were among the 12 members of the Bear Stearns Companies' Board of Directors. The fall of the bank has led to some of the first repercussions over the credit crisis, including shareholder lawsuits, criminal proceedings, and Congressional scrutiny. While the Bear Stearns board has not been officially accused of mismanagement, directors are likely to be named in lawsuits. And if the aftermath follows the course of other high-profile corporate implosions, they may also be summoned to testify on Capitol Hill. The two university presidents' relationship with Bear Stearns is a cautionary tale of the risks of serving on a corporate board. While board seats offer college leaders fund-raising opportunities, prestige, and substantial supplemental income, they also can lead to litigation and unwelcome attention for presidents and their institutions.