How not to run an Endowment (and other investments)
Jeezzzz! Talk about living in your own little world -- perfect that he was a respected academic.
From
Inside Higher Ed:
Honey, I Lost the Endowment
Al Parish has been known for his flashy wardrobe and big spending ways in Charleston, S.C. His collection of fancy pens was believed to be worth hundreds of thousands of dollars. And the Web site of one of his investment companies featured a cartoon superhero version of Parish, dubbed “Economan.”
An economics professor at Charleston Southern University, Parish was the go-to guy for business leaders, local reporters, and people with a little money to invest. He provided advice, analysis and — through several investment companies — a great way to get rich. Except for one problem: According to a suit filed by the Securities and Exchange Commission last week, the reports that investors received were false and the money invested — about $134 million — is almost all gone. As SEC investigators attempted to question Parish, he claimed to be suffering from amnesia and checked himself into a hospital, so he has not commented on the mess, leaving investors and investigators very much in the dark.
One of those investors is Charleston Southern, where the board thought so highly of the university’s star professor that it gave his various funds $10 million from the endowment to invest. The university is now suing to recover the funds, but the board chair acknowledged in an interview Saturday that it “doesn’t look good” for there to be any money left to recover.
And of course, in this articles comments section, there are a smattering of moonbat comments like this one:
The amnesia mentioned in the above article can be scary and should not be taken lightly. I know because of an aunt who had it. It is my sincere dream that he receives the treatment he needs and can be made whole again one day. Forgetting something like this must be terrible and all the other bits that go with it. God bless.
Hello... Anyone in there??? Parish is lying through his teeth trying to figure some way to get out of it. He does not have amnesia.
Fortunately, the majority of the comments are like these two:
Tar & feathers...
and
This is criminal and should be made an example of the worst kind. Life in prison and he will have a long time to recover from his amnesia problem! Case CLOSED!
Exactly...
Posted by DaveH at April 9, 2007 8:48 PM