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Bloomberg Piles On Trustee Investments
Memo to Carol: You have a PR problem.
Memo to Dartmouth: You have a real problem.
The 2,071-word Bloomberg piece casts the College in a negative light:
Howard Marks, who was chairman of Penn’s investment committee for the decade ended in 2010, says that while schools might miss out on some stellar funds, they also avoid the risk of board members getting assignments because of connections and not merit.
“It could be challenging to turn down an investment committee member seeking a money management assignment, or to fire him or her or even decline to re-up,” says Marks, who’s chairman of Oaktree Capital Group LLC (OAK), which manages $81 billion of distressed-debt investments. “At the hypothetical extreme, member A could vote for member B in the hope member B will reciprocate. For me, it’s all just too thorny.”
Trustees shouldn’t manage university money because of the potential for self-dealing and other abuses, says Mark Williams, a former Federal Reserve bank examiner who teaches risk management at Boston University.
“Even the appearance of conflicts of interest can create reputational risk and harm the institution,” Williams says. “The perception is almost as bad as the act of conflict. It does damage to that reputation, which has taken many universities centuries to create.”
Curiously, neither of these articles comments on the endowment’s poor growth over the last twelve years, compared to its best-in-show results in the 1990’s.
October 18, 2009
When Love Beckoned in 52nd Street
We were at San Francisco’s BIX last evening, enjoying prosecco, cheese, and a bit of music. A full year of inhabitation in Northern California has unraveled to me no decent venue for proper lounging, but…
October 9, 2009
D Afraid of a Little Competish
So our colleague and Dartblog writer Joe Asch informed me that the D has rejected our cunning advertising campaign. Uh-oh. The Dartmouth is widely known as a breeding ground for instant New York Times successes,…
September 4, 2009
How Regents Should Reign
As Dartmouth alumni proceed through the legal hoops necessary to defuse a Board-packing plan—which put in unhappy desuetude an historic 1891 Agreement between alumni and the College guaranteeing a half-democratically-elected Board of Trustees—it strikes one…
August 29, 2009
Election Reform Study Committee
If you are an alum of the College on the Hill, you may have received a number of e-mails of late beseeching your input for a new arm of the College’s Alumni Control Apparatus called…
August 23, 2009
Fare Thee Well, Tom Crady
And now Dean Tom Crady has precipitously announced his departure from the College after only 20 months on the job. How to read this? By way of background, prior to coming to Dartmouth, Crady had…
May 31, 2009
Kangaroo Court, Indeed
In an interview with The Dartmouth, alumni-elected trustee T.J. Rodgers ‘70 explained his reasons for declining to participate in future evaluations of trustees up for “re-election,” namely the “kangaroo court” nature of such discussion in…