Dartmouth’s investment policies are questionable at best, and now BusinessWeek has picked up on it with a story on elite colleges’ role in fomenting the speculation excesses of the Naughty Aughties (the 2000’s).
The key quote:
“Dartmouth provides the most egregious example of conflicts,” said Joshua Humphreys, lead author of the report and founding director of the Center for Social Philanthropy at Tellus, on a conference call. He lectures at Harvard. “Can you imagine the investment committee meetings at Dartmouth? Basically half the room has to leave including the chairman of the investment committee.”
Humphreys is referring to the Trustees’ practice of investing the College’s endowment money in funds that are managed by Board members themselves – not a bad helping hand to those funds! Examples cited by the article included:
$40 million to Leon Black’s Apollo Global Mangagement
$10 million to Steve Mandel’s Lone Pine Capital
$10 million to William Helman’s Greylock Partners
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