More on the Troubling Conflicts of the Board of Trustees

From the Tellus Institution’s report (p. 33), more accounts of serious conflicts of interest among the trustees, just in the last 5 years. Listed below are the trustees, their firms, and the funds in which the College invested its endowment money:

P. Andrews McLane, T.A. Associates, T.A. Associates Fund XI – undisclosed sum
R. Bradford Evans, Morgan Stanley, Real Estate Fund VI International TE, L.P. – undisclosed
R. Bradford Evans, Morgan Stanley, Global Best Ideas Fund, L.P. – undisclosed
Russell Carson, Welsh Carson Anderson and Stowe, WCAS L.P. – $20 million

Russell Carson, Welsh Carson Anderson and Stowe, WCAS IV, L.P. – $10 million
Russell Carson, Welsh Carson Anderson and Stowe, WCAS X, L.P. – $15 million
Jonathan Newcomb, Leeds Weld & Co., Leeds Weld IV – $10 million
Information from the New Hampshire Department of Justice, previously obtained by The Dartmouth Review, indicates that Brad Evans’ Morgan Stanley received at least $65 million in Dartmouth investments: $20 million for its Real Estate Fund V International in March 2005, and $45 million for its Global Best Ideas Fund in November 2006.
All told, Dartmouth put $110 million of endowment money into funds managed by the trustees.
The report notes very appropriately, “When such a concentration of trustees is involved in managing endowment assets, conflict-of-interest policies of disclosure and recusal from decisions related to one’s own firm may provide inadequate assurances of independent oversight.”
Yep.