Pitt and CMU – Scammed by Scums?
In this country you’re innocent until proved guilty, but the cards seem stacked against the two money managers, Paul Greenwood and Stephen Walsh who, allegedly, have bilked Pitt and
Both were arrested this week on federal charges that they misappropriated at least a half billion dollars from investors, including the funds from Pitt and CMU. They are to appear in federal court to face charges of securities and wire fraud.
Pitt and CMU are among the institutions that have been caught up in major fraud investments. This case follows on the heels of the scam committed by New Yorker Bernard Madoff and Texan R. Allen Stanford which cost investors billions of dollars.
It’s alarming how supposedly knowledgeable institutions and individuals, including some of the smartest people in the country have been stung by these scams.
Which brings up the subject of Pitt and CMU; both of which have high powered boards. It seems they have a lot of explaining to do. To this point, it’s unknown how these two institutions of higher learning got involved with the likes of
Walsh. We await the universities’ response to our inquiries about how that connection was made.
On the surface, it would appear that one or more of those responsible for fiscal oversight at these institutions was asleep at the switch, opening the way for
The big question now is whether these schools of so-called higher learning will be able to recover any of the combined $114 million in investments or whether that money is down the drain. It’s amazing how these scam artists work and how they can bilk supposedly intelligent people out of millions and millions of dollars.
With the country having serious economic problems and with college and university endowments taking a major hit, the loss of $114 million would be a difficult pill to swallow. That’s why the boards of Pitt and Carnegie Mellon – with all their experience and acumen – will have to deal with how this all happened.
Meanwhile, it goes without saying that these alleged scam artists – Greenwood and Walsh – if found guilty – should pay the price, including doing lots of jail time, possibly sharing cells with the worst genre of criminal physical offenders.
As for the people who screwed up their responsibility of making intelligent investment decisions at Pitt and CMU; they should be required to tell their side of this messy scandal now, without hiding behind so-called pending legal restraints awaiting future judicial scheduling.
But don’t hold your breath…they’ll likely be tongue-tied for the time being…and for some time to come!
Robert W. Dickey
Broadcast: February 27, 28, March 1, 2009
I liked your editorial, but you didn't go nearly far enough. You should have called for the resignations of everyone at the two schools who had any responsibility for the fiscal oversight. I mean, we're not talking about fifty bucks here!-Bob , Ohio
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