Former UVA money boss blasts 'overindulgence'
Adding to the continuing fall-out over UVA's billion-dollar-disappearing decision to put 35 percent of its endowment in private equity, now comes a former UVA official blasting the strategy as "overindulgence." Henry Kaelber, UVA's investment arm's chief financial officer from 1997 to 2003, was quoted in Porfolio magazine.
5 comments
Hmmm...seems like some of Mistah Jefferson's brightest MBA's (what's that stand for? Master of Bullstuff & Arrogance?) ought to put their febrile minds to work on this lil' problem.
Ya got a world-class business faculty? And they didn't see this coming? Oh, my. No wonder the business school can't crack into the top rankings, no matter how much money they spend and how much a$$ they kiss.
Going to darden is like skipping down the yellow brick road to Oz. Pay no attention to that MBA man behind the curtain! He is full of sh!t.
Amen.
Oy. The UVa Business School that bears my name casts a long shadow of shame across Mr. Jefferson's otherwise great university.
The article in Portfolio is truly scary ---no wonder the financial markets are falling apart---the emperor has no clothes
"overindulgence" is an understatement, how about greedy, narciccistic, egomanaical, selfish, and pathetic.
UVA DESERVES not only the financial loss but the pain that the loss inflicts on its future donations. This is the real world giving it an education so that it can pass it on to its students so that they will not SCREW UP the way these clowns did.
Do not feel sorry for them, they brought it on themselves.
Curious to see what the definition of "succeeded" will be used in re: the Gleason and the Randolph. "Succeeded," to me would mean that every unit is sold. "Succeeded" to the local realtors and to the developers would mean that the buildings actually got put up...right?
BTW, not downtown, but Albemarle Place was supposed to have condos, too. "Was," being the operative. That place, like all the ones mentioned in this story, won't be built for at least five years, if ever.
The lack of foresight on the part of developers and BAR and the City and County in every instance is really impressive....