We know that Dartmouth students aren't big fans of hedge
funds, but it turns out the university's faculty aren't too keen on them either. A group of Dartmouth professors and employees
are requesting that New Hampshire state launch an investigation into how the
college's board of directors is funneling Dartmouth's endowment money into
their own hedge funds, venture capital and private equity firms. The group sent
a letter to the General Attorney of New Hampshire in February notifying the
state of the alleged conflicts, which they assert are in violation non-profit
laws in the state.
The letter then lists a group of 10 Dartmouth trustees—out
of 23 people on the board—that have ties to the investment industry and details
how much of Dartmouth's endowment are invested their funds. The list of names
include well known PE exec Leon Black of Apollo Management and hedge funder
Steve Mandel of Lone Pine Capital.
Even worse, the money invested with the directors' firms
have abysmal returns and do not benefit the university.
Read more:
http://www.businessinsider.com/dartmouth-college-whistleblowers-accuse-the-trustees-2012-5#ixzz1vbppwZiT
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