Lewis & Clark College President Michael Mooney on Wednesday acknowledged he violated university policy in lending $10.5 million in university money to an Idaho energy company that later went bankrupt.
Apparently Mr. Mooney, for all his education and renown throughout the faculty parties, failed at common sense. The investment didn’t pass the “too good to be true” test and violated the college rules on investments. What’s more is that the university trustees are taking no action.
“Mr. Mooney has done an outstanding job for this college other than this one decision,” Fields said.
“The man made a mistake,” said Greg Goodman, a board member and president of City Center Parking, “but he never tried to hide anything.”
What the hell is this? People everywhere are up in arms about business executives mismanaging funds, the government is trying to figure out new incantations to put in their spell…er law books to keep them from fiddling the books. Business executives are threatened with jail if they don’t personally certify figures that they have no way of knowing are completely honest. And we have a college president that made a little $10 million dollar mistake. The trustees don’t want to be too hard on him. He admits that he screwed up, but busting him would disrupt the harmony of college life and be too harsh for a academic professional.
If all this reminds you of a “good old boy” network, that’s because that is what it is. All the presidents and all the trustees scratch each other’s back. Go along to get along. What is good for those awful business men that pay the taxes and salaries of the cocooned education lobby, is not good for a gentle, slightly befuddled college president that just saw a way to make a quick buck and took it. After all, it was for the children. The money would have gone to the college and he would not have profited off of it. That makes it all different.
What really amazes me is that there is no mention of a criminal investigation. The trustees have determined that it was just a mistake and he didn’t mean to lose the money. How did they determine that. What is Mr. Mooney’s relationship with the other players in this drama.
What this case needs is a down and dirty investigation with all the participant face’s on the front page of the paper. At the very least, Mr. Mooney should be held financially responsible for the loss and he should be required to reimburse the college for losses and lost income off that money.