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Linda Baldwin fires desperate salvo for OC

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Re: Linda Baldwin fires desperate salvo for OC

Postby narcoleptish » Wed Dec 01, 2010 4:29 pm

Were you folks this upset about Miller Park? Talk about a playground for millionaires.

Of course that's not really a fair comparison, because if it was, then Frautschi would retain ownership of Overture and revenue streams would continue to run into his pocket.
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Re: Linda Baldwin fires desperate salvo for OC

Postby snoqueen » Wed Dec 01, 2010 5:04 pm

But that's the problem. There are no revenue streams running anywhere. There's red ink. And the city is being asked to take up the slack, while nobody knows what is the reasoning behind the booking of acts and other particulars of the oversight.

I don't want Overture to fail, I want to protect the city from years and years of financial drain and from being powerless to affect the management of the center while being financially responsible for it.

And for whatever it's worth, I like the arts. I am not a theater and concert-goer, but I'm very interested in the visual arts. I don't wish any ill toward Overture at all.
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Re: Linda Baldwin fires desperate salvo for OC

Postby Average Joe » Wed Dec 01, 2010 6:45 pm

Mean Scenester wrote:
Oh, and betting your endowment on the stock market is something I suspect the average meth addict would identify as an amateur move. Whoever made that brilliant decision should get a public flogging.


Seriously, most if not all endowments have at least a substantial portion of their funds in the stock market. The bone-headed move was allowing the banks financing the center to get away with stipulating the Overture endowment had to be liquidated once it's value dropped below a certain threshold.
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Re: Linda Baldwin fires desperate salvo for OC

Postby green union terrace chair » Wed Dec 01, 2010 7:29 pm

Average Joe wrote:
Mean Scenester wrote:
Oh, and betting your endowment on the stock market is something I suspect the average meth addict would identify as an amateur move. Whoever made that brilliant decision should get a public flogging.


Seriously, most if not all endowments have at least a substantial portion of their funds in the stock market. The bone-headed move was allowing the banks financing the center to get away with stipulating the Overture endowment had to be liquidated once it's value dropped below a certain threshold.

Not only that, but did these dumbass brokers not know what a stop order is? Did these idiots just stare at the Overture endowment portfolio as it went down the shitter?

I know that a lot of people lost a lot of money 2007 - 2009, but 1) plenty of smart people saw which way the wind was blowing and didn't get caught up in the crash, 2) you can always make money in a down market and 3) when this endowment needs year-in-year-out returns for operating funds, you have to make smarter investment decisions. This isn't a 30-years-until-retirement 401k that can weather a large component of risk.

I have yet to hear about criminal negligence charges being brought against whoever was managing those finances. That really needs to happen.
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