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.