Toxic waste dump that is the UL foundation

[Ineverplayedthegame]

WDRB has several articles this being the latest.

http://www.wdrb.com//story/33178813...foundation-audit-cfo-takes-pointed-questions#.

Questions seemed to start when it came out when large non-disclosure bonuses were paid to several retiring top officials. Then the news of the millions of dollars that Ramsey was paid on top of his University salary. Last May a story came out that UL had loaned the Foundation money. And I thought the Foundation was supposed to support the University not the other way. Now the Foundation has created a holding company (UHI) which borrowed money from the endowment to finance sweetheart real estate deals and pay UL bonuses. Turns out the UL loan was to pay down UHI's line of credit. The most amazing thing of all is the CFO of the Foundation says "there is no record of the amount of money borrowed, the amount of interest accrued, or the amount repaid, but he supposes it could be reconstructed".
Surely somebody goes to jail.

 

[Mojocat_rivals48469]

Yes. I know it's hard to fight through the rivalry clutter, especially here - where everything about "the other school" is taken as evidence that they're all bad and we're all and always virtuous. Put the rivalry aside. What you see here is extreme corruption, up, down and throughout the school. It's amazing really. The way a select few run the school and use it as their own personal piggy bank, and as a means to achieve their own personal goals.....it's something like you might expect to see at a small scholol. Or, worst case, at a big school in a small town - honestly, maybe an SEC town - where the whole community revolves around the school and the school and its leaders are above reproach. But it's happened here, in a town of 1.5 million. Louisville (the town) is so minor league, that's really all you can say. The way Ramsey and Jurich run the place, it's not really a place of secondary education (or if so, only coincidentally). It's a place where Jurich can build a sports empire and Ramsey and his buddies can milk the coffers, all with the support of Louisville business leaders and ordinary citizens alike.....