Feb 13 2008
One Trick Pony
New College’s board of trustees have been pulling the same con for so long that they apparently don’t know how to do anything else. After a while, though, even oversight agencies can catch on to the basics of shell games.
Judging by their past behavior, the Friends of New College LLC ruse is just another attempt by former school presidents Martin Hamilton and Peter Gabel — along with their trustee cronies Ted Corman, Phillip Knowlton, Luis Molina, and Jane Swan — to bamboozle WASC and defraud the Department of Education. What better way to launder proceeds from questionable real estate deals using federal funds, than to set up a holding company posing as a charitable organization?
Until the Office of the Inspector General investigates all the golden parachutes and other payoffs to the people who mismanaged New College’s money, we won’t know if felonies were committed. For now, none of the trustees — including Molina, Swan, and Knowlton — have provided any of the crucial information demanded by the alumni association last July. The fact the trustees continue to operate in secret suggests an ongoing cover-up.
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