Wow...That is some serious fraud

[Chartreuse Wombat]

Former Yale administrator stole $40 million, pretending to buy computer equipment for the university. Instead, she bought a fleet of luxury cars, and several houses

Jamie Petrone estimated that 90% of all computer equipment orders she made for Yale’s medical school over eight years were bogus.

www.marketwatch.com

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[RadOncDoc21]

Inflation?

 

[Ray D. Ayshun]

Quite the brilliant plan: order 8000 tablets. How did that go on so long?

 

[Mandelin Rain]

$40 million is a lot of bread. Tablets are pretty cheap. Let's be generous and say she cleared $500 per computer after the other side of the enterprise took their cut. That's actually 80,000 computers. That's 7x the student enrollment of Yale. Tremendous incompetence.

 

[TheWallnerus]

She sounds like an Office Space and/or Superman III fan

 

[thecarbonionangle]

It appears these large academic institutions are ripe with grifters, conmen, ruses to everyone’s surprise.

 

[jondunn]

If you don’t grift, you ain’t trying!

 

[Palex80]

$40 million is a lot of bread. Tablets are pretty cheap. Let's be generous and say she cleared $500 per computer after the other side of the enterprise took their cut. That's actually 80,000 computers. That's 7x the student enrollment of Yale. Tremendous incompetence.

I wonder what Yale‘s computers look like… probably still on Windows Me. 😃😃😃

 

[medgator]

I wonder what Yale‘s computers look like… probably still on Windows Me. 😃😃😃

Me and 98... The forgotten

 

[HemeOncHopeful19]

Yale endowment $43 billion, her fraud was literally a rounding error for them. Crazy, makes you wonder how many others are out there that never get caught

 

[thecarbonionangle]

Yale endowment $43 billion, her fraud was literally a rounding error for them. Crazy, makes you wonder how many others are out there that never get caught

Exactly my thought makes you wonder the kind of crimimality that just has not been discovered in these academic systems who are too big to fail. Ever wonder about that academic you know who rakes in tons of money? Likely something shady going on!

 

[brushbeamscanning]

That recent article about the Yale med-mal case with the missed RP node for head and neck was also on the order of $34 million.

 

[wondervisions]

Yale endowment $43 billion, her fraud was literally a rounding error for them. Crazy, makes you wonder how many others are out there that never get caught

Hate to be a shill for big academia but... An endowment is not an operating budget. The purpose of an endowment is to allow an institution to operate indefinitely through times of economic hardship, wars, etc. Only the earnings from investment of the endowment typically go into the operating budget.

 

[OTN]

Hate to be a shill for big academia but... An endowment is not an operating budget. The purpose of an endowment is to allow an institution to operate indefinitely through times of economic hardship, wars, etc. Only the earnings from investment of the endowment typically go into the operating budget.

The endowments of many, many major institutions are orders of magnitude larger than would be necessary for that purpose.

 

[deleted1111261]

Googling ..

Operating expenses at Harvard are $5.4B
2021 budget SURPLUS was $283M
Endowment is at $53.2B!
If they made 7% per year, the endowment alone would cover 65-70% of their expenses.

I think they are pretty well cushioned for economic hardship, wars, etc.

 

[Mandelin Rain]

Googling ..

Operating expenses at Harvard are $5.4B
2021 budget SURPLUS was $283M
Endowment is at $53.2B!
If they made 7% per year, the endowment alone would cover 65-70% of their expenses.

I think they are pretty well cushioned for economic hardship, wars, etc.

Exactly. One of the things that make the out of control college costs so difficult to accept.

The capital projects they spend on are largely vanity based and unneeded, especially when compared to tuition control.

 

[Chartreuse Wombat]

A “proliferation of administrators”: faculty reflect on two decades of rapid expansion

Yale’s administration has grown rapidly, which some professors say negatively impacts faculty and students.

yaledailynews.com

 

[BobbyHeenan]

The endowments of many, many major institutions are orders of magnitude larger than would be necessary for that purpose.

The cynic in me thinks many of these places are now a hedge fund first, operating as a university second. Those endowments are MASSIVE.

 

[RadOncDoc21]

The cynic in me thinks many of these places are now a hedge fund first, operating as a university second. Those endowments are MASSIVE.

Hedge fund… why not a bank!

 

[Chartreuse Wombat]

The cynic in me thinks many of these places are now a hedge fund first, operating as a university second. Those endowments are MASSIVE.

Just like GM is a health insurance company that makes cars.