Re: [ga] ICANN loses $4.6 mil

[George Kirikos <gkirikos@xxxxxxxxx>]

Hello,

--- "Jeffrey A. Williams" <jwkckid1@xxxxxxxxxxxxx> wrote:
> gross incompetence and is even more emphasized by the fact
> that they allowed those investments to go down so far before
> stopping the bleeding!  >:(  Purely foolish and demonstrating
> poor judgment as well as irresponsible behavior.

There's no evidence that they've stopped the bleeding. Here's the
investment policy:

http://www.icann.org/en/financials/icann-investment-policy-nov2007.htm

"The Board of Directors of ICANN shall direct the ICANN Investment
Policy"

"ICANN?s CFO, with the assistance of ICANN staff, shall oversee the
administration of the Investment Policy"

Of course, look for no one to take responsibility, no one to be fired.
No budgets will be cut, like other organizations who've experienced
losses on their investments (e.g. folks invested with Bernie Madoff).
Look for bonuses to be paid out for "superior performance."

ICANN pays its staff like a for-profit company:

http://www.circleid.com/posts/20090105_icann_for_profit_companies_comparables/

What would a for-profit company do, if they lost $4.6 million in risky
investments? At ICANN, perhaps they'll roll the dice again, and double
down.....it's not like it's their own money at stake when they lose
(but they'll take credit for any gains, that you can be assured of!).

Sincerely,

George Kirikos
http://www.leap.com/