Re: [ga] ICANN loses $4.6 mil

["Jeffrey A. Williams" <jwkckid1@xxxxxxxxxxxxx>]

George and all,

  Thanks George for the links and the info, although I had seen
the ICANN link, but not the circle ID link yet.  Well done!

  I as an investor knew about Bernie Madoff way back in 2001,
as I recall, and yes it appears that ICANN is in bit of a different
way following the same path.  Indeed as long as it really isn't
their money, and additionally that ICANN is supposedly a non-profit
Corp. their not getting the fiscal scrutiny that appears necessary.
No oversight, or insufficient oversight breeds this sort of behavior
more often than not unfortunately.  >:(

George Kirikos wrote:

> 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/

Regards,

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