RE: [ga] ICANN loses $4.6 mil

["Debbie Garside" <debbie@xxxxxxxxxxxxxxxxxx>]

 One final point... $4.6 Million loss out of a $25 Million fund represents
18.4%.  Take a look at the FTSE and the DOW and you will see losses of
50/60/70%.  I think ICANN must have invested wisely to have limited the
losses to 18.4%

Well done ICANN!

Debbie

> -----Original Message-----
> From: owner-ga@xxxxxxxxxxxxxx
> [mailto:owner-ga@xxxxxxxxxxxxxx] On Behalf Of Jeffrey A. Williams
> Sent: 02 February 2009 10:44
> To: George Kirikos; icann board; ICANN Policy staff; DOC/NTIA
> ICANN Rep; twomey@xxxxxxxxx; Peter Dengate Thrush
> Cc: ga@xxxxxxxxxxxxxx; ICANN Admin supp. Manager Karen
> Lettner; ICANN Dan Halloran; ICANN Kim Davies; icann legal;
> ICANN Marc Salvatierra; ICANN Marilyn Vernon; GAC Rep
> Subject: Re: [ga] ICANN loses $4.6 mil
>
>
> 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_comp
> > arables/
> >
> > 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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