RE: [ga] ICANN loses $4.6 mil

["Debbie Garside" <debbie@xxxxxxxxxxxxxxxxxx>]

Gentlemen

Shall we keep this in perspective!  In case you haven't noticed, there seems
to be a slight recession going on out there - or more to the point a
FINANCIAL CRISIS!

It is quite usual for large organizations to invest their reserves with a
view to creating even bigger reserves.  As we all know... what goes up can
come down.  Nevertheless, if ICANN sit on their investments they will
undoubtedly go up again in the (I hope) not too distant future.

Let's face it, how many of you would be shouting at ICANN if they were sat
on $25 Million in there current account with only the prospect of losing it
when said bank goes to the wall!  Safer to spread it around a little
methinks.

Best regards

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,
>
> Spokesman for INEGroup LLA. - (Over 284k members/stakeholders
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