Re: [ga] ICANN loses $4.6 mil

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

Debbie and all,

  Well this conclusion is rather odd, as some are making money
in this huge down economy and market.  I am for instance +3.34%
and my company 2.28%.  Loosing 18.4% is a poor track record.
Whomever ICANN's investment analyst or advisor is, if it were me
he would be fired on the spot!  I would additionally look into the
legal Claw Back provisions under the law in both the UK and the
US from this fellow or investment organization, whomever they
are.  I hope it wasn't either Leman Bros. or Merril Lynch...

Debbie Garside wrote:

>  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,

Spokesman for INEGroup LLA. - (Over 284k members/stakeholders strong!)
"Obedience of the law is the greatest freedom" -
   Abraham Lincoln
"YES WE CAN!"  Barack ( Berry ) Obama

"Credit should go with the performance of duty and not with what is
very often the accident of glory" - Theodore Roosevelt

"If the probability be called P; the injury, L; and the burden, B;
liability depends upon whether B is less than L multiplied by
P: i.e., whether B is less than PL."
United States v. Carroll Towing  (159 F.2d 169 [2d Cir. 1947]
===============================================================
Updated 1/26/04
CSO/DIR. Internet Network Eng. SR. Eng. Network data security IDNS.
div. of Information Network Eng.  INEG. INC.
ABA member in good standing member ID 01257402 E-Mail
jwkckid1@xxxxxxxxxxxxx
My Phone: 214-244-4827