$3 Million Donation Is 'Lost'

AP ^ | 12/11 | AP

[ambrose]

don't you just hate it when that happens?

[Drango]

I think I lost $3 million there too. If I don't get my money back I'm gonna be mighty PO'd.

[Blood of Tyrants]

If you look, you will see "bonuses" pop up here and there for the trustees.

[PeterPrinciple]

Mark Twain said something about leaving money to the Home for Unwed Pussycats..............beginning to sound like a good idea.

[Guillermo]

Ir probably ended up in the hands of Mohammedan "charities".

[FreeTally]

Grocery entrepreneur David Mugar said he had been told the money was "lost" through poor accounting and could not be identified among university funds.

IOW, it was intentionally put into some other departmemts funds and someone got some real nice gifts, office upgrades and probably a car or a home.

[Jaxter]

They must have left it in their other pants.

[FreeTally]

If you look, you will see "bonuses" pop up here and there for the trustees.

Yep! Diverting funds is a multi-million dollar and maybe even billion dollar racket at most colleges and universities.

[lelio]

It sounds like he donated $3M in '93 to update the library and get it named after him. In 2000 he said that he wanted his money back, plus the $1-2M in interest. What on earth was BU doing for 7 years with the $3M? Shirley you can get a building built or renovated in that time frame.
I think he found out what was going on with the money: paying bonuses to the execs.

[Imal]

It's highly unlikely that Mugar just handed them a blank check for $3 million. The donation undoubtedly is specified for the library.

Since BU hasn't held up its end of the deal, Mugar is fully entitled to both the $3 million and interest. Looks like the BU staff are going to have to "un-lose" a whole lot of money.

It's an open and shut case for Mugar. No negotiations are necessary.

[Dan Day]

Grocery entrepreneur David Mugar said he had been told the money was "lost" through poor accounting and could not be identified among university funds.

News flash for Boston University: Money is fungible.

That means you don't have to track down the exact dollar bills you received from Mugar (which may well be "lost"), you can just pull $3 million out of your general fund and give it to him as a refund...

[bert]

...Mohammedan "charities...

Probably not. A more likely group would be the IRA.

[Fester Chugabrew]

Another $3M sucked up by the BIG DIG?

[Guillermo]

The reason why I said Mohammedan is because the bin Laden clan has donated millions to Harvard and other Boston universities.

[Bob]

It sounds like he donated $3M in '93 to update the library and get it named after him.

As I read it, there's no name change involved here. The library is already named after the guy's grandparents.

[expatpat]

The 'negotiations', I think, are actually BU trying to persuade Mugar to leave the donation with them.

It's a pity Henry Ford et al are not still around, to get their Foundation money back from causes they would have hated.

[dighton]

Happens to me all the time, and yes I hate it.

[biggerten]

Surely you didn't mean Shirley.

[Political Junkie Too]

Did he check the Big Dig? Maybe his money is in the hole somewhere.

-PJ