Thursday, March 19, 2009

Eighty-Thousand-Dollar Bear

Among the most frequently emailed stories from the March 13, 2009 issue of the Chronicle of Higher Education is an article on Paul Greenwood and Stephen Walsh, two investment managers who apparently defrauded their customers of over 550 million dollars. Their clients included Carnegie Mellon University and the University of Pittsburgh, who lost nearly $115 million they had entrusted to Greenwood and Walsh's firm, Westridge Capital Management. Perhaps the most memorable part of the article was its description of how Greenwood and Walsh spent their ill-gotten gains: the two men blew at least $160 million "on mansions, horses, rare books, and an $80,000 teddy bear." Greenwood and his wife collect teddy bears, and apparently own more than 1,300 of them. It's nice to know he and Walsh stole all that money in a good cause.

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