Guess who Madoff with Texas Tech’s money?
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There’s no shame in getting fleeced by the biggest thief in U.S. history. There’s a lot of shame in trying to cover it up.
Texas Tech is now guilty of just that. And they are willing to use school funds that should educate Texas kids, to fight to keep their financial disaster a secret instead.
Tech donors may have been kept in the dark all along.
In 2002, Tech invested in Ariel Fund Limited, an offshore fund managed by Gabriel Capital Corporation, an investment advisory firm. Gabriel Capital turned around and plunked a chunk of Tech’s money with Madoff. Together, Gabriel and Ariel lost around $1 billion to Madoff’s scheme.
How much did the state university lose?
Get this, a full nine years after the money disappeared, the state university thinks no one needs to how much of Red Raider money they lost.
Wait till you hear what their using as their excuse not to come clean.
Tech now wants the Texas Attorney General to give them permission to hide their Bernie Madoff problem because of football Coach Mike Leach.
Really?
Their legal argument. Texas Tech wants to hide the details of their Bernie Madoff problem because we are suing the school over records proving the conspiracy to cheat Mike Leach.
The timing of the Bernie Madoff loss may be interesting to Coach Leach fans.
Tech found out just how much money they lost in 2009, just about the time they started plotting to fire Coach Leach and then cheated him out of $2.5 million dollars.
“Aha, I get it, Tech cheated Mike Leach out of his contract to cut their losses to Bernie Madoff,” says Wayne Dolcefino, President of the Houston based Investigative Communications Firm Dolcefino Consulting. “Maybe they learned from Bernie how to cheat the Coach. Every day we uncover more secrets being kept from Red Raiders by the school. It needs to stop.”
It’s impossible to know exactly how much Texas Tech lost with Bernie Madoff. The receiver appointed to get some of the money back has helped get back $14,358.387 to the school, so imagine how much Tech must have lost.
It’s no secret that Dolcefino Consulting is now involved in litigation with Texas Tech, seeking records behind Coach Leach’s firing.
Tech’s secrets are adding up.
They don’t want to give up records detailing their scandalous firing of Coach Leach. They are trying to hide records of sexual incidents on campus. And now they want to hide their Bernie Madoff losses.
The Regents at Texas Tech need to get a handle on this growing scandal. If not, the legislature should.
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