GSU is at it again

[FishingBack]

Lose a pile of money? No big deal at GSU. Anywhere else your azz would be grazz.

http://www.thenewsstar.com/print/art...rambling-State

[olddog75]

"The audit found that the $2.6 million worth of stock the university purchased illegally declined in value by more than $1 million as of June 30, 2009.
The letter said the loss was tied to the global downturn in the stock market and the value of the stock improved to $1.9 million as of March 31 — still more than $600,000 less than the original purchase price."

Someone should be going the jail.

[FishingBack]

Notice they used March as an improvement bench mark. Has the stock market gone up or down since march? One guess, lol.

[Tech78]

"The audit found that the $2.6 million worth of stock the university purchased illegally declined in value by more than $1 million as of June 30, 2009.
The letter said the loss was tied to the global downturn in the stock market and the value of the stock improved to $1.9 million as of March 31 — still more than $600,000 less than the original purchase price."

Someone should be going the jail.

That would be politically incorrect. My guess is that they will keep getting more...:bigcry:

[FishingBack]

I notice that the democrat rep Gallot from Ruston said that GSU needed MORE money to fix the problem.

/facepalm

[CARTEK]

Excuses, excuses, excuses! GSU has been ravaged with corruption for decades, and the local legislators want a blind eye turned their way. How much money has been dumped on GSU over the past 20 years? What are the results?

GSU has outlived its purpose and usefulness by 30 years. It's initial mandate was to educate the rural blacks of North Louisiana; it succeeded early on in its mission due primarily to the bigotry that prevented blacks and whites to share the same classroom. We now have many institutions that do a much better job than does GSU...it has failed and should be shuttered!

[FishingBack]

Also, 55% of GSU students are out of state, so why spend so much state money on it?

[hoppinmad]

Yep, it's time to turn it into a barber college .....their ROI would probably skyrocket.

[TechAlum05]

"The audit found that the $2.6 million worth of stock the university purchased illegally declined in value by more than $1 million as of June 30, 2009.
The letter said the loss was tied to the global downturn in the stock market and the value of the stock improved to $1.9 million as of March 31 — still more than $600,000 less than the original purchase price."

Someone should be going the jail.

It's even worse when you look at the article from the Ruston Daily Leader. You know the finances are screwed up when the Legislative Auditor only chooses to highlight 7-figure mistakes. That means there are many more mistakes on the books.

"The report said that the state found so many errors in the university’s statement of cash flows, provided to auditors in seven different versions because of continued inaccuracies, that auditors chose only to highlight errors of $1 million or more in the audit."

http://www.rustonleader.com/news.php?id=6865

[FishingBack]

It's even worse when you look at the article from the Ruston Daily Leader. You know the finances are screwed up when the Legislative Auditor only chooses to highlight 7-figure mistakes. That means there are many more mistakes on the books.

"The report said that the state found so many errors in the university’s statement of cash flows, provided to auditors in seven different versions because of continued inaccuracies, that auditors chose only to highlight errors of $1 million or more in the audit."

http://www.rustonleader.com/news.php?id=6865

Sounds like their financial statements were total crap then, if there were 7 different versions.

[DogsWin]

Unfortunately I have a fair amount of stock which could be sold (really cheap) to Grambling.:bigcry: Wish I would have known they were buying.

[techman05]

It's ok guys, the Port City Classic will bail them out. I am sure they will figure out a way to have more money shifted their way from that game.

[PawDawg]

You are all a bunch of racists. The man is out to get them.

[techman05]

You are all a bunch of racists. The man is out to get them.

Now wait a second. We are only talking about what we read in the News Star. That is Gospel, you can't be racist if it is the undeniable irrevocable truth can you?

[Champ967]

I could have bought a lot of ICEE machines for $2.6MM.

And they hold value much better.