Director, Commonwealth Policy Center

A report investigating wrongdoing by the University of Louisville Foundation found that it spent too much from its endowment, issued false reports as to how the money was spent and loaned $52 million to a group that will likely never pay back the loan. An estimated $40-$100 million in endowment funds allegedly was misspent by former officials. Now it has been confirmed that there is a criminal investigation of the erased computer hard-drive from ex-U of L President James Ramsey. The Courier-Journal reported that Ramsey was the nation's highest-paid officer at a public university foundation which was likely illegal. In case you were wondering, Ramsey made $2.4 million/year.  We've criticized big news media, but in this case the Courier-Journal is doing a public service by shining light on the corruption and cover up. And for that we thank them.