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by Free Market Duck

Boise's Watergate is alive and well as Idaho's SBOE allows U of Idaho to raid private U of Idaho Foundation for $111,000 to pay for new U of I Prez
Apr 23, 2009

Hot damn, this is exactly the type of financial mismanagement and rule breaking that got previous U of I Prez Bob Hoover, ex Gov Dirk Kempthorne, and a host of other political and administrative leaders into the Enron-like implosion of the $136 Million failed University Place fiasco from 1998 - today.  I say "today"  because the U of I Foundation is still in court today suing California developers Civic Partners in the previous Boise's Watergate scam. -- Deep Throat II

Boise, ID Here we go again, girl friends.  As predicted by author Deep Throat II who wrote Boise's Watergate: University Place & All The Governor's Men, if the real crooks and criminals in the 2005 University Place fiasco were not properly indicted and prosecuted, history would repeat itself.  So guess what?  History is now repeating itself as the Idaho State Board of Education, who promised to implement new rules to prevent another Boise Watergate from ever happening again, just broke those rules and voted to mixed public and private money to "buy" a replacement U of I president: Duane Nellis from Kansas State University.

   Why?

   Because the U of I has such a bad reputation that it can't hire anybody to replace the last U of I president, Tim White, who has since flown the coop to become president of UC Riverside in California.  Several other recent candidates for the U of I position have all copped out, some at the last minute, and Nellis was about to color himself Gone With The Wind unless the yahoos at the SBOE came up with a $335,000 annual salary.  The SBOE was a day late and $37,000 per year short, so they bent the rules and merged public money with private money to offer Nellis the job.  They also bent rule #2 and offered a 3-year contract instead of 1 year.

   But this is exactly the type of financial mismanagement and rule breaking that got previous U of I Prez Bob Hoover, ex Gov Dirk Kempthorne, and a host of other political and administrative leaders into the Enron-like implosion of the $136 Million failed University Place fiasco from 1998 - today.  I say "today"  because the U of I Foundation is still in court today suing California developers Civic Partners in the previous Boise's Watergate scam.

   As the University Place investigation revealed, the U of I Foundation is a private corporation created for the purpose of giving endowment money to help students at the U of I.  The U of I treasury and U of I Foundation treasuries should not be "mixed" in any way shape or form -- as they were in the failed $136 Million Univ Place fiasco in the early 2000s.  The Treasurer who managed both accounts, Jerry Wallace, was indicted and convicted for that very same mismanagement.

   And so, here we go again, breaking the rules for expediency, claiming the ends justify the means, and the U of I, State Board of Education, and U of I Foundation are off and running once again, mixing, matching, and playing around with two different entities' finances.  Sounds a lot like the federal government today, the Fed Reserve and U.S. Treasury pumping up the money supply to supposedly buy into and control privately-held corporations, all on the premise of the ends justify the means.

   My advice to prospective U of I president Duane Nellis of Kansas:  read Boise's Watergate just to find out what you're getting yourself into.  And then turn around 180-degrees and run like hell back to Kansas before the Idaho crooks drag you, Dorothy, and Toto down the Yellow Brick Road and into another University Place financial disaster.  -- (You can read all about the Boise Watergate fiasco by clicking on the following link to Random House:  U of Idaho Wallace pleads GUILTY in $136 mil University Place fiasco...  25% Off Boise's Watergate book available @ Random House Xlibris Bookstore
Soft Cover Was $20.99 Now
$15.99
Hard Cover Was $30.99 Now
$22.99
) --
Deep Throat II

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