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As ever, BEWARE THE B-SCHOOL BOYS.

It’s a category on University Diaries. See it? And that’s because over the years UD has covered so many stories of generous MBA guys getting their names on university buildings, and then, when it turned out the money was a small part of an empire of stolen goods, getting their names sandblasted off the buildings, that she decided to collect all of the stories under one heading.

And here’s yet another one.

Ten years ago, the University of Michigan inaugurated Sam Wyly Hall. At the ceremony, the business school dean kvelled about “what the University of Michigan helped [Wyly] to do.”

Well, what Wyly and his brother have done – let’s see if we can be exact about this – what they’ve done, see, is “illegally trad[e] millions of securities of public companies while they sat on the company boards. The SEC complaint accuses the two of using a system of offshore trusts and subsidiaries to hide their interests, selling more than $750 million in stock over a 13-year period. The complaint charges that they used inside information about the pending sale of [one of their companies] to reap more than $31.7 million in profit…”

So… sandblast the whole name off? Expensive. Embarrassing. UD has a better idea. Just change one letter.

WILY HALL

Margaret Soltan, July 30, 2010 12:36PM
Posted in: beware the b-school boys

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