YCT DEMANDS TRANSPARENCY AND RESPONSIBILITY IN MANAGEMENT OF PUBLIC MONEY October 5th, 2004 FOR IMMEDIATE RELEASEOh my God: I totally and 100% agree with the YCT on this issue. Who'd a thunk it.. Posted by sarah at October 6, 2004 9:24 AM | TrackBackAUSTIN, TX – The Young Conservatives of Texas added their voices to those calling for the accountability of The University of Texas Investment Management Company (UTIMCO). UTIMCO is a private financial company contracted to invest public funds in the billions, including the Permanent University Fund (PUF). Efforts to make UTIMCO’s activities transparent have met with very limited success so far.
“UTIMCO manages billions of dollars in investments financed by the people. The public is entitled to know where this money is going and how wisely it is being invested, and it is outrageous that Chancellor Yudof wants to conceal this critical information. That is not responsible stewardship of the people's money,” said Lauren Conner, chairman of YCT-UT.
UTIMCO was the first private corporation to have control over a state university’s funds. In an effort which resembles the fight against tuition deregulation, organizations across the political spectrum have banded together to demand a change in UTIMCO’s policies.
“Being conservative is all about individual freedom and responsibility.” said Kevin Potter, Director of Communications for YCT-UT, “In a market, people have the freedom to cut ties with a business whose practices they find unacceptable, thereby holding it responsible. This being public money, that option is not available to individuals. If UT and the State persist in their relationship with UTIMCO, they should demand transparency in the name of their students and citizens.”