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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCollege bribery parent arrested is CEO of The Rise Fund, a social impact fund co-founded with Bono
One of Silicon Valleys most prominent private equity investors and one of the tech sectors leading proponents of how to invest ethically and for social impact has been charged in an explosive college admissions scandal that was revealed Tuesday, March 12.
Prosecutors charged Bill McGlashan, a founder and managing partner at TPG Growth which has made landmark investments in companies like Uber and Airbnb on fraud allegations for trying to engineer the admission of his son to the University of Southern California.
What is particularly damaging for TPG is that McGlashan has positioned himself as a leading voice in Silicon Valley for social responsibility. In addition to overseeing TPGs late-stage growth investing arm, McGlashan has partnered with other conscious leaders like Bono and Laurene Powell Jobs at The Rise Fund, a TPG investing arm that tries to make the world a better place through investments in things like dairy farms in India.
TPG said Tuesday that it had placed McGlashan on indefinite administrative leave effective immediately and that his roles at TPG Growth and The Rise Fund would be filled for now by Jim Coulter, TPGs co-CEO. Thats a major shake-up at one of the most influential investing firms in Silicon Valley.
Read More:
https://www.recode.net/2019/3/12/18262003/bill-mcglashan-college-admissions-scandal-tpg-stanford-usc-yale
https://www.cnn.com/2019/03/12/business/bill-mcglashan-tpg-college-admissions-scheme/index.html
Sherman A1
(38,958 posts)will get along very well without him.
dlk
(11,572 posts)the elite to make more than token efforts at equality and actually leveling the playing field. This is why we need strong government and comprehensive legislation, along with vigorous enforcement. As its been said, the elite are fine with being asked to do more good. Just dont ask them to do less harm. Social responsibility plays well in the media.
3Hotdogs
(12,395 posts)more regulation would keep our country from being great, again.
Kitchari
(2,167 posts)From the Washington Free Beacon, which is a right-biased publication, according to mediabiasfactcheck.com (thus I will not link to it, but it's the only report I could find that supported my hunch):
"Of the 50 people charged in the college scandal, the Washington Free Beacon found only one gave consistently to Republican candidates. Mossimo G. Giannulli, founder of the clothing company Mossimo, Inc., is married to actress Lori Loughlin. He and his wife gave over $500,000 to secure admission to USC for his two daughters via the crew team. Neither daughter rows. He supported Sen. Marco Rubio (R., Fla.) in 2016, and Romney and John Boehner before that. He has also donated to Democrats."