Fraudulent Money Managers Buy Steiff Bears
Steiff Bears Purchased With Stolen Money Carnegie Mellon lost nearly $50 million to two money managers who spent a chunk of the cash on Steiff Bears and other luxuries, according to a Securities and Exchange Commission (SEC) lawsuit filed last Thursday. The potentially irretrievable 5 percent loss to the endowment’s value hits the university in a year already expected to produce significant financial setbacks due to global recession. “We do not yet possess sufficient information to estimate with confidence the …