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Friday, April 29, 2005
Saint Olaf
I am not a Saint Olaf alum, though I did take a poli sci class there back in the Fall of 1988 while attending Northfield High. I know lots of people who graduated from Saint Olaf, including younger brother Churchy, Churchy's wife, Tard Patch, Tard Patch's wife, and even some women who aren't defined by their relationship to men. Like Sunshine's sister. So there.So the financial imbroglio involving Dean Buntrock's donation to Saint Olaf college interests me:
Here's how it works. Buntrock's company falsifies its finances. This fraud inflates the stock price. Buntrock donates company stock to Saint Olaf at the fraudulently overvalued price. Buntrock takes a personal tax deduction based on the donation to Saint Olaf. His tax break is inflated because the value of the donation is inflated because WMI is faking its SEC filings. Saint Olaf gets screwed by relying upon a $26 million donation that's really worth a heck of a lot less. (Actually, if Saint Olaf just sold the stock without knowledge of the fraud, the college is okay. If Saint Olaf borrowed construction money with the stock as collateral, they'd be forced to pledge additional collateral to secure the construction funds. If Saint Olaf held onto the stock until after WMI shares tanked, they lost 3/4 of the donation's value.)
If Buntrock is convicted, do they rename the student center?
