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From the Administration That Brought Us Jacko and Sainfort, We Have...

McGuire!

"It's one thing if you're bringing in a criminal to speak. But if someone's under investigation, that's fair game," he said.

Have these people no shame?

From the Strib:

U considering McGuire as a business school expert

By CHEN MAY YEE, Star Tribune

September 11, 2008

The University of Minnesota is courting William McGuire, the health insurance executive who lost his job in a stock options scandal, as "executive in residence" at its business school.

Stephen Parente, director of the Medical Industry Leadership Institute in the Carlson School of Management, said the school had given him the go-ahead to explore the idea with McGuire, former chief executive of Minnetonka-based UnitedHealth Group.

"We are courting him to be an executive-in-residence at Carlson," Parente said, adding that McGuire's immense experience in health care is what appealed to the university.


The position is a new one and explorations are still highly preliminary, with the possibility of teaching, mentoring and research all on the table. Whether McGuire will be paid is also up in the air.

McGuire stepped down as chief executive of UnitedHealth Group in late 2006 after an internal investigation found that stock options at the company had likely been backdated.

This week, he agreed to pay a record $30 million to settle a class-action lawsuit led by the California Public Employees' Retirement System without admitting wrongdoing. He earlier paid a record $7 million fine to the Securities and Exchange Commission and relinquished a total of $618 million in options and other benefits obtained while running UnitedHealth.

Parente said his approach to McGuire was along the lines of: "We don't really care about the stock options. You know stuff. Tell us what you think."

There was some discussion within the school, Parente said, on whether it was appropriate to engage McGuire, given the lawsuits and investigations in which he was embroiled. The conclusion was that it was.

"It's one thing if you're bringing in a criminal to speak. But if someone's under investigation, that's fair game," he said.

Since then, McGuire has acted as "ad hoc kitchen-cabinet adviser" to him, Parente said.

In June, when Parente presented a paper titled "Is Consumerism at Odds with Prevention?" at the American Society of Health Economics at Duke University, he listed McGuire as one of six co-authors.

"This is a very smart, very engaged, very energetic person," Parente said. "He seems to have, despite everything else, decided to stay in the area. It would be pretty much negligent on my part not to attempt to engage him."



And we wouldn't want to be negligent at the U, now would we?


Some comments from Strib readers:


Medical Industry Leadership Institute

If you look at the website for this institute, you see that it was established in 2005. It would be interesting to see how much of their seed money came from McGuire and/or UHC. This institute prepares people to work in the medical device industry, where companies regularly poach each others employees and infringe on each other's patents. It also prepares people to work in the pharmaceutical industry, whose standing practice has been to shower gifts on doctors to get them to prescribe what patients don't need. The cost of the gratuities simply get added to the already exorbitant cost of the drugs. So, McGuire should fit in just fine at the institute. In fact the institute's director goes on record saying "It's one thing if you're bringing in a criminal to speak. But if someone's under investigation that's fair game." What an incredibly low moral bar he has for deciding whom to hire for a "leadership" institute. Such a sad statement for someone to make on behalf of a publicly funded university. The saddest part is that while McGuire made his billion plus dollars (and it appears he got to keep about a billion after all his settlements) an unacceptable percentage of the population, many of whom are children, go without medical care. How does he sleep at night

The Regents Should Put a Stop to This Poor Judgement

First of all, McGuire is not the only available "expert" in the health care field, and a good share of UH's expertise lies with more ethical employees of the company, not McGuire. Second, his poor judgement, greed and dishonesty cost innocent stockholders hundreds of millions in lost investment dollars. McGuire should have been afforded no better treatment than the management of Enron was given, but somehow he slipped through the snare with relatively little damage...given the huge sums of money he took. I can't even remotely consider how the University would approve adding McGuire to their staff, but I can tell you if Parente worked for my company he'd be out the door today. If McGuire does get added to the U's staff, my substantial annual donation to the University will be stopped. Somehow, some way, our society needs to say no to these types of situations and not back down for the sake of a dollar. I'll be glad to be the first to take that stand on this issue!

U Students Get the Message

The U has made it clear- not only with the McGuire situation, but with the case of attempts by the double-dipping husband wife team out of Georgia- that they will employ people of questionable ethics as long as the U benefits. I've always believed that you don't do business with people you can't trust, no matter what the potential "profits". Believe me, the kids are getting the message.

I just can't even believe this is real.................

.......next thing the U of M will do is hire Michael Vick for their Veterinary school. And I'm an alumni---I'm truly embarrassed.



Ethical concerns were considered?

A smart person? We can only hope he is as smart as he thought he was.

Hmmmm . . .

Maybe they can get him to teach the "Ethics in Business" Class. I understand the "How to Backdate your way to Wealth" module is especially popular.

outrages

this only shows how out of tune the Carlson school of business is. To consider this person who has stole from the public hundreds of millions of dollars is the height of stupidity. He should be the new "Thief in Residence". This will never happen!

Why not? McGuire can teach that crime pays

If you're rich or a Republican you can get away with anything - just pay off a few arts organizations and you're golden - no matter how much money you've stolen. I say - go for it U - show that executive crime is the path to University success!

GIVE A SCHOOL ENOUGH MONEY....

...AND THEY WILL FORGIVE ANY SIN!

But at the end of the day

he's a thief, greedy and self serving. It's an old fashioned thought, but he lacks character. Character seems to be a dying virtue these days.

Oh, and yes, and here are the immortal words of OurLeader to consider:

"I think we need to put ourselves in the position of acting according to the highest ethical principles. I believe our people do that now and I believe our people will be doing that in the future as well." President Bruininks (Daily: 6-18-08)


Comments

Good heavens! This is horrifying. What is the matter with this Parente? "You know stuff" indeed. And it would have been negligent not to offer this scandal-ridden billionaire a job? And up is down and black is white.

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