I will continue to add updates about J. Bruce Harreld and his illegitimate presidency to this threaded post. If this post scrolls you will be able to find it by clicking the link in the sticky post at the top of the home page. You can also bookmark this post, or search for it using various keywords and phrases, such as Harreld, fraud, co-conspirator, or carpetbagging dilettante.
For previous posts about the Harreld hire, click the tag below.
12/10/19 — A good explainer from the Gazette’s Vanessa Miller here, covering today’s belated disclosures and breakneck approval of the UI P3. Bottom line: the University of Iowa — and thus the state — is not only borrowing $1.16B from an international consortium, in order to invest as much as $999M in the markets, but profits from those investments will be required to repay that money. That’s called leverage, which none other than Warren Buffett, among many, has long cautioned against. To say that this is a risky plan would be an understatement, and in the context of state affairs it qualifies as reckless. Note also that about 22% of that $1.16B is coming from investors in Iowa, which means they will be generating a personal profit at state expense. Not surprisingly, the board currently has no plans to disclose who those investors are, so we can presume conflicts of interest.
12/06/19 — Despite the fact that the Iowa Board of Regents said, only yesterday, that they would be reviewing four final bids over the weekend, today’s short update from the AP confirms that the University of Iowa has already selected a winner for its public-private utility partnership, and negotiated a contract with that winner — and, as Harreld alluded to in the UI webinar on Tuesday, is already working with that winner. (This P3 process is throwing off so much radiation right now it’s hard to see how it ends well.) Related op-ed from Iowa Senator Joe Bolkcom here. Report on Bolkcom’s concerns here.
12/05/19 — I don’t know what is behind this hiccup in the regents’ approval process of the UI P3 — as reported by the Gazette’s Vanessa Miller — but it is definitely a divergence from the glide path the board laid out as recently as two days ago. Now, instead of next week announcing the winner of a bidding process that already concluded, we’re being told, laughably, that the regents will receive four final ‘bids’ this week, then choose the winner after crunching the complex financials for all of four days at most. Notably, this new plan is a carbon copy on the rigged 2015 presidential search at Iowa, where four finalists were sent to the Board of Regents, which had already determined who would win. Update: In this video from the UI P3 ‘informational webinar’ this past Tuesday, you can see, definitively, that the university has already started working with a specific company, which means the statements from the regents today are lies of commission.
12/03/19 — You can see the full webinar by following the link below. It was about what was to be expected, yet so much less. No indication about who the UI P3 partner will be, or how much the ‘up-front payment’ will be, even though UI knows the answers to both questions. And no one from the Board of Regents asked, so we know the webinar was staged to provide some plausible deniability about fiduciary responsibility. As reported by the Press-Citizen’s Aimee Breaux, after putting forward a blizzard of projected financials today, the university hopes to receive board approval for the P3 only hours after finally revealing the critical elements — and it can be assumed that the regents will faithfully comply. (There is no scenario in which a legitimate governing board would participate in such a rigged process, or approve a plan after only being informed of key specifics hours earlier.)
12/03/19 — The University of Iowa’s absurd ‘informational webinar‘ for the Iowa Board of Regents, covering the pending public private utility partnership, is today at 2 p.m., and you can watch the live proceedings here. If you’re up to speed on the general premise of the P3, what you should be listening for are not outright lies — which could conceivably constitute a fireable offense, or even a violation of state law — but key omissions or elisions around issues and information the university and/or board does not want to disclose. The very fact that the regents do not even want to appear in the same room as the administrators from UI, however — and are instead conducting this passive ‘receipt’ of the webinar by technological means, gives us insight into just how radioactive this plan is, even before divulging any of the details. (If you’re not from Iowa, UI is about two hours from the board office by car, and administrators routinely make that trip multiple times a year for board meetings and other obligations.)
11/26/19 — The Gazette’s Vanessa Miller has a story out today about how the Iowa Board of Regents intends to jam the UI P3 through in short order. It is not surprising that the regents waited to announce these new meetings in the shortest time allowed by state law, but it is revealing — as is the fact that $150M in bond debt will be retired when the deal goes through. For the past year Harreld and the hucksters at UI and the board have all promised that any upfront payment would be put into an endowment, while no one raised even the slightest possibility that any of that money would be used to pay off bonds. This is the kind of naked deception that passes for entrepreneurship in Iowa these days.