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VOL. 133 | NO. 100 | Friday, May 18, 2018

UT Lobbied to Keep Details of Investments Secret

The Associated Press

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MEMPHIS, Tenn. (AP) – Records show that the University of Tennessee has pumped millions from its endowment into private investment funds, including many in the Cayman Islands.

The USA Today Tennessee Network reports that the school successfully lobbied state lawmakers to pass a law to make details about these types of investments secret from the public.

The new law says UT still had to disclose some basic information, but the school doesn't have to reveal how much money it is paying in fund management fees or disclose the names of the companies where the funds are invested.

One academic who studies endowments called it unacceptable, considering that taxpayer funds and donor money is paying fees of fund managers.

University officials argued that fund managers won't work with institutions if the information is public.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 87 87 7,836
MORTGAGES 108 108 9,307
FORECLOSURE NOTICES 8 8 1,366
BUILDING PERMITS 130 130 16,737
BANKRUPTCIES 55 55 5,461
BUSINESS LICENSES 32 32 2,980
UTILITY CONNECTIONS 47 47 3,297
MARRIAGE LICENSES 37 37 1,725

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