Getty Trust to Slash Budget as Investments Tumble
Its portfolio dropped 25% during the last half of 2008, from $6 billion to $4.5 billion.
The Getty lured him out of retirement two years ago to bring a steadying hand to an institution that had been racked by back-to-back scandals.
In 2004 and 2005, morale sank as allegations surfaced about financial impropriety and cronyism under then-president Barry Munitz. Munitz was ousted early in 2006, and his departure was followed by extensive turnover on a board that had been widely seen as unresponsive and out of touch.
Related Content
Comments
