FAMU trustees should be individuals with outstanding professional records and proven leadership skills. But White represented the opposite of that.
According to the Globe: “White said he does not know what happened to the MBTA’s money after he left [Fletcher Asset Management] in November 2008. But even before that, White said, he never checked to see how the investments were doing. Though he held the title of investment chief, White said he was not in charge of managing the money.”
The newspaper added that: “White now works at a new financial firm he started. He faces tens of thousands of dollars in federal tax liens on his Beacon Hill home.”
No charges or lawsuits have been announced against White.
Globe columnist Steven Syre responded to White’s account by saying that “White sounds like an unsuccessful salesman with a phony title.”
Karl White was a poor selection for the FAMU Board of Trustees back in 2007 and consistently showed that he wasn’t up to the task of making good decisions for the university. Now that he’s gone, FAMU has one less trustee who will be a magnet for negative publicity.