Financial transparency urged at UBC

November 25, 2008

The University of British Columbia's finance department has been asked to be more transparent following the loss of $38 million in university investments. Although the BC Investment Management Corporation decided investments in non-bank sponsored "asset-backed commercial paper" (ABCP) were unsuitable, it was revealed in January that UBC had invested over $130 million in ABCP, which took a major hit due to the US subprime mortgage crisis. UBC's treasurer says all ABCP investments are "frozen" as the fund is restructured. The university is being criticized for being "less than candid" about the investment and its plans for its endowment during the market downturn. Vancouver Province | The Ubyssey (student newspaper)