Rep. Steve Nass has put the UW system on notice: no taxpayer money shall be used to cover UW system's crappy-to-non-existent oversight in the Oshkosh foundation case, nor to cover the stupidity of lender/bankers.
Nass is right. Some bankers failed to exercise due diligence? That's their problem, not the problem of Wisconsin taxpayers. Was the UW System's (seeming) disregard for financial controls a contributing cause? Let the banks sue--at considerable expense--to find out.
And if UW loses that suit? Well, then, there will be a reduction in State funding which matches whatever the system has to pay out. The reduction should be squeezed out of the System's executive and audit offices. Lesson learned.
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