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Bill McGlashan, who built his career as a leading investor in the private equity firm TPG, was put on "administrative leave for an indefinite period, from now on," says the firm. after McGlashan was caught in what the Department of Justice has described as the largest college admissions scandal she has ever pursued.
McGlashan is among the 49 other accused of participating in a corruption network involving parents, admissions counselors and sports coaches in Yale, Wake Forest and the University of Southern California (USC), among other institutions, in order to find places for their children. in schools.
"As a result of personal misconduct charges" against McGlashan, said the company, Jim Coulter, co-CEO of TPG, will be "interim executive partner" of TPG entities overseen by McGlashan, including TPG Growth and The Rise Fund. .
"Mr. Coulter, in partnership with the management team of the organization, will lead all investment work for both," according to a statement sent by the company.
McGlashan, who joined the private equity firm TPG in 2003, was one of 33 parents accused of attempting to change his initial strategy and, more recently, his social impact strategy. under the brand Rise Fund. to buy the admission of their children. Other actresses include actresses Felicity Huffman and Lori Loughlin.
For McGlashan in particular, whose work is expected to have a measurable and beneficial social or environmental impact, the charges are particularly harsh, highlighting the fact that wealthy families sometimes use their financial power in a socially unfair way – in this case, paying to get places in colleges and depriving deserving students of admission to the process.
In fact, TPG apparently had no choice but to separate from McGlashan, at least for the time being. In pleading against McGlashan and the others, the Department of Justice disclosed the alleged acts of each of the parties with painstaking precision. For his part, McGlashan was accused of having participated in a cheat ploy for college entrance exam and a recruiting system, including attempting to bribe the senior sports director of the college. USC and paying the test center administrators willing to accept bribes to give more to his eldest son. the time required to pass a college entrance examination in relation to the students usually awarded and in a special examination center where his answers would be corrected once the examination completed (without his knowledge).
McGlashan is also reported to have signed a photo project on a photo that would make his son look like a football recruit and, as it is said in McGlashan, therefore more desirable for the arts, technology and business program at USC than his his son hoped to attend. .
It was not all theoretical. According to the Justice Department, after McGlashan's son took the test in Florida and after the supervisor corrected his answers to a score of 34 out of 36, this was provided as part of his Northeastern nomination. University of Boston.
Worse for McGlashan, according to the Justice Department's complaint, McGlashan discussed with these outside parties the repetition of the ACT cheat ploy for his two youngest children, and parts of those conversations were recorded via a wiretap authorized by the court. Here is an example among so many others with a participant turned cooperative witness (identified as CW-1):
McGLASHAN: Another, just a family issue, with [my younger son] We are now entering its second year and, in a way, the process is starting, we have it in time and a half. I said [my spouse] yesterday and [my daughter] by the way, who is the one who, I think, is the one who needs the most time, does not have any extra time right now. And [my spouse] speak with the doctor who evaluated them, asking for time to [my daughter]. I told her that she should ask for twice as much time for all.
CW-1: 100% several days. Whatever it is, several days. So even if it's 50%, time and a half, several days.
McGLASHAN: So is it a different request to get several days rather than …
CW-1: Well 100%.
McGLASHAN: And if they have the time and a half, can they use your facility to pass the test?
CW-1: No, except for several days.
McGLASHAN: So, as long as it's several days, we're there.
CW-1: Correct, correct. As it could be-
McGLASHAN: And them, it's a separate deposit?
CW-1: All in all, it's the same thing. Well, you say [your younger son’s] Do you have a time and a half?
McGLASHAN: Yeah.
CW-1: So, what must happen, is there to be a call to have several days. The doctor must find some tips, some differences, to show why he needs several days. That he can not stay six and a half hours to pass a test.
McGLASHAN: Perfect.
CW-1: And if it's several days, I can control the center.
McGLASHAN: Thank you.
During the conference call, McGlashan tries to make sure that his son does not know that his scores have been altered, nor to what extent McGlashan has been involved in the process.
McGLASHAN: Now, is that the only question, does he know? Is there a way to do it without him knowing what happened?
CW-1: Oh yes. Oh he …
McGLASHAN: Great.
CW-1: What he would know is that I'm going to take his things and I'm going to ask him for help, okay?
McGLASHAN: So that would not bother him. You are lobbying for him. You help to use your network. No problem.
CW-1: This letter, this letter comes to you.
McGLASHAN: Yeah.
CW-1: My families want to know that this is done.
McGLASHAN: Yeah.
Incredibly, the cooperating witness then explains that to take advantage of a "side door" likely to enhance the chances of McGlashan's son's acceptance to the USC, he will have to create a false sports profile for him. son of McGlashan. says he's done "a million times" for other families. As it is remarkable, after McGlashan told him that his family had pictures of the teenager playing lacrosse and that the cooperating witness said, USC does not to have McGlashan, a lacrosse team, learns that a photo of his son "doing something" – anything that is vaguely sporty – will be fine.
CW-1: I have to make a profile for him in a sport, which is good, I'm going to create it. You know, I just need him – I'm going to pick a sport and we're going to take a picture of him, or he can, we're going to put his face on the picture, whatever. Just so that he plays no matter what. I have already done it a million times. So-
McGLASHAN: We have pictures of him at lacrosse. I do not know if it matters.
CW-1: They do not have a lacrosse team. But as long as I can see him do something, it'll be fine.
McGLASHAN: Yeah.
CW-1: And then, what's going on, then what you have to do, because that would be a specialized program, should you then talk to the department and say, "Listen, can you take him to the ministry? We accepted it at the university.
McGLASHAN: Yeah. Well, I can manage, I think, I mean, I'll know after lunch. I think I can handle them at Iovine and Young.
CW-1: That's true.
McGLASHAN: Yeah. It's there that he really wants to go.
CW-1: That's true. So you say, "Hey, listen, I think I can get him into this school."
McGLASHAN: Yeah.
CW-1: Now, now, can you, 'cause they're coming to tell you it's a selective program, do you want this kid? And he quotes an "athlete" who comes to you. In fact, would you take it? And the ministry says yes.
McGLASHAN: Now, would he see this, because it's going to be pretty good at school, because half of the board knows me, and I'm going to be a lot like calling and asking people to help you, know you [Board Member 1] and [Board Member 2]and all these guys?
CW-1: But, so – what I would suggest, is to have called them? Some of them still?
McGLASHAN: No.
CW-1: Well, no.
McGLASHAN: Agreed.
CW-1: Because you do not need it, because when this, the way that it is, the more it is silent, the more it is calm, the better it is, so people do not say: "Good, d & Okay, this guy, why are all these people calling us? The kid has already been accepted. He comes here as an athlete. He is already present. "What you want is for the person you meet on Friday to tell you, you know, what we want. [is] this kid.
McGLASHAN: So he does not need to know how he came in. Is that the case?
CW-1: What I would say to him, if you want to have this discussion now with [your son] there, that we have friends in athletics, they will help us, because [he] is an athlete, and they will help us. Of-
McGLASHAN: But I can not say that in front of [my son]Because he knows he is not.
CW-1: No, no, that's right.
McGLASHAN: Yeah.
CW-1: And just say, you know what, we're going to get, we're going to get it, we're going to ask people to help us.
McGLASHAN: Why not, why do not I say, "Leave it to me to get him in, because a lot of friends are involved in the school.
CW-1: Perfect, perfect.
In the end, McGlashan spent more than $ 250,000, which may well cost McGlashan a lot more.
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