Could Lewis & Clark board have prevented final loan payout?
By Todd Murphy The Portland Tribune, Jul 1, 2003, Updated Oct 30, 2009 An independent audit that apparently alerted Lewis & Clark College’s board of trustees to a risky $10.5 million loan made to an Idaho oil recycling company is dated September 2001 two months before the final $4.5 million was disbursed. It’s not clear when board members actually read the audit document, but a college spokesman has said the audit alerted trustees to the loan. And the date of the document could be important because it suggests that some trustees might have known about the loan before the final $4.5 million was disbursed two months later. If that were the case, trustees responsible for college funds could have prevented the disbursement of that final $4.5 million on Nov. 9, 2001, to a company that had been losing money for years. Former Lewis & Clark President Michael Mooney resigned two weeks ago in the wake of the controversy surrounding news of the loan. Environmental Oil Processing Technology Inc.,
