February 13, 2004

U. of California Lost Out on Billions

By AUDREY WILLIAMS JUNE

Transcripts of closed-door committee meetings of the University of California's Board of Regents reveal that the university could have earned billions of dollars more on its endowment and its funds for retired workers if system officials had invested the money differently and hired outside advisers.

According to the San Jose Mercury News, which won access to the transcripts under court order last month, the university's treasurer told the regents in 2002 that the system could have