[At-Large] ICANN Keeps it Money in a Non-Interest Bearing Account!
ajp at glocom.ac.jp
Sat Nov 3 09:47:19 UTC 2012
Probably, applicants would say it's not ICANN's money; it's their's.
or, how do we decide how any revenue used: a PDP?
On Sat, Nov 3, 2012 at 10:19 AM, Bill Silverstein
<icann-list at sorehands.com>wrote:
> > Actually, it sounds like ICANN has learned their lesson. A few years
> > back, ICANN made an incredibly irresponsible decision to place $25
> > of reserve funds in a broker managed stock market account, which became
> > $20 million when the market burped. Oops. At the time ICANN's CFO
> > refused to take any responsibility or to admit that they'd screwed up, or
> > to explain why they'd needed $25 million of registrants' money for the
> > reserve if, as he now claimed, $20M was enough.
> No, it sounds like they are still stupid!
> > I hope we all agree that ICANN's primary reponsibility toward its
> > is to be sure that the money is there when it's needed. That means
> > something with no credit risk, like US government treasury bills, which
> > are currently yielding 0.16% for six month bills and 0.18% for twelve
> > months. When you subtract off even the most modest broker fees, that
> > rounds to zero, so I can't blame them for just putting it in a zero
> > interest account on which they can draw as needed.
> There are many non-zero interest, no risk accounts.
> > What were you expecting them to do? Do you think it is possible to find
> > suitable low-risk investments that pay significantly more?
> American Express has a savings account which provides close to .98%. .98%
> of $352.3M is $3,452,540 per year. Or even a CitiGold checking account,
> you'd get .1% which wold still be $352,300/year.
> > Regards,
> > John Levine, johnl at iecc.com, Primary Perpetrator of "The Internet for
> > Dummies",
> > Please consider the environment before reading this e-mail. http://jl.ly
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