CSUN Finances

* Now we learn (“CSUN Fires Official Who Made Losing Investments,” Nov. 20) that investment losses are blamed on employee Karen Hoefel, who by the university’s own admission did nothing illegal in making the investments; nor did she invest without authority to do so. The university tries to pretend that it is not responsible for the loss. Yet the university, against Hoefel’s reported advice, chose to sell the derivatives rather than hold them. When asked earlier by The Times reporter, CSUN’s spokesman and controller stated that the university had lost no money in junk bonds or other risky investments. But now these officials claim that the earlier denial was the truth because The Times reporter asked the wrong question--it was about junk bonds, not derivatives! CSUN wishes to make its mark “excellence.” Yet truth, forthrightness and saying “I’m sorry” after making errors--hallmarks of excellence--are eschewed. Will President [Blenda] Wilson ever learn?

PAUL L. KIRK

Northridge