The Getty Trust which has been embroiled in controversy for a while continues on in its lack of ability it seems to be able to police and moderate itself.

Marion True, the former antiquities curator for the Trust, is at the moment on trial in Rome for the charge of trafficking in stolen artifacts. Now Barry Munitz, the director of the Getty Trust in Los Angeles, has resigned from continuous pressure concerning his lavish lifestyle in use of Trust funds.

The Trust oversees the J. Paul Getty Museum, art conservation, research and philanthropy.

One report states Munitz response:"I'm taking this action, after lengthy consideration," he said in a statement, "so both the institution and I can move forward."

Here's an article on when he was given the job.

The LA Times reports:

"His departure came after more than three months of steadily increasing pressure. In late October, the Getty board announced that it had hired Los Angeles attorney Ronald L. Olson to conduct an independent review of the trust's operations. Olson's investigation would examine Munitz's spending as well as charges by Italian authorities that many of the Getty's prized antiquities had been looted from that country."

Ken Reich who worked for the L.A. Times for 39 years, retiring in June, 2004, has another view of the situation that he wrote about last year. He is commenting on another article that had been written questioning Munitz' spending habits then. He said at that time that this should be the question being asked:

"The question that should have been examined was whether all of Munitz's spending helped the Getty obtain an expansion of its collections, which it currently needs to fill its mission. Many people visiting the Getty feel its collections are thin."

I think the big question that needs to be taken into account is the evident ego problem involved. Why would someone under such scrutiny, continually just keep going down the same path? The question no longer mattered whether the reasons could be intellectually justified or not. The writing was on the wall and yet the behavior continued.

How does this relate to our personal finances? There are many managers of businesses out there who take the same mentality that Munitz did. In your research of companies, funds and other financial intstrments, take a look at what the attitude of the managers and board are. If it seems that the managers are given carte blanche to do as they will, think it over closely on whether you want to invest in something held that loosely.