Posted 3/9/2009 12:00 am
Updated 12 months ago
In Googling around for information on The Stanford Group of Houston, we noticed that the suspect investment firm had donated a device called a VeinViewer to Arkansas Children's Hospital back in September 2007.
Uh-oh, we thought, was the VeinViewer a thank-you gift to a client? Had ACH or its foundation given Stanford money to manage?
But Arkansas Children's Hospital officials tell us no. Unequivocally no.
Arkansas Children's Hospital doesn't invest in anything but Treasury bills, according to CFO Gena Wingfield. And the Arkansas Children's Hospital Foundation's money mangers are Foundation Resource Management and Stephens Capital Management, both of Little Rock, and Luther King Capital Management of Fort Worth, Texas.
Whew. That's a relief.
Stanford loved passing out the VeinViewers to hospitals in towns where it had offices – St. Jude Children's Research Hospital in Memphis, Texas Children's Research Hospital in Houston, Texas Scottish Rite Hospital for Children in Dallas, etc.
And there's a good reason: Stanford was a lead investor in Luminetx Corp. of Memphis, which developed and markets the VeinViewer.
Nothing like creating demand for your own product.