It certainly doesn't look promising for the "real" truth to come out anytime soon.
http://www.pennlive.com/midstate/index.ssf/2011/12/penn_state_wins_a_round_in_its.html#incart_mce
Louis Freeh is heading PSU's own investigation
RE: Horror! Children pimped out to rich donors at Penn State?
Louis Freeh, who headed the FBI for eight years until 2001, spent the next five years as vice chairman at MBNA Corp., where his titles included general counsel. Penn State's announcement notes his earlier FBI service, and his previous, short stint as a federal judge, but does not mention his years spent working for MBNA. A Penn State spokeswoman referred questions to the board's special committee for the investigation.
UPDATE: “Judge Freeh has no previous personal connection to Penn State University," says Jeremy Fielding of Kekst & Co., the New York public relations company hired by the board and its special committee examining the scandal. "Prior to its acquisition by Bank of America in 2006, MBNA entered into many commercial agreements with third parties. In his role as General Counsel of MBNA, Judge Freeh had no role in negotiating the company’s agreement with Penn State University which was entered into many years before Judge Freeh joined MBNA. The investigation will be completely independent.”
EARLIER: Freeh left the credit card company in 2006 as it was acquired by Bank of America Corp., and cashed out stock options worth over $20 million, not counting his annual compensation, according to an MBNA document filed with the Securities and Exchange Commission.
Freeh also served on the board of Fannie Mae before it was taken over by the federal government due to its insolvency in 2008, and on the board of Wilmington Trust Corp. until it was sold in 2010 after its share price collapsed due to bad real estate development loans in Delaware. Freeh currently serves as a member of the audit committee of Bristol-Myers Squibb Co., the drugmaker.
MBNA became the largest independent credit card issuer by landing college alumni and other group members as customers through lucrative arrangements that included giving the company access to alumni and student addresses and using college letterheads and mascots in marketing campaigns. Penn State, along with the National Football League and the National Education Association, was one of MBNA's biggest sources of profitable credit card debtors, company executives said at the time. Freeh didn't immediately return a call left at his Wilmington office.
Freeh is not the only former MBNA official with an important role at an institution trying to cope with the scandal.
One of his former superiors at MBNA, Ric Struthers, is the most prominent national business figure on the board of the Second Mile Foundation, the charity started and formerly run by coach Sandusky. (Fielding notes Freeh knew Struthers, but didn't report to him; he reported to MBNA's top boss, who at the time was company founder Charles Cawley. Struthers held the top job after Cawley's retirement. Freeh's duties at MBNA included lobbying Congress to make it harder for bankrupt consumers to write off their unpaid credit card bills, and marketing credit cards to police and other law enforcement groups.)
Struthers, a 1977 Penn State graduate, played a key role in managing the business relationship between the Penn State Alumni Association and MBNA. The bank paid the alumni more than $30 million for its mailing lists and other marketing aid in its credit card solicitation campaigns from 1994-2010, as I reported in this space last year after the university was forced to disclose the payments by a change in federal law.
Struthers collected more than $10 million a year in stock and cash pay from MBNA in the bank's final years; he donated $2 million to the bank's 2002-05 capital campaign. He held a series of executive jobs at MBNA and ran it with other operations as chief executive officer of the nation's largest credit card operation, after its purchase by Bank of America, until his job was eliminated last year.
http://www.philly.com/philly/blogs/inq-p...-ties.html