TPG's Bill McGlashan is put on indefinite leave after being charged in a giant college admissions cheating scandal

Bill McGlashan, who built his career as a top investor at the private equity firm TPG, has been put on "indefinite administrative leave, effective immediately," says the firm after McGlashan was caught up in what the Justice Department said today is the largest college admissions scandal it has ever prosecuted. McGlashan is among 49 others accused of participating in a bribery ring involving parents, admissions counselors, and athletic coaches at Yale, Wake Forest, and the University of Southern California (USC), among other institutions, in an effort to secure spots for their children at the schools. “As a result of the charges of personal misconduct" against McGlashan, said the firm just now, Jim Coulter, Co-CEO of TPG, will be "interim managing partner" of the parts of TPG that McGlashan oversees, including TPG Growth and The Rise Fund.