Getty Trust chief Barry Munitz resigned in 2006 and paid back $250,000 after reports on his spending

J. Paul Getty left most of his fortune to the museum trust that became the J. Paul Getty Trust^†. It became the world's richest art institution, with a $4.2 billion endowment in 2009^†. Barry Munitz, former chancellor of the California State University system, became president and CEO in January 1998. In June 2005 the Los Angeles Times reported that he had spent trust money on first-class international travel with his wife, approved grants to friends and associates, and lobbied for a raise while ordering budget cuts and layoffs. The state attorney general opened an investigation into whether his actions compromised the trust's nonprofit status. In October 2005 the board hired lawyer Ronald Olson to review Munitz's spending and Italian charges that the museum held looted antiquities. On 9 February 2006 Munitz resigned. He paid the trust $250,000 for "disputed items" and gave up severance and benefits that would have exceeded $1.2 million. He admitted no wrongdoing. On 2 October 2006 the attorney general issued a report and the trust accepted an independent monitor, which ended on 7 May 2008^†.