American Colleges Are Over $205 Billion in Debt, Harvard is $6 Billion in Debt

December 23, 2012

(Daniel Greenfield) The Student Loan Bubble is bad, but interestingly enough, as this New York Times article points out, the loan problem extends all the way up the ladder to the institutions of higher education who never seem to have enough money.

Remember that our financial experts come out of a system that is this deep underwater and they have a heavy investment is bailing it out.

Overall debt levels more than doubled from 2000 to 2011 at the more than 500 institutions rated by Moody’s, according to inflation-adjusted data compiled for The New York Times by the credit rating agency. In the same time, the amount of cash, pledged gifts and investments that colleges maintain declined more than 40 percent relative to the amount they owe.
While Harvard is the wealthiest university in the country, it also has $6 billion in debt, the most of any private college, the data compiled by Moody’s shows.
At the Juilliard School, which completed a major renovation a few years ago, debt climbed to $195 million last year, from $6 million in inflation-adjusted dollars in 2002. At Miami University, a public institution in Ohio that is overhauling its dormitories and student union, debt rose to $326 million in 2011, from $66 million in 2002, and at New York University, which has embarked on an ambitious expansion, debt was $2.8 billion in 2011, up from $1.2 billion in 2002, according to the Moody’s data.
The pile of debt — $205 billion outstanding in 2011 at the colleges rated by Moody’s — comes at a time of increasing uncertainty in academia. After years of robust growth, enrollment is flat or declining at many institutions, particularly in the Northeast and Midwest. With outstanding student debt exceeding $1 trillion, students and their parents are questioning the cost and value of college. And online courses threaten to upend the traditional collegiate experience and payment model.

Student debt turns out to be only 5 times as high as the accumulated college debt, and that’s only at the colleges rated at Moody’s. What would happen if we added up the entire pile of debt for all institutions of higher education in the country? Somehow I think we would arrive at some very scary numbers.
The system is broken and spending its way deeper into debt. Tuition costs have risen dramatically and hardly made a dent in the tremendous piles of debt accumulated over the last decade.
It would seem as if Academia’s brokenness amplifies the brokenness of its graduates. It acts as a predictor for the entire broken system. Academia is a deadbeat metaphor turning out deadbeat students in a deadbeat nation.

Harvard borrowed $1.5 billion to pay its bills rather than selling off assets at a sharp discount. Its interest expense more than doubled from fiscal 2008 to fiscal 2011, to nearly $300 million.

“The financial crisis has acted like a tidal wave that, as it receded, exposed certain vulnerabilities with a new clarity,” Harvard officials said in the November annual report.

That’s a fancy way of saying, “We’re morons.”


He should have designed a better ending for himself.

October 15, 2011

I wonder how many of this guy’s male students in the next decade will take abuse from any of the women he violated. A real problem within the University is that when these things go down the victims of the abuse recycle the violence on the younger males. How many talented young men will now study in an atmosphere of panic and paranoia… all because this guy couldn’t just keep his hands on one woman?

( Atlantic Yards Report) Finally, a media outlet has published an explanation for why Jim Stuckey, Forest City Ratner’s former Atlantic Yards point man, and then head of the NYU Schack Real Estate Institute, departed both jobs in a similarly hasty fashion: allegations of sexual harassment.
While a source–I’d bet one connected to Forest City–called Stuckey “very competent” professionally, this might cause some reporters who trusted Stuckey to have some second thoughts about his overall character.
Maybe, for example, the New York Times’s Nicholas Confessore and his editors recognize that it might not have been wise, in 2005, to unskeptically convey Stuckey’s notorious assertion that “It’s Orwellian, almost” to question the company’s purported transparency regarding Atlantic Yards.
And it might remind them that Forest City Ratner was involved in some serious damage control, massaged by p.r. fixer Howard Rubenstein, when Stuckey resigned.
The Post’s scoop
Today’s article, an exclusive, took most of the second page in the New York Post, complete with the ambush photo of the subject looking grim while entering his house. The headline: Designs’ on women send city big packin’.
Well, Stuckey was an unpaid “big,” but his position was the fulcrum for the story, and the Post deserves credit for tracking down sources it believed credible to flesh out the longstanding rumors about Stuckey:

The president of the city’s Public Design Commission abruptly quit late yesterday as The Post was preparing to reveal he had been ousted from his day job at NYU because of accusations he had sexually harassed women at the university.
James Stuckey, 57, an appointee of Mayor Bloomberg, held the unpaid post as president of the design commission since 2007, after three years as a member of the commission.

As of today, as the screenshot indicates, Stuckey’s bio was still on the Design Commission’s web site.
Stuckey’s Twitter account, in which he jousted periodically against Atlantic Yards opponents, has since been erased.
Denial, and sources
Stuckey told the Post that he left the city position for health reasons, as stated when he left NYU, though, as commenters at the Real Deal (and a photo) suggested he was fine.
But the Post found sources–could they have been some at Forest City who notoriously clashed with Stuckey?–who piled on:

“This man should not be in a position of public trust and judgment,” said one former ranking city official with deep knowledge of Stuckey’s alleged history of harassing female subordinates. “He’s been doing this a very, very long time. There’s a pattern of this behavior. He’s a very competent guy, technically speaking. But his historical Achilles heel is this stuff.”
The NYU episode echoed Stuckey’s surprise exit four years [from FCR]…
Stuckey was ousted by the company’s CEO, Bruce Ratner, in early 2007 after a series of complaints had been made against him by female employees, according to multiple sources with direct knowledge of what happened.
Ratner, sources told The Post, resisted the idea of getting rid of Stuckey until some of his top lieutenants threatened to quit after an ugly incident at a 2006 Christmas party.
According to company sources, Stuckey took all of his subordinates to a club and then called a number of women employees into a private room, where he had them sit on his lap as though he were Santa Claus.

Ratner connections got him a job
How did Stuckey get hired by NYU? Here’s where it gets interesting. Bruce Ratner, a member of the Schack Institute’s advisory board, helped him get hired.
But, the Post reported that “company source said ‘the reasons for his sudden departure were shared with potential employers, including NYU.'”
I’ll bet someone at NYU is checking on whether those reasons were fully shared and if not, why not–and if so, how seriously was the episode assessed.

Ackerman Blasts NYU Israel-Divestment Push

October 15, 2011
U.S. Rep. Gary Ackerman (D-NY), the top Democrat on the House Subcommittee on the Middle East and South Asia, today issued the following statement blasting the 72 New York University (NYU) faculty members who signed a letter urging the President/CEO of the Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF) to “divest funds from companies that profit from Israel’s illegal occupation of Palestinian territories.”

“I strongly condemn the ill-conceived and dangerous effort by some of the professors and staff at NYU to instigate divestment from American and Israeli companies by TIAA-CREF. While they have managed to assemble a pastiche of smears and falsehoods against Israel, they have not actually come up with anything resembling a sound rationale for divestment.
The faculty and staff who signed the open letter to TIAA-CREF claim the companies they list are profiting from the so-called ‘occupation of Palestinian territories.’ What they actually seem to be most upset about is that these companies and the goods they produce, enable Israel, the only true liberal democracy in the Middle East and a staunch American ally, to defend itself, protect its citizens and fight back against relentless terrorist assault targeting Israeli civilians.
Strangely, there is not a word of concern in their letter about the many thousands of Israelis who have been murdered or maimed by rockets falling on their homes, bombs going off on their buses or by suicide bombers slipping into restaurants and religious celebrations. Likewise, no word is mentioned about the declared, and often repeated, intent of Hamas, Hezbollah, Iran and their radical allies to destroy Israel altogether. Should we assume these erudite employees of NYU forgot, omitted or are actually ignorant of this essential fact? Surely these exceptional educators wouldn’t cherry-pick the facts to present only one side of a complex issue.
They also fail to mention the importance of diplomacy to achieve peace between Israel and her neighbors. Despite their claimed attachment to international law, they seem entirely oblivious to the clear mandate for peace to be achieved through direct negotiation between the parties as established by relevant UN Security Council resolutions. Unjustified economic warfare on Israel seems to be much more to their liking than the actual slow and hard work of peacemaking.
Perhaps they would like to see the U.S. government adopt their preferred approach when it comes to the funding of university research? Would they like federal dollars to be ‘divested’ from universities whose research or policy preferences don’t accord with the Administration’s view? Assuredly, they would cry out how unfair such a policy would be; how egregious the injustice of punishing an entire group for the unpopular choices of a few.
Moreover, blinded by their ill-informed and self-righteous rage, these want-to-be divesters also blithely overlook the obvious moral failure inherent in punishing American companies because of the way Israel allegedly used their products. Perhaps Ford, GM and Chrysler should be held accountable if their cars are used for drive-by shootings, or bank heists? Maybe Dell and Apple should be punished too for their products use in activities with which the professors disapprove?
It would take a great deal of education to rationalize such utter nonsense. But somehow, I feel sure this bunch at NYU will manage it.”
TIAA-CREF is a Fortune 100 financial services company that is a leading provider for retirement benefits to those from the academic, research, medicaland cultural fields. Click the following link to see the letter:… via

Counter Protest Islamic Jew Haters (Adalah) and Uber Left Nazis at Carnegie Hall!

February 19, 2011

Music is the voice of peace, but to some anything to do with Israel is a reason for hate. A few weeks ago, singer Macy Gray was the target as she planned her visit in Israel. Now it’s the Israeli Philharmonic Orchestra, which is on tour in the US this February. A protest is being planned outside Carnegie Hall while the Philharmonic plays inside. decided to investigate who’s behind this protest and what’s the real motive. Our investigation led us to bizarre organizations spreading dark conspiracy theories and supporting terror.A press release by Palestinian News Agency names Adalah-NY as the main group organizing the protest against the Israeli Philharmonic Orchestra. A look at their donations box shows that Adalah NY is operating under the umbrella of the Wespac Foundation.
Enter Wespac Foundation which calls itself “the leading force in Westchester County for peace and justice”. On its web site, Wespac explicitly blames Israel of crimes against humanity, calling for “an end to all policies of apartheid and ethnic cleansing;”. Furthermore, Wespac supports the right of return for Palestinian refugees and “the right of all people to resist occupation and oppression”. In essence, Wespac supports the elimination of the Jewish state using any means to fight the “oppressive” zionist entity.
Click here to send a support letter to the executives at Carnegie Hall. Tell them the background of the demonstration taking place outside, counter the hate spread by Adallah NY and support the Israeli Philharmonic.


Protest co-sponsors to date (list in formation): Adalah-NY, Artists Against Apartheid – NYC, Al Awda-NY, Hunter Collage SJP, Jews Say No!, Middle East Crisis Response, Palestinian Club of Brooklyn College, NYU – SJP, War Resisters League New York Local, WESPAC, Women in Black-Union Square, Women of a Certain Age.

Location : Carnegie Hall – 881 7th Avenue New York, NY (btwn 56th and 57th Streets)

Gustavo Dudamel and the Israel Philharmonic Orchestra at Carnegie Hall