Skip to comments.BREAKING: Burlington College Closes Due To “Crushing Weight of Debt” Acquired By Jane Sanders
Posted on 05/18/2016 6:29:09 AM PDT by COUNTrecount
Burlington College announced today that it will close on May 27 after it found itself unable to recover from the crushing weight of the debt incurred under Jane OMeara Sanders, the colleges former president and wife of Bernie Sanders.
At the end of 2010, Ms. Sanders took out $10 million in loans on behalf of Burlington College to purchase a 32-acre swathe of land from the Roman Catholic diocese, which put the land up for sale to help cover the costs of a $17 million sexual-abuse settlement.
MORE: Catholic Parishioners Want Jane Sanders Investigated for Federal Bank Fraud
As Heat Street reported last month, the college almost immediately fell short on its financial obligations as fundraising pledges and commitments Ms. Sanders cited in the loan agreements never materialized.
Less than a year after leading Burlington College into massive debt, Ms. Sanders resigned, taking with her a $200,000 severance package. By 2014, because of its shaky finances and running deficits, Burlington College found itself placed on probation for two years by the regional accreditation agency. Advertisement
A Burlington College news release issued this morning called these financial hurdles insurmountable at this time.
We anticipate notice from [the regional accreditation agency] that we have not met the Commissions financial standard, the news release said, and, therefore, our accreditation will be lifted as of January 2017, and the College will not be able to award academic credit after this time.
(Excerpt) Read more at heatst.com ...
The wife of Bernie Sanders, Democrat Socialist for President, runs a small Vermont college into the ground with a crushing debt load.
She gets a $200,000 severance package for her effort.
What do you think Bernie is going to do to the rest of America?
Be damned glad she didn’t run the hospitals...
Of course enrolled students could cross register at the University of Havana (I'm not kidding).
I guess they couldn’t raise tuition high enough on all those “1 percenters” to cover the costs. Now they want to see if it will work on the economy in general.
Looks like a Socialist ran out of other people’s money.
To borrow a phrase on this site: NOT GUILTY!
They just need to be allowed to do more of it. < / sarcasm >
will be ignored by the alphabet networks. just like the alphabet networks ignore the idiotic behaviour of the spouse of the other old white communist running.
They are feeling the Bern!!
Gee, Senator Bernie couldn’t scare up enough grant money to shore them up? Wouldn’t a mil or two to study the mating habits of the darter snail or something have make a difference? Grant money like that is chicken feed. Ben and / or Jerry could have jumped in too. Maybe they will to make the campaign issue go away.
Margaret Thatcher said that the problem with Socialism is that eventually you run out of other people’s money. Here is yet another example of that on a small scale. The college squeezes all it can out of its students and then starts borrowing to implement the Socialist administrators’ grand plans. No one gives any thought to whether the debt is sustainable. Then they default and have to shut down. A college can simply shut down. A country, like Venezuela, enters into a period of ugly, brutal civil war and poverty. But hey, it was fun while it lasted.
so....an uber-liberal Liberal Arts College in one of the most liberal states in America goes under due to a chain reaction of events started by gay pedophilia, something that liberals endorse and celebrate.
Irony: The Mark of Quality Literature.
For the wife of a sitting Senator, that's actually not much of a severance package. Looks like her "resignation" wasn't exactly voluntary.
(click image to go to the school's web site)
Confidential to Bernie: if the school wanted more revenue, why didn't they RAISE the tuition? After all, under the color of your sky, isn't that how taxation is supposed to work?
yes, but will it be ignored by Hillary?
probably because the culprit is a woman and it is only money
Check out their degree offerings. I am amazed they couldn’t make a go of it. I mean, where else can you get a degree in Transpersonal Psychology? (might that mean what I think it means???)
(yes, that’s sarc)
In a somewhat related story, last week high officials of the Cuban Ministry of Athletics (including the Commissioner of Cuban Baseball) came to Pittsburgh and paid a visit to a Catholic elementary school.
The junket was apparently arranged by the Diocese and the usual assortment of left-wing Democrat politicians.
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