Posted on 07/29/2017 8:17:16 AM PDT by rktman
Burlington College closed in 2016, crushed under the weight of debt it took on in a 2010 real estate deal. In its last five years, this tiny liberal arts school of fewer than 200 students occupied the former St. Joseph’s Orphanage (and its 33 acres, including the last virgin lakefront in town) overlooking Lake Champlain and the Adirondacks. A $10 million acquisition from the cash-strapped Catholic diocese was made while Jane Sanders, the wife of Vermont’s most famous socialist, was president of the college.
The site offered just what Sanders needed to fulfill the promise she made in 2004 to be a “transformative president.” The college’s operating budget at the time was just $3.6 million, and it had no endowment. The deal was made with a mortgage from the diocese, tax-exempt bonds, and a bridge loan from a 99-year-old philanthropist. Twelve years and three administrations later, the last president penned a letter blaming Sanders, whom the board dismissed in 2011, for sealing the college’s fate with an “appallingly inappropriate business deal.”
(Excerpt) Read more at weeklystandard.com ...
Ah.....Socialists. It’s so fun to spend other people’s money!
yeah but she’s a Leftard, she was full of only good intentions....
We could do with fewer colleges. Particularly those run by leftists.
““Jane believed, and we believed her, that if it LOOKED like a regular college, more students would come.”
right. students would be tricked into signing up if it LOOKED like a “regular” college, even though it was just a somewhat sizable circle jerk.
typical leftist thinking: it’s all about perception rather than actual reality.
Stick a fork in it. They've been refusing to recognize reality, or the benefits derived thereof, for at least a generation.
A formerly above average school is nothing more than a con at this point.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.