Time To Widen The Boycott (Penn State)
The Market Ticker ® - Commentary on The Capital Markets
Posted 2012-07-12 13:34
by Karl Denninger
in Editorial
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Time To Widen The Boycott (Penn State)
 

It doesn't get worse than this.

Joe Paterno and other top  Penn State officials hushed up child sex abuse allegations against Jerry  Sandusky more than a decade ago for fear of bad publicity, allowing the former  assistant football coach to prey on other youngsters, according to a scathing  report issued Thursday on the scandal.

"Our most saddening and sobering finding is the total disregard for the  safety and welfare of Sandusky's child victims by the most senior leaders at  Penn State," said former FBI Director Louis Freeh, who was hired by university  trustees to look into what has become one of sports' biggest scandals. "The most  powerful men at Penn State failed to take any steps for 14 years to protect the  children who Sandusky victimized."

Penn State must be dissolved and the facilities sold into the private sector and broken up, never to re-open as an educational institution.  The money so-generated goes to the victims.

Until it is, and everyone involved in this deception and willful concealment are indicted, tried, and if convicted imprisoned it is my position that any degree granted by this institution is of no value whatsoever, and no person or company who supports or backs Penn State is worthy of my business or support.

Sorry folks, this wasn't one man, as I expected would be discovered.  This was an institution that, according to this report, essentially put money (the football program) before the right of children to not be sexually assaulted.

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Themortgagedude
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And I think the same should apply to all Big Ten schools if they don't immediately expel Penn State.

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Noodleman
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What amazes me is that Freeh was hired by Penn St. to do the investigation and his final report was pretty scathing. Normally one doesn't bite the hand that feeds him in today's world. Makes me wonder what, if anything, was left out? I read that the old Board of Trustees was even implicated in the coverup after the fact. How could seemingly educated adults directing a institution of higher learning be so callous and cold toward victims of sexual abuse? I guess Will Rogers was right. 'The smarter the man the bigger the scoundrel'.

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"Ammunition beats persuasion when you are looking for freedom." Will Rogers, 4 Nov 1879 - 15 Aug 1935

Amgrace
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I agree. Words can not describe this. 14 ****ing years. How the **** did they sleep at night?

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Taint
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texas
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by this logic, we'd have to shutter virtually every govt institution and ban the catholic religion.

I'm ok with that.....

Reymon
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And the degrees revoked for all graduates during the time Paterno was there. These people (Penn St grads) should also be shunned by society, maybe even stoned to death.

Instead of punishing just the people involved, we should also destroy the institution and all associated with it. Heck, maybe even the state of PA should be expelled from the union.
Debtpie
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The 1% covering for itself at the expense of any/every-one...including children?...didn't see that coming..."Just another Church embroiled in a pedophile scandal".

Click image for larger view:



Inline

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Noodleman
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Those 5 adults who were assaulted as children on Penn St. grounds will probably end up as equivalent mega-lotto winners and justly so. How many other known victims there? 5? Half a bil might not be an exaggeration. Is the Gov of Pennslyvania going to offer a bailout? Would the state citizens stand for it? Well, the banks were allowed to steal trillions without much pushback. Then again, when you throw in the sex and coverup angles in here it might stir the villagers to awaken from their stupor.

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"Ammunition beats persuasion when you are looking for freedom." Will Rogers, 4 Nov 1879 - 15 Aug 1935

Mangoelvis
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I was willing to give Jo Pa the benefit of the doubt when this broke. Now, not so much. What a legacy to leave.

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Steelhead23
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Penn State is a fine institution. Not everyone there knew about Sandusky. Before we bury a fine institution, let's let it examine its sins, and take action to fix its mistakes. As regards those who knew and did nothing - pariahs all - fire them all and let them try to find new work. If PSU doesn't do this, then I would stand beside Karl in condemning the whole damned institution.

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Delapaz
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<i>Penn State is a fine institution.</i>

Stop right there. Go read the Freeh report and get back to us on that "fine" institution.
Smacktle
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Somebody needs to puch Joe Pa in the face. I don't care how old he is!

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Antone
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The institution chose football (and everything that goes with that) over academics and should have to pay a price for that decision.

You sleep in the bed you make. You reap what you sow, etc. etc.

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As if anything has changed:

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Tesla
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Where I fault those who were not in the Penn State Admin nor on the Board, ie students and professors, is the cult-like following of Joe Paterno over all those years.

It seems as tho anyone who is "worshipped" as a star in some area is a sociopath who will seemingly always act to kick the pedestal out from under their own feet in the pursuit of that same glory.

Of course I despise professional sports, which includes college football, so I may be biased here.

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Ck_dexter
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Quote:
Penn State must be dissolved and the facilities sold into the private sector and broken up, never to re-open as an educational institution. The money so-generated goes to the victims.
...
Sorry folks, this wasn't one man, as I expected would be discovered. This was an institution that, according to this report, put money before the right of children to not be sexually assaulted.


Just wondering Gen, would you have this proscription apply to any institution that did the same thing? The Philadelphia Archdiocese comes to mind. And, yes, I would proscribe to both.

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Ghopper
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I really thought this was going to be a white-wash.
Kudos to the investigator on this report.
Genesis
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Steelhead: They already made that choice.

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What part of "shall not be infringed" was unclear?
Obseedian
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You can start with these people.

http://giveto.psu.edu/s/1218/images/edit....

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Chuckmak
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WHY is it that I seem to be the ONLY person who got stuck graduating from there up in arms over this? THIS IS HORSE ****! **** THIS CULT OF PERSONALITY WORSHIPPING! THIS **** HAPPENED WHILE I WAS A STUDENT THERE! THEY DIDN'T GIVE A **** ABOUT THOSE KIDS THAT WERE TRAUMATIZED AND THE PEOPLE I GRADUATED WITH ARE ALL STILL "WE ARE PENN STATE"

What the **** is WRONG with those people? When this first broke, I turned my back on the place that turned their back on me and they have been removed from my resume. As far as anyone is concerned, all I have is an Associates Degree from my local community college and THAT'S IT.
Ocdan
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First off, full disclosure I went to USC (Fight On!) and I love college football. Have for about 35 of my 45 years of life.

With that said, I won't quite blow up the university. Here is what I would do. Fire everyone associated with the cover up, inc. the entire board. Secondly, ALL, as in every, sport would get the death penalty for 14 years, commensurate with the length of cover up. People need to understand what the school is really there to accomplish and it ain't to make NFL players or olympians!

Lastly, I would put all of said school's accreditations on probabtion for same amount of time.

If this were to happen at my alma mater, I would advise the same as well. Heck, I don't mean to make light of this, but all we had was Reggie Bush and a female tennis player using a cell phone and the NCAA hammered us.
Piffle
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Interesting response from the student leaders here:

http://www.collegian.psu.edu/archive/201....

Including this gem: “If you’re a Penn State student, you know what it means to be a part of Penn State,” Lizza (senior-energy, business and finance) said. “This is just a little glitch as we go on through the years and continue our tradition.”

for which she is back-pedaling in the comments.
Genesis
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Heh Lizza: **** you and your alleged "degree" you think you're earning.

You're on my "DO NOT HIRE -- EVER" list.

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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
Randy123
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These children were at risk kids to begin with...and to think how many people just didn't care that they were abused...It is truly sickening.

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Mannfm11
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There was a lot here. For one, Paterno seemed oblivious as to the idea this kind of stuff went on. It is quite possible this guy never engaged in modern gossip or watched TV or on the contrary, the behavior was normal goings on. Where was the outrage?

I suspect there was a cover up and Paterno was in the middle of it. He and Bobby Bowden were both obsessed in getting the wins record for NCAA football. Bowden quit when he was stripped of some victories. There was either a coverup on Paterno's behalf relating to this record or Paterno actually had a hammer over these guys.

What appears to be the triggering date for all of this coming out was Paterno getting the wins record. I have to believe that had the Sandusky stuff come out when the assistant reported it, Paterno would have been fired for lack of institutional control. It would have been a scandal at a place that was deemed lily white. It is amazing the lid was kept on this, as it wasn't exactly a secret 2 people knew. It appears the entire deal revolved around this record and Paterno's legacy. Being on the top of the primary measure of coaches, wins, is clearly important. You might recall Bear Bryant got the wins record, quit and died all in a row. Looks like Paterno did the same thing, was crucified and buried all in 3 or 4 months.

Paterno was clearly involved. He knew and at least the above circumstances open the door that this was all about the wins record and the gutless administration at Penn St. I could be up a tree in speculation, but something under wraps that comes out with this timing has a high probability of being related. What are we talking about 600 or so weeks? It comes out the week after the record is achieved? Was there a blackmail involved? Who knows, but there is strong evidence Paterno had something up his sleeve to stay on board until that time.

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Jackjimbopits
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I remember that it was said that Joe Pa actually kept very little of his salary and instead donated most back to the school. At first blush it appeared very charitable, and brought him a lot of credibility by the PSU faithful, however w/ these developments, I wonder if it was not more guilt driven

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