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2019-03-12 15:28 by Karl Denninger
in Corruption , 196 references Ignore this thread
Am I Supposed To Be Impressed?
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So you're rich.

Your kid isn't the brightest bulb in the drawer -- or simply doesn't think college is worth the effort to work hard to get there.

The latter isn't uncommon.  Today, it's a much tougher evaluation than it used to be, especially with the price ramps.  Even if Daddy and/or Mommy are paying for everything it's still a lot of work and perhaps whatever you want to do with your life provides little reason to attend.

But Daddy and Mommy want you to go.  It's a prestige thing, you know.  "My little snowflake went to Haaaarrrfvaaard."

You can't score your way in, especially if you don't do the work during the first couple of years in High School, and they can't spend $100 million to donate a building -- or something otherwise transparent (although such is bribery all on its own and to the best of my knowledge has never been prosecuted -- not once) -- maybe your ACT or SAT scores just aren't good enough for example.

So these folks, not having an extra hundred million lying around (they're just "rich", not "stupid filthy stinking rich", you see) allegedly literally bribed people.  Test administrators, college coaches, whoever they needed to.  Up to and including having someone else take the ACT or SAT for their little snowflake.

Yeah.

Worse, they funneled the money through a fraudulent non-profit, so the bribes that got paid were paid with non-taxed dollars!

Now a lot of people have been arrested.... of course everyone is presumed innocent until proved guilty, but this looks -- and smells -- bad.

Now tell me how that's different than when "Joe X Science Building" gets bought by someone with even more money -- and their kid gets to go to that very same school......

You don't think this came about because everyone wins at said colleges, right?  The old-fashioned way of preventing you from pull this crap worked reasonably well -- if you tried it you might indeed get in if Daddy bought a new Biology Lab but you still wouldn't last a single semester as you couldn't do the work.

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Redjack
Posts: 134
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Iowa
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Many moons ago, I was a National Merit scholar from a very small rural high school.

I found out a few years later that many prominent parents in the state capital and big city sued various "coaches" over that. They had shelled out tens of thousands of dollars for their special little snowflake to get the award, and some kid who grew up on a hog farm in a school that had never had a Merit nominee got it. I learned of various school boards who got replaced because of it (thankfully, I was totally ignorant of it at the time).

Years later, I started to wonder if this wasn't a little bit of rebellion by those in the National Merit corporation (probably lower level). As I continued my education, I met a great many who admitted that their parents had "bought" their way in.

To the topic at hand, my current parent corporation will not higher from elite schools for this very reason. The experience has been bad for most of the hires that an Ivy or other "elite" school on the sheep skin is viewed as "against our core values". Exceptions are made, but we have been given direction to be suspicious of anyone from those schools.

Dudefish
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Heh, and the alleged kingpin has already pleaded guilty--exactly the OPPOSITE of what usually happens--leaving all of his former "clients" as the bagholders. Oops! Appalachian State Junior Community College isn't looking so bad about now...
Whossane
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This has been going on since at least 1986 When Thornton Melon donated a building to Grand Lakes University.


Whossane
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Reason: Fix embed
Rolldog
Posts: 3
Incept: 2018-11-08

NE
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I see a story like this and it makes me wonder what is being covered up or what other big story popped that the media is trying to downplay. Was this a sting on one person in particular and the others just got caught up in it? Kind of like Robert Kraft getting caught at the massage parlor. I thought that was all about human trafficking yet I haven't heard anything about more arrests, just a bunch of guys getting hand jobs for $50.

As KD noted, this stuff has been going on forever and takes many different forms. Parents wanting to take care of their kids using whatever means they might have to do so. Not right in the past, not prosecuted in the past, what makes this instance different?

Click
Posts: 473
Incept: 2017-06-26

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Yes, the elites and Hollywood types are all about "fairness" and "diversity" and "sexual identity", yet they don't play by the same rules...

They are all busy virtue signaling as their limousines and private jets outgas massive amounts of global warming goodness.

I've said this before and I'll repeat the facts: these people are criminally insane Marxists who are out of touch with reality. They don't live in the real world.

And if the virtue signalers get their way, the police will be rounding up all of us "haters" just like what's happening in Canada and Euroland...

Inline
Bodhi
Posts: 985
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Georgia
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Whossane, you beat me to it! smiley
Whitehat
Posts: 986
Incept: 2017-06-27

The People's Republic of New York
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Quote:
You don't think this came about because everyone wins at said colleges, right? The old-fashioned way of preventing you from pull this crap worked reasonably well -- if you tried it you might indeed get in if Daddy bought a new Biology Lab but you still wouldn't last a single semester as you couldn't do the work.

would disagree in that for quite some time it was possible to buy the degree too. like some men every institution has its price.

the thing that seems to be happening in this case and similar is that the people doing it are rank amateurs born not out of simple deficit but an assumption that it is easily and commonly done.

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There are two ways to be rich: One is by acquiring much, and the other is by desiring little.
snow, seasons, distance and dirt roads: SSDD
"Be not deceived; God is not mocked; for whatsoever a man soweth, that shall he also reap" (Gal. 6:7)
Tickerguy
Posts: 156467
Incept: 2007-06-26
A True American Patriot!
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@Whitehat - Oh yeah, it's been possible. But now it's become trivially easy if you can get in; academic "excellence" is, to a large degree, simply no longer required.

I saw plenty of this **** when I ran MCSNet; alleged "college students" (they really were too, and not at community colleges either) that literally could not make change for a $20 in their head or write a basic English-language business letter.

It's only gotten worse since.

What the actual ****?

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Winding it down.

Jal
Posts: 679
Incept: 2009-03-25

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What!!!
What is the matter with those rich parents.!!!
Don't they know any accountants and lawyers that can set up trusts funds for those helpless off springs so that they can go have fun at a foreign university?
Whitehat
Posts: 986
Incept: 2017-06-27

The People's Republic of New York
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not that it matters or that anything of significance does anymore, but the ones damaged most by the dilution of higher education standards are those of us who placed the most effort and had the highest ability. knowing non-academic people such as trade and business people as well as becoming one, it seems as if they also experience this issue as well. where we are is a steady progression over many decades of lowering standards and expectations. the problem shows itself when there is a critical competence crisis and there is lock in effect where knowledge, achievement and technology simply stop improving as necessities of life move backwards in terms of quality. there is a point where the society becomes unrecoverable as too much knowledge and competence is lost forever.

just FYI over the past twenty five years many of the people that you want in business, science, technology, trades and the general workforce made the decision to wash out of society many with over half their lives ahead of them.

it is not possible to tempt them back with promises of hard work and achievement being rewarded as they see it as a form of slavery to a moronic society looking to suck the life out of them for little in return and a soul crushing culture. it is so sad that i can almost predict a high IQ by how little a man is motivated to use it.

this will be the true coffin corner for society as the people needed to save it might enjoy seeing it burn more than other options perhaps even preferring to help the destruction along. there are also varying degree of this such as being in necessary and critical roles and deciding to drop the ball or at least not care. add in active hatred for one's fellow countrymen and this could prove to be the most dangerous thing we have ever experienced as it will be a silent threat.

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There are two ways to be rich: One is by acquiring much, and the other is by desiring little.
snow, seasons, distance and dirt roads: SSDD
"Be not deceived; God is not mocked; for whatsoever a man soweth, that shall he also reap" (Gal. 6:7)
Tickerguy
Posts: 156467
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A True American Patriot!
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@Whitehat -
Quote:
just FYI over the past twenty five years many of the people that you want in business, science, technology, trades and the general workforce made the decision to wash out of society many with over half their lives ahead of them.

it is not possible to tempt them back with promises of hard work and achievement being rewarded as they see it as a form of slavery to a moronic society looking to suck the life out of them for little in return and a soul crushing culture. it is so sad that i can almost predict a high IQ by how little a man is motivated to use it.

Exactly.

I think it's time for me to write a nice Ticker on exactly that, as it is PRECISELY the decision I've made.

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Winding it down.
Kgmqt
Posts: 156
Incept: 2013-08-19

Minnesota
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So based on the pictures this appears to be some wealthy *white* kids that are not too bright to get accepted into these universities (much less any type of scholarship).

I have a feeling that simply checking another box on the application other than *white* may have got them admitted without mommy and daddy bribing the hell out of the administration.
Debtfree2200
Posts: 1
Incept: 2015-10-29

Bernakes rearview mirror
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Fox news had a segment where they were feeling sorry for the kids who deserved the spots taken up by those with privilege and how horrible it is the other students are saddled with debt upon graduation. So there's kids that deserve the right to be saddled in debt? No. No No.
Quik49
Posts: 5593
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Still worthy of being a Baird man????

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Long Vaseline....

Wa9jml
Posts: 340
Incept: 2017-04-29

DeKalb, Illinois
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One of my mentors was the Provost at Bernard Baruch College in NYC, and later was the President of my once beloved university. He told me that when he was hiring for faculty positions at Bernard Baruch College, the first ones that they looked at were from Harvard, and the rest of the Ivy League, followed by the University of Chicago. Then, they tended to hire people from Midwestern state universities.
Jazen
Posts: 3836
Incept: 2007-07-17

****cago
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Sickening, the hubris. I read one kid had an instructor correcting their wrong answers.while theybwere taking the test. People will sell their souls for fiat **** currency

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I hate our Government, but I still love America.
Tsherry
Posts: 1706
Incept: 2008-12-09

Spokane WA
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"it is so sad that i can almost predict a high IQ by how little a man is motivated to use it."

Yup. I could run two or three businesses with the assets and knowledge that I have on hand. I could mentor another generation on how to get it done.

Why the **** would I, when it's all stolen from me?

When I have enough **** you money, I'm done, and I'm going Denninger. Got a few more years to go.

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Omne mendacium est.
Maynard
Posts: 1014
Incept: 2007-11-27

gig harbor wa
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I would really like to hear this one.
Quote:
over the past twenty five years many of the people that you want in business, science, technology, trades and the general workforce made the decision to wash out of society many with over half their lives ahead of them

Quote:
I think it's time for me to write a nice Ticker on exactly that, as it is PRECISELY the decision I've made.

My family did it and certainly have some comments. We had some of the highest technical authority in aerospace as said **** it at age 36.
Bodhi
Posts: 985
Incept: 2008-02-23

Georgia
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Whitehat wrote..
just FYI over the past twenty five years many of the people that you want in business, science, technology, trades and the general workforce made the decision to wash out of society many with over half their lives ahead of them.

it is not possible to tempt them back with promises of hard work and achievement being rewarded as they see it as a form of slavery to a moronic society looking to suck the life out of them for little in return and a soul crushing culture. it is so sad that i can almost predict a high IQ by how little a man is motivated to use it.


I started out my career in business telecom with Ma Bell in the early 70s and somehow lasted 10 years. I had the dubious honor of being #1 in work units less than a year after transferring to PBX installation. Dubious because of a union contract that could only pay me the same amount as the most inept technician.

I left after the breakup and started my own interconnect company. I worked my ass off, but now all the revenue was mine. I also worked for a handful of small companies during the past 25 years, but have been back on my own since the financial crash in 2008.

At the last small business I worked for the owner once commented, "I have no idea what you do in the back all day, but everything gets done so I don't care what you do or how you do it." I was well compensated and received quarterly bonuses for my creativity.

Also, at my last job the owner once told a new employee that to get along at the company they would have to learn the dialog to 4 movies: Blazing Saddles, Caddyshack, Animal House, and Tommy Boy. smiley

I wouldn't last long at one of the increasingly SJW infested businesses in this day and age. I am most happy to be able to pick and choose who I now do business with. Snowflakes need not apply.
Flappingeagle
Posts: 3001
Incept: 2011-04-14

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Back in the past I was friends with a group of guys who were venture capitalists. These guys all had some serious $$$$$ and, they did not give a **** where you went to college. All they cared about was were you competent and honest.

Flap

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Here are my predictions for everyone to see:
S&P 500 at 320, DOW at 2200, Gold $300/oz, and Corn $2/bu.
No sign that housing, equities, or farmland are in a bubble- Yellen 11/14/13
Trying to leave the Rat Race to the rats...
Flappingeagle
Posts: 3001
Incept: 2011-04-14

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Quote:
Sickening, the hubris.


Have you ever noticed that people who desire status, so that they can point out to others that they have status, are often the biggest jerks you will ever find? The same goes with money, the people who are greedy for money are a$$holes. Those that got rich by working with others to provide a good or service that people wanted are very often nice people.

Flap

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Here are my predictions for everyone to see:
S&P 500 at 320, DOW at 2200, Gold $300/oz, and Corn $2/bu.
No sign that housing, equities, or farmland are in a bubble- Yellen 11/14/13
Trying to leave the Rat Race to the rats...
Budget-racer
Posts: 43
Incept: 2016-03-14

Virginia
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So we've all seen Karl's math on how little college is worth to the average person on a dollar spent to wages earned ratio. How much worse does that look when you also have to bribe your way in and still get a worthless degree?

A fool and his money soon parted indeed (I've also seen added, maybe here, "And they were lucky to be together in the first place")
Fumei
Posts: 10
Incept: 2019-01-08

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"over the past twenty five years many of the people that you want in business, science, technology, trades and the general workforce made the decision to wash out of society many with over half their lives ahead of them.

it is not possible to tempt them back with promises of hard work and achievement being rewarded as they see it as a form of slavery to a moronic society looking to suck the life out of them for little in return and a soul crushing culture. it is so sad that i can almost predict a high IQ by how little a man is motivated to use it."

What is sadder is all the drones who aren't as smart and continue to put in the hours of work to keep the economy functioning in its corrupted state, instead of shutting off the parts they can shut off (like the Luddites did with wooden shoes or French farmers like to do in protest by parking tractors in intersections downtown), or at least leaving the rat-race and doing some thing else that could be more enjoyable.

Maybe it ain't stupidity. Maybe they don't mind being in a tyranny.
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