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DonViejo

(60,536 posts)
Thu Apr 23, 2015, 10:16 AM Apr 2015

20 cash-starved public colleges drafting bankruptcy plans thanks to Bobby Jindal’s budget

Source: RawStory/The Times-Picayune

Louisiana State University (LSU) said this week that it had been forced to start planning for bankruptcy in response to Gov. Bobby Jindal’s (R) budget. And it’s just one of as many as 20 campuses that were starting the process.

LSU President and Chancellor F. King Alexander told The Times-Picayune that his administration had begun the process of declaring financial exigency — which is essentially an academic bankruptcy — after the state Legislature and Jindal’s administration had failed to close a budget gap. “We don’t say that to scare people,” Alexander explained. “Basically, it is how we are going to survive.”

According to the paper, Moody’s Investors Service has already downgraded the university’s credit outlook, meaning that it would have to pay more to borrow money. It was also expected to make it more difficult to recruit staff.

“You’ll never get any more faculty,” Alexander pointed out.

-snip-

Read more: http://www.rawstory.com/2015/04/20-cash-starved-public-colleges-drafting-bankruptcy-plans-thanks-to-bobby-jindals-budget/

41 replies = new reply since forum marked as read
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20 cash-starved public colleges drafting bankruptcy plans thanks to Bobby Jindal’s budget (Original Post) DonViejo Apr 2015 OP
Creating a Banana Republic. marmar Apr 2015 #1
Banana trees do not do well in the presence of petroleum byproducts, ChairmanAgnostic Apr 2015 #2
Part of the GOP master plan is to bankrupt or break all public institutions liberal N proud Apr 2015 #3
...they break them and then point out how dysfunctional they are. Then, sell them to their kairos12 Apr 2015 #24
+1. Same for public infrastructure as I read in a post here in the last few days. Why repair appalachiablue Apr 2015 #38
Yesterday, I came across an interview with Jindal... DonViejo Apr 2015 #4
The sad part about his response is d_legendary1 Apr 2015 #7
"public colleges" . . that's why annabanana Apr 2015 #5
Goodbye Authentic Education, Hello Predatory Education! d_legendary1 Apr 2015 #6
Balance turbinetree Apr 2015 #8
Let's see how Jindal's popularity stands up against a jeopardized LSU football program. Paladin Apr 2015 #9
Was thinking the same thing.... RT Atlanta Apr 2015 #11
The football program makes money and donates it to the college. I think I read last year they gave okaawhatever Apr 2015 #41
The LSU football program makes millions in profit n2doc Apr 2015 #18
The football program's budget may be safe, but this isn't good for recruiting. bluedigger Apr 2015 #19
Recruiting is a function of the coach, program history and boosters n2doc Apr 2015 #20
Surprisingly, parents still have input into the process. bluedigger Apr 2015 #37
Guys don't play LSU football for the education TexasMommaWithAHat Apr 2015 #27
The football team is about the only thing at LSU that is safe. geek tragedy Apr 2015 #28
Way too much of those twisted priorities, here in Texas as well. (nt) Paladin Apr 2015 #35
Jingle Jindal won't bow to funding education either..... Historic NY Apr 2015 #10
I think a key here is that bankruptcy or exigency likely breaks union contracts and allows okaawhatever Apr 2015 #12
It's a coordinated effort. Just look at what Walker is doing in Wisconsin. lutefisk Apr 2015 #34
I didn't know about the for-profit school board being eliminated. NC is doing something similar with okaawhatever Apr 2015 #40
Way to go, Bobby! You dumb fuck! Enthusiast Apr 2015 #13
They voted for this guy, ... aggiesal Apr 2015 #14
When filing for bankruptcy, how does one mention they have a $500 million endowment that they hughee99 Apr 2015 #15
You reap what you sow, LA. City Lights Apr 2015 #16
You can invest in the future of your community central scrutinizer Apr 2015 #17
Hewers of wood and drawers of water. That's what they'd have us be. riqster Apr 2015 #21
Proof. Beowulf42 Apr 2015 #22
More proof GOP policies do not work CanonRay Apr 2015 #23
Cut all federal funds to LSU now. Grins Apr 2015 #25
An educated populace Turbineguy Apr 2015 #26
nothing is more important to Republicans than low taxes for the rich yurbud Apr 2015 #29
Destruction of Education: Thespian2 Apr 2015 #30
The only thing the gummint should pay for is WAR and CONGRESS. valerief Apr 2015 #31
Violence by the governor on the citizens. :The TImes-Picayune reported that overall jtuck004 Apr 2015 #32
K & R !!! WillyT Apr 2015 #33
Message auto-removed Name removed Apr 2015 #36
But at least teh gays cain't get hitched thar! tanyev Apr 2015 #39

ChairmanAgnostic

(28,017 posts)
2. Banana trees do not do well in the presence of petroleum byproducts,
Thu Apr 23, 2015, 10:25 AM
Apr 2015

and LA seems to love to slather it on everywhere.

Besides, this follows Jindal's mission to create a state filled of obedient, sheeplike, christian followers who would never question their betters. Education only teaches kids to ask hard, even embarrassing questions.



liberal N proud

(60,339 posts)
3. Part of the GOP master plan is to bankrupt or break all public institutions
Thu Apr 23, 2015, 10:31 AM
Apr 2015

From schools to the post office and everything in between, they want to break them to the point where they can no longer function. Then their suitors can pop in snap up the assets at bargain prices if not for free and build a for profit business for themselves.

This is happening in many places in the US where the republicans have starved the institutions for which they are responsible for. Some have managed to survive and find new ways to do business.





kairos12

(12,866 posts)
24. ...they break them and then point out how dysfunctional they are. Then, sell them to their
Thu Apr 23, 2015, 12:32 PM
Apr 2015

campaign contributors. One percent Randian economics.

appalachiablue

(41,168 posts)
38. +1. Same for public infrastructure as I read in a post here in the last few days. Why repair
Thu Apr 23, 2015, 04:06 PM
Apr 2015

and upgrade degraded, old and unsafe roads, highways., bridges, water and sewer systems. Intentionally let them deteriorate so the private sector can buy them up cheap and take over. Cynical and corrupt beyond belief.

DonViejo

(60,536 posts)
4. Yesterday, I came across an interview with Jindal...
Thu Apr 23, 2015, 10:32 AM
Apr 2015

in which the reporter asked Jindal why his poll numbers were tanking so badly. Jindal responded, "because I've done what the people of Louisiana elected me to do."

d_legendary1

(2,586 posts)
7. The sad part about his response is
Thu Apr 23, 2015, 10:54 AM
Apr 2015

that he's not lying. He told his constituents that he was going to destroy the state and he's a man of his word.

turbinetree

(24,710 posts)
8. Balance
Thu Apr 23, 2015, 11:03 AM
Apr 2015

the budget ----------------right, by bankrupting the education system, the backbone for job creation, moving ahead in wages, and basic respect to having the education system for everyone being treated equal----its called respect and this, twit Jindal has ----no respect-----except to his oligarch's that want to buy the institutions and make them in a for-profit system of greed.
By taking the PUBLIC funds and putting that money into there pockets and then whining that the educational system is failing, and the citizens of this state keep voting in hypocrites promising them to cut taxes------right------ they are putting your children in the poor house because they can't get a education, just like the other right wing hypocrite's in the Wisconsin governor and legislature and courts, doing the same tactic, so I want to give a shut out to the citizens of that state also-----great job----just like Louisiana.

Your right wing legislature Louisiana from the inception of the corruption in your history think the Slaugherhouse ruling by the U.S. Supreme Court

Paladin

(28,269 posts)
9. Let's see how Jindal's popularity stands up against a jeopardized LSU football program.
Thu Apr 23, 2015, 11:10 AM
Apr 2015

Lotsa luck, Piyush......

RT Atlanta

(2,517 posts)
11. Was thinking the same thing....
Thu Apr 23, 2015, 11:19 AM
Apr 2015

those cajuns love them some SEC football (really good program).

However, I believe you can rest assured knowing that the football program will be in safe hands, will survive and likely prosper, regardless of what happens to the academic side of the institution.

okaawhatever

(9,462 posts)
41. The football program makes money and donates it to the college. I think I read last year they gave
Thu Apr 23, 2015, 09:34 PM
Apr 2015

$7 million to the education sector of the school. Hurting the football program hurts the school.

n2doc

(47,953 posts)
18. The LSU football program makes millions in profit
Thu Apr 23, 2015, 11:46 AM
Apr 2015

It will never be touched by any cuts. Its budget is essentially separate from that of the academic institution.

bluedigger

(17,087 posts)
19. The football program's budget may be safe, but this isn't good for recruiting.
Thu Apr 23, 2015, 11:52 AM
Apr 2015

When LSU starts losing to Vandy they'll see the light.

n2doc

(47,953 posts)
20. Recruiting is a function of the coach, program history and boosters
Thu Apr 23, 2015, 11:55 AM
Apr 2015

So I don't see LSU's football program going down because of this. Wishful thinking.

The smaller school athletic programs, however, will get hit. How much this causes people to care, I don't know.

bluedigger

(17,087 posts)
37. Surprisingly, parents still have input into the process.
Thu Apr 23, 2015, 03:53 PM
Apr 2015

I'm not saying that it will cripple the program overnight, but it puts the program at a competitive disadvantage over the long term. Until a new administration turns things around, Ole Nick Saban is grinning.

TexasMommaWithAHat

(3,212 posts)
27. Guys don't play LSU football for the education
Thu Apr 23, 2015, 12:37 PM
Apr 2015

The team will still continue to attract top notch players. In fact, LSU didn't do so well last season because more LSU players were drafted into the NFL than from any other university at the end of the previous season. Baton Rouge is Recruit Central for the NFL.

 

geek tragedy

(68,868 posts)
28. The football team is about the only thing at LSU that is safe.
Thu Apr 23, 2015, 12:38 PM
Apr 2015

In terms of priorities, if Lousianans valued education as much as they did football, it would be a much different place.

okaawhatever

(9,462 posts)
12. I think a key here is that bankruptcy or exigency likely breaks union contracts and allows
Thu Apr 23, 2015, 11:28 AM
Apr 2015

the state or university to renegotiate things like retirement funds or tenuere guarantees. Think Detroit. I genuinely believe this is one of the reasons. Yes, he doesn't value education and is likely trying to send money to for-profit education, but I can't ignore how unions have been targeted by the right and this follows their goals. If Jindal can get rid of tenured professors and replace them with conservative professors, the right will go a long way in meeting one of its goals. Look at how many GOPers have left politics to take up roles as state university presidents. Off the top of my head I'm thinking of Texas and Indiana.

lutefisk

(3,974 posts)
34. It's a coordinated effort. Just look at what Walker is doing in Wisconsin.
Thu Apr 23, 2015, 02:27 PM
Apr 2015

Unions- gone. Tenure- written out of existence in the current budget. State funding- cut to the point faculty, staff, and programs are being cut dramatically. And there is much more.

In related news, Walker is eliminating the state board that oversees private, for-profit "colleges" in Wisconsin by sneaking it into the current state budget, even though that board actually makes money for the state through fees charged to the private schools. Wisconsin will have virtually no oversight at all over these predatory for-profit "schools".

okaawhatever

(9,462 posts)
40. I didn't know about the for-profit school board being eliminated. NC is doing something similar with
Thu Apr 23, 2015, 09:31 PM
Apr 2015

their charter schools. They haven't eliminated the board that approves them, but they've rigged it so that 1. it is staffed with the current Governor's appointees and 2. They only answer to the Governor 3.The current appointees won't be gone until most of the charter schools are approved.

I don't know what they're doing with the for-profit colleges, but it's probably something similar to the WI deal. After all, they're both playing by the same Koch playbook.

aggiesal

(8,921 posts)
14. They voted for this guy, ...
Thu Apr 23, 2015, 11:33 AM
Apr 2015

what did they think was going to happen?

People like Jindal want NO government.
If that means closing public schools and universities, so be it.

Their way of thinking is "We'll just turn them into profit centers."

hughee99

(16,113 posts)
15. When filing for bankruptcy, how does one mention they have a $500 million endowment that they
Thu Apr 23, 2015, 11:38 AM
Apr 2015

don't want to touch?

central scrutinizer

(11,659 posts)
17. You can invest in the future of your community
Thu Apr 23, 2015, 11:41 AM
Apr 2015

or you can invest in the future of millionaires and hope that they don't just move all of the money to off shore accounts.

Beowulf42

(204 posts)
22. Proof.
Thu Apr 23, 2015, 12:05 PM
Apr 2015

This is proof positive that the only god Americans worship is the god of money. Their acts are a violation of the public trust, and the most astounding part of that is that it appears they will pay no price in the end for stripping our infrastructure of its assets and impoverishing all of us.

Grins

(7,226 posts)
25. Cut all federal funds to LSU now.
Thu Apr 23, 2015, 12:35 PM
Apr 2015

No reason to invest federal money in a losing institution.

Say good-bye to all those federal bucks and suffer, LSU. And you can also say good-bye to the faculty working on those programs. No reason for them to stick around. And the graduate students, too, who also benefit from them. And local economies in the state can kiss good-bye any technologies that come from that research that would be available to the public.

And you too, Univ. of Wisconsin. You should lose all your federal funds, too, as you are now an unreliable institution. And you can thank Scott Walker and his $300 million cut to one of the best university systems in the world for that.


(The University of Wisconsin-Madison got more that a half-Billion in federal R&D grant money. That represents 53% of the university's total research budget. And Wisconsin is #9 among the top 10 schools getting those damn 'Sochilust!' federal dollars.)

yurbud

(39,405 posts)
29. nothing is more important to Republicans than low taxes for the rich
Thu Apr 23, 2015, 12:51 PM
Apr 2015

except maybe giving our tax money to the rich.

 

jtuck004

(15,882 posts)
32. Violence by the governor on the citizens. :The TImes-Picayune reported that overall
Thu Apr 23, 2015, 01:16 PM
Apr 2015

state funding at LSU would drop from $3,500 per undergraduate student to $660 per undergraduate student."

There is no difference between this and someone pulling a gun on a police officer to kill them.

In this case it appears the victims, nearly an entire state in population, are too subservient to notice.

Response to DonViejo (Original post)

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