College admissions scandal: New wave of parents pursued
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I bet you are all surprised......
Not.
The universities are whores. They will take any money given to them for any purpose - for example, the money that Saudi Arabia doles out to them - the administrations sell their souls.
This morning I read about the woman who said she though she donated 6.5 million to get her daughter into Stanford. The thing I don't get is why, if her daughter wasn't smart enough to get into Stanford on her own merits then she's not smart enough to make the Stanford Degree worth 6.5 million in additional income over her lifetime. The Daughter would have been served to have gone to a school she could get into on her own merits and pursue a course of study that was within her intellectual grasp and had the 6.5 mil put in an investment account and used the earnings to offset the income she would earn over her lifetime. Let's face it a Stanford Degree will help you get a better job than a lesser College degree but once you get the job they're going to realize you're not that smart and you'll either lose that job or stagnate in an entry level position. So while you might get higher pay coming in the door you aren't likely to see the pay increases over your career if your job performance isn't what they expect from "Stanford". Even if she is smart but just not a very good student the investment income from a 6.5 million dollar nest egg would be hard to beat without a lot of luck even for the smartest people since even an average of 5% annual earnings would get you 325,000 and anyone with any sense would roll over half of that income and live on 162,500 a year. So because you reinvest 162,500 a year your principle is increased so your income will increase every year over your lifetime. Plus you can Work for more income.
According to the article I read this morning the girl was already in Stanford at the time the 6.5 million was asked for. Under a previous scam unknown to the payor. Being foreign they thought they were getting help navigating the system and they were told the 6.5 would go to bolster Standford staff and help programs and other kids that needed financial help.
Zuksam, in the article that I read the parents are billionaires so what the degree from Stanford is worth in the long term has little to do with it. No matter what happens she will be rich.
Not that America does not produce its fair share of bright students, but could it be that the pay to play phenomenon can account to one degree or another why our students are out performed by those from other Countries.
Other than ego, I can see no advantage to placing an unqualified student into any University, get there the same way the mere commoners do, earn it.
Pay to play has been going on for generations. I wonder what the straw was the broke this into the open.
I have to give props to the parents that are just pleading guilty. They are at least owning and acknowledging what they had done. Unlike Loughlin that is doubling down on her innocence.
We need more kids like this one and her parents.
I saw an interview with she and her parents. The parents were married as teens and had 4 children. The dad earned his GED at night while working to try and keep up with his kids. These parents I really admire.
Yet we have parents with all their money cheating to get their kids into a college...
Great family. Dedicated parents wanting the best for their children.
It is really nice to read a great success story like that. We don't hear them enough. Everyone seems to focus on the negative.
That school is doing something right.