THE UNIVERSITY OF CALIFORNIA BOARD OF REGENTS JUST RECENTLY
UNDERWENT AND AUDITS AND THROUGH THAT AUDIT, THERE WAS SOME
REVELATION ABOUT MONEY THAT WAS BEING SPENT FRIVOLOUSLY AT VERY
FANCY DINNERS WHILE SIMULTANEOUSLY TUITION WAS GOING
OUT FOR STUDENTS WITHIN THE UC SYSTEM.
JUST TO GIVE YOU A
LITTLE TASTE, FROM 2012 UNTIL MAY 17 OF 2017, THE UC BOARD OF
REGENTS EXPENSED LUXURY BANQUETS TOTALING OVER $225,000 WHICH IS
A LOT OF MONEY TO EAT.
TO BE FAIR, THAT IS A FIVE-YEAR PERIOD AND THEY ARE BANQUETS.
WHATEVER.
5 YEAR PERIOD WHERE THEY SPEND ALMOST A
QUARTER OF $1 MILLION WHEN THEY CONTINUOUSLY INCREASE TUITION
FOR STUDENTS AND BY THE WAY, LOOK, I JUST WANT TO PREFACE
THIS ENTIRE STORY BY SAYING I UNDERSTAND THAT IF THEY DIDN'T
HAVE THE FANCY DINNERS IT WOULDN'T CLOSE ANY BUDGET GAPS
AND IT WOULDN'T HELP PAY FOR EVERYTHING INCLUDING THEIR
OPERATING COST.
I GET THAT, BUT IF YOU ARE MAKING AN ARGUMENT
THAT WILL HAVE ANY MONEY THAT WE HAD TO INCREASE TUITION AND THEN
YOU PROCEED TO GO OUT AND SPEND $300 PER PERSON ON THE FANCY
DINNER DOESN'T LOOK SO GOOD.
ON ONE IN JANUARY, THE 65 PERSON
PARTY HAD RACKED UP A $17,600 BILL ARE ROUGHLY $271 PER DINER.
THEY CHARGED IT TO THE UNIVERSITY.
THE NEXT DAY, THE SAME REGENTS VOTED TO RAISE TUITION BY
2.5% OR $336 FOR EACH IN-STATE STUDENT.
IMAGINE WHAT THEY INCREASED IT FOR FOR OUT-OF-STATE STUDENTS
WHO OF COURSE PAY MUCH MORE IN TUITION THAN IN-STATE STUDENTS.
, I DON'T GET IT.
SEEMS LIKE THEY JUST RAISE SITUATION BY THE PRICE OF A
DINNER, SO WHAT'S THE BIG DEAL?
THIS IS ABSURD AND I'M SO HAPPY THAT THE SONIC TOOK PLACE.
THEY ALSO FOUND THROUGH THE AUDIT THAT THERE WAS AN/BOND
THAT WAS BEING HIDDEN FROM STUDENTS, MILLIONS OF DOLLARS,
NOT LOOKING GOOD.
UP TO NOW, BORED DINERS HAD COME I'M SORRY,
LET ME READ TO YOU FROM MONICA LOZANO WHO IS ACTUALLY THE BOARD
OF REGENTS CHAIR AND HERE'S WHAT SHE HAD TO SAY IN RESPONSE TO
THIS AUDIT IN THE CRITICISM THAT THEY'VE BEEN GETTING.
SHE SAYS
UP UNTIL NOW, BUT DINNERS HAVE BEEN PAID FOR WITH MONEY FROM
THE CITY LESS FUN, PRIVATE ENDOWMENT THAT THE DONOR
DESIGNATED FOR UNIVERSITY BUSINESS COST NOT COVERED BY
STATE OR TUITION FUNDS.
HOWEVER, TO AVOID ANY QUESTION
OVER USE OF UNIVERSITY OR UNIVERSITY OBSERVED FUNDS,
REGIONS WILL ABSORB THE COST OF THEIR BANNERS FROM THIS POINT
FORWARD.
PERSONAL, YOU SHOULD BE DOING THAT FROM THE VERY
BEGINNING BECAUSE ADMINISTRATORS THAT THESE UNIVERSITIES ARE NOT
POOR.
PRESIDENTS OF THESE UNIVERSITIES ARE NOT POOR.
THEY
MAKE A TON OF MONEY.
YOU CAN AFFORD YOUR OWN DINNER.
IN
FACT, THAT IS WHAT LEADERS DO.
A LEADER ONCE TO RUN A
UNIVERSITY SYSTEM THAT ACTUALLY LOOKS OUT AND TAKES CARE OF
IT STUDENTS WOULD SAY HEY, YOU KNOW WHAT?
I'M JUST NOT HAVE THE $300 DINNER PAID FOR BY THE UC
SYSTEM.
HAD RATHER HAVE THAT MONEY GO TOWARD I DON'T KNOW
MAYBE FUNDING A DEPARTMENT THAT IS BEEN UNDERFUNDED OR HIRING AN
ADDITIONAL PROFESSOR AT A SPECIFIC DEPARTMENT THAT
WHATEVER IT IS, HELPING YOUR STUDENTS, GIVING BACK BUT
THAT'S WHAT HAPPENED IN THIS CASE.
I HAVE TO CONFESS A $250 DINNER SOUNDS GREAT
ALTHOUGH ACTUALLY IT'S A BIT MUCH BECAUSE I'M SURE IT
INVOLVED A LOT OF WINE AND A REALLY CARE ABOUT WINE.
THAT'S USUALLY WHAT DRIVES THE COST OF THE.
$250 DINNERS ARE GREAT.
THEY HAPPEN VERY RARELY BUT WHEN THEY DO HAPPEN YOU KNOW IT
PAYS FOR THEM?
I DO.
AND YOU KNOW WHAT, TASTE DELICIOUS THEY EARNED THAT
DINNER AND I'M NOT HURTING SOMEONE ELSE IN ORDER TO
EAT A FREAKING STEAK.
USUALLY IT'S WHEN SOMEONE ELSE IS PAYING THAT YOU
KEEP ORDERING THE WINE, ETC.
BY THE WAY, I DON'T THINK I'VE EVER SPENT $250 ON DINNER.
THAT'S A LOT OF DINNER.
PROPOSAL AND THEN REQUESTED IS A
LOT OF MONEY.
BUT THE REASON I SAY ALL THAT IS
WHATEVER.
THE REAL PROBLEM IS THAT TUITION IS WAY TOO HIGH.
YESTERDAY I INTERVIEWED ELIZABETH ONE ON THE SHOW AND AS
I WAS DOING RESEARCH ON HER CAREER, SHE WAS BORN EARLY
MIDDLE-CLASS.
REALLY PRETTY POOR THAT HER DAD I THINK WAS A
JANITOR WHEN THEY WERE GROWING UP. AND SHE GREW UP IN OKLAHOMA
AND THE REASON SHE DID ALL THAT SHE DID WAS BECAUSE HER TUITION
COST HER $50 A SEMESTER.
ABSORB THAT FOR A SECOND.
$50 A SEMESTER.
THAT IS INSANE.
IT'S A OLDER GENERATION, MILLENNIAL'S ARE SO
LAZY AND THERE SO THIS IN THERE SO THAT WHAT GUYS, IF YOU PAY 50
BUCKS FOR YOUR EDUCATION PER SEMESTER, YEAH, WE WOULD DO THAT
TOO.
SO TO BLAME PEOPLE AND THEN PUT ALL THE STUDENT DEBT ON
TOP OF IT AND THEN FOR THE BOARD OF REGENTS TO GO ON BE
LIKE, THAT'S THE PROBLEM.
THE CONTEXT IS THE PROBLEM.
LAMY OVERSIMPLIFIED THE ISSUE IN A VISUAL WAY SOMEONE
UNDERSTANDS THINK IT'S A HAVING A HARD TIME UNDERSTANDING THIS
INCREDIBLY SIMPLE STORY IF YOU ASK ME.
HERE IS INFLATION.
THIS IS INFLATION.
INFLATION HAPPENED, REQUEST OF THE PRESENT
THINGS GOES UP.
INFLATION.
HERE'S WHAT HAPPENED WITH
COLLEGE TUITION.
IT WOULD LIKE THAT.
INFLATION, COLLEGE
TUITION.
THERE IT IS THAT WAGES ARE STAGNANT.
1ST
OF ALL, MILLENNIAL TO GRADUATED COLLEGE ARE UNDEREMPLOYED.
YOU THINK FRESH OUT OF HIGH SCHOOL STUDENTS ARE MAKING
50 GRAND A YEAR TO PAY FOR THEIR COLLEGE EDUCATION?
NO, I DON'T THINK THEY ARE.
ANYWAY, HOW ABOUT YOU STOP
HAVING A FANCY DINNERS AND ACTUALLY BE LEADERS AND
REPRESENT YOUR STUDENTS AND TAKE CARE OF THEM.
THE SELFISH
GREEDY BEHAVIOR IS RIDICULOUS AND BY THE WAY THE AUDIT FOUND,
I WANTED TO FOUND THE INSIDE NUMBER THEY GIVE YOU ACCURATE
INFORMATION.
IT FOUND A $175 MILLION FUND, RIGHT?
I THOUGHT YOU DIDN'T HAVE MONEY FOR THE STUDENTS.
THAT YOU HAD
TO CREATE TUITION.
ITíS SO PAINFUL TO INCREASE TUITION.
THAT'S WHAT THEY CHANGED IT.
IT COULD BE A RAINY DAY FUND.
WHATEVER.
IT WAS
UNDISCLOSED.
THIS IS VERY SUSPICIOUS AND THAT'S THE REASON
WHY PEOPLE ARE EXTREMELY CRITICAL OF THE BOARD OF
REGENTS.
BY THE WAY, THE $270 MEALS WERE SO LAVISH THAT THEY
MAY HAVE ACTUALLY VIOLATED SCHOOL POLICY.
UC REIMBURSEMENT
POLICIES ALLOW SCHOOL OFFICIALS TO EXPAND UP TO $81 FOR DINNER.
I DON'T KNOW, $300 IS VERY DIFFERENT FROM 81.
LOOK, THE
NUMBER ONE PROBLEM AGAIN AS WE NEED TO HAVE KIDS BE ABLE TO GET
THE AMERICAN DREAM THE WAY YOU DO THAT IS ACTUALLY A FREE
EDUCATION, NOT ONE THAT IS AN ALBATROSS AROUND YOUR NECK THAT
YOU CAN NEVER GET RID OF BUT ON TOP OF THAT, IF YOU'RE RUBBING
IT IN EVERYONE'S FACES BY HAVING HIS EXTRAVAGANT DINNERS AND
YOU'VE GOT A FUND OF $175 MILLION JUST FOR SLUSHIES IS A 711,
IT'S OBVIOUSLY UNACCEPTABLE.
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