They Pledged Your Tuition to Wall Street (summary)
UC on Wall Street: Another Reason Your Tuition Goes Up
Bob Meister, President, Council of UC Faculty Associations (CUCFA) Professor of Political and Social Thought, UCSC
(Download a PDF of this document. This is a summary of a longer piece.)
How does UC sell $1.3 billion in construction bonds immediately after declaring an “extreme financial emergency,” slashing funds for teaching and research and cutting staff and faculty pay? By using your tuition as collateral. Higher tuition lets UC borrow more for construction even while it cuts instruction and research.
You’re often told that your tuition goes up because the state pays less for higher education, but you’re almost never told that UC isn’t obliged to use your tuition in the way it uses public money. Unlike state funds, your tuition money can also pay the interest on construction bonds and be used as bond collateral.
UC has in fact promised its bond trustee (Bank of New York Mellon Trust) and the companies that rate bonds (S&P and Moody’s) that bondholders have first claim on your tuition in the event of default. (See the full “They Pledged Your Tuition to Wall Street.”) It has also promised bondholders that it will raise tuition as needed to avoid bond default. Most importantly, UC has pledged to do nothing to lower the ratings on its bonds. Your tuition is not only pledged to Wall Street, Wall Street could demand the next tuition hike by threatening to lower UC’s Aa1 bond rating.
Harvard, the world’s richest educational corporation, curbed construction when endowments fell because its people and programs came first. Its bond rating, slightly higher than UC’s, does not seem to have suffered. UC, however, seems to have the opposite priorities. It started borrowing against your tuition in spring 2004—when Gov. Schwarzenegger gave it a green light to raise tuition, and claims the ability to do this in every prospectus for bonds partially backed by your tuition.
By June 2008, UC’s pledged collateral has jumped by 60% (from $4.2 billion to $6.72 billion). Tuition, a large and growing component of that collateral, will have risen by 109% since 2004 if this year’s increase happens. The Regents have approved another $2B in projects that they plan to fund primarily with tuition-backed bonds, because this is where their debt-bearing capacity will grow. When these new bonds are issued, after your tuition hike is a done deal, debt service on all tuition-backed bonds will have risen to around $430M, nearly double what it was last year. Your tuition and fees make up the largest component of this debt service and the only component that UC has pledged to increase.
Increasing the collateral for bonds and paying more in debt service are clearly among the reasons why the Regents want to raise your tuition. But students would be more likely to resist if they knew this. By describing tuition increases as a simple substitute for state educational funds, UC avoids the question of how much goes for construction, rather than instruction.
Don’t be fooled by the argument that UC is simply emulating the great private universities. The ones I know now use their endowment income to subsidize tuition for students who would otherwise need loans: UC, by contrast, now pledges its ability to drive you and your families deeper into debt so that it can increase its leverage on Wall Street. This is what it looks like to privatize a great public university.
Will you go along with this November’s 32% tuition increase, now that you know the money is being promised to Wall Street?
It will happen unless you stop it.
(The above is a summary of a longer piece.)
free casino games in united states, automatic poker dealer machine gambling gaming and technology use (Henry) yusa
yusas casino niagara, or uk bingo call
ladbrokes casino canada, casinos online canada and online gambling uk
legal, or united statesn poker tour
Here is my webpage best craps game for iphone (Iona)
online gambling legal in united states, free spins for registration usa 2021 and royal panda
casino canada, or best casino cities in united kingdom
my web site what Is the luckiest number On a roulette wheel
no deposit bingo bonus usa, usa no deposit casino bonus list and free casino bonus no
deposit required uk, or the top online pokies and casinos in united states
Stop by my website – Html Roulette
casinos in canada vancouver, latest no deposit How Old Do You Have To Be To Go To Soboba Casino bonuses usa and
100 no deposit bonus codes 2021 canada, or $10 deposit
usa casinos
canadian poker machine game download, online slot casino usa and new casino sites
uk no deposit bonus, or poker with real money usa
Look at my web blog; how to gamble vegas – Aleida,
online gambling in latin united states, online bingo
slots uk and online pokies australia no deposit signup bonus, or casinos that accept neteller
australia
Also visit my webpage :: what games can you play to earn money (Clayton)
best way to win united kingdom roulette, no deposit online australian casinos
and no deposit bonus codes australia what can you
do at a casino at 18, Korey,, or 50 free spins thunderstruck no deposit usa
independent online dragonara casino malta online usa, 5 dollar min deposit casino united states and canadian online casino free signup bonus,
or $5 min deposit new zealandn casinos
free $100 casino chip 2021 uk, best online pokies united kingdom forum and how many casino are
in australia, or pokies online canada
Feel free to visit my website – blackjack peeper (Jovita)
play roulette online canada free, united statesn casino online and ontario australia online gambling, or are poker machines legal how To Win gems in casino cooking fever western canada
gambling regulations uk, gambling northeast usa and free spins no deposit bonus codes canada, or free united
statesn roulette simulator
Also visit my webpage :: wynn palace casino games; Dannielle,
blackjack mobile belgique
Here is my homepage :: Casino En Ligne VéRification Rapide
First time nude models freeWomen strip manWww nude
picture comOral chemo for breast cancerBetsey
johnson black vintage hobo bagAnus spinctersSperm inseminationMike apartments
sexWomen only erotic xnxx Sylvie van der vaart bikiniNude girl
of weekPorn internet censorship argumentativePlay free cartoon porn games onlinePeeing yoniAdriana sklenarikova sexFemale fisting photoHorror movie joshua mother breast feeding https://xnxx4.cc
Lanka’s public porn photosChristianity pre marital sexHave old people sexRussian nudist naturistLogan and the licksFree pc download games adultSunday strip dimensions inBaby’s bottom butterTeen rooms vintageTwitching after orgasm xnxx
Nude spas ny-njMouth closed cum in mouthMilf nest door
torrentsPenis enlarger drugsVintage duca milwaukee accordionGolf swinger clubs floridaRedhead cutegirlfriendsOutside old fuckersScream
silent xxxFab swingers budleyBlack asian armoiresGay video falconBlue and white striped tightsBodybuilding xxx movieCalaveras
county adult spaPlan a teen birthday partyNj full service female escort
best cs go good gambling sites (Bethany) websites uk, big red
pokie wins united kingdom 2021 and usa online casino no deposit bonus
codes, or best online casino sites for real money canada
craps dépôt 5 bonus 100 Euros Casino france
meilleur casinon casino en ligne dépôT 1 euro skrill
ligne
bingo neosurf belgique
Also visit my site; baccarat instantané suisse [Maude]
baccarat android suisse
Feel free to surf to my web blog :: casinos en ligne canadiens sans bonus de dépôt
black jack iphone
My page – casino carte Bancaire Sans frais
casino en direct blackjack nouveau 2026 suisse
code promo casino en ligne dépôt 1 euro bitcoin québec
casino en ligne 400 tours gratuits gagne
2026
Bonus De Bienvenue Casino En Direct En Ligne neosurf nantes
Casino En Ligne Retrait Paypal Rapide echeck 10 euro
You made some decent points there. I looked on the web for more info about the issue and found most individuals will go along with your views on this site.
casinos de royan
my website: casino en ligne acceptant cashlib en france – Lovie –
beaulieu casino avec google pay (Marina)
craps android
My blog post; bonus de bienvenue 15 euros casino (Pete)
bonus x1 wager casino france (Porter) casino ripple
jeux argent réel android
Look into my web-site: Casino licence costa rica avis
bingo bitcoin france
Here is my web blog 15 euros sans Dépôt casino
1000 euros offerts casino en vendée
regulation of gambling bible Catholic in canada, casino bonus uk and all slots online
casino united states, or online casino canada free chip
major poker in canada, casino sites usa no deposit bonus and
online casino 5 dollar minimum deposit united states, or australian top online casino
Stop by my homepage … gambling a victimless crime – Margene,
juegos de la ruleta del casino
Feel free to visit my website :: casinos sin deposito (Noah)
uptown pokies australia review, new zealandn online casinos no deposit and free bonus
no deposit uk slots, or free spins no deposit slots
united kingdom
Feel free to surf to my web page: who owns the mgm grand casino (Melvin)
online best western plus casino royale winners usa, blackjack mulligan uk and united statesn poker 95 download,
or united kingdom roulette betting strategy
casino maquinas electronicas
Feel free to visit my page: retirar dinero de casinos
valor juegos De apuestas online en españa casino la ruleta casino
casino vilafranca penedes – Ray
– quintana martin galindez
casino solera juegos gratis sin registrarse
aplicaciones de Juegos Casino Ruleta Gratis Sin Descargar que pagan dinero real
jugar juegos de casino gratis con bonus sin depositar
dinero [Bridgett] marina del sol
casino en tunuyan
Also visit my web-site … nuevos bonos casinos españa (Phillis)
aplicaciones de casino talcahuano ofertas para ganar dinero
apps de casinos reales
My web-site :: descargar casino gratis sin internet –
Ethan,
Best customer support I have encountered so far. They solved my issue in minutes. Totally trust okbetnetlogin with my gaming needs.
juegos de casino gratis para celulares (webhunt.Co.in) para dos
code Promo poker Casino étranger luxembourg