Over a year ago, I posted on how Bernie Sander’s wife, Jane Sanders, engage in what can only be described as a Trumpesque real estate scam during her tenure as a president of a small
Social Justice Warrior training facility college in Burlington, VT. At the time I summed the story up this way:
The story is banal. A woman who has her job because of her husband’s clout finagles a credulous state agency into accepting bogus financial documents. Real estate is purchased. The fraud is discovered. The wife of the powerful man is paid a lot of money to leave. Everyone else is ruined.
Essentially what Jane Sanders did was convince a state finance agency that her college, with an annual budget of $4 million, could buy a $10 million piece of property in order to build facilities for students it did not have with money it had no way of getting. In the end, Jane Sanders was paid a hefty severance payment for her just to freakin’ go away.
As Margaret Thatcher said, socialism works great until you run out of other people’s money.
Burlington College announced today that it will close on May 27 after it found itself unable to recover from “the crushing weight of the debt” incurred under Jane O’Meara Sanders, the college’s former president and wife of Bernie Sanders.
At the end of 2010, Ms. Sanders took out $10 million in loans on behalf of Burlington College to purchase a 32-acre swathe of land from the Roman Catholic diocese, which put the land up for sale to help cover the costs of a $17 million sexual-abuse settlement.
As Heat Street reported last month, the college almost immediately fell short on its financial obligations as fundraising pledges and commitments Ms. Sanders cited in the loan agreements never materialized.
Less than a year after leading Burlington College into massive debt, Ms. Sanders resigned, taking with her a $200,000 severance package. By 2014, because of its shaky finances and running deficits, Burlington College found itself placed on probation for two years by the regional accreditation agency.
But this is not an unhappy story. The parents of a couple hundred young SJWs have been bilked out of some $21,000/year in tuition. Many of the students will never complete college, which was sort of the same as graduating from Burlington College. A bevy of left wing faculty members will have to find another way of, or place to, not working for a living. And there may be a criminal investigation into Jane Sanders’s use of a fraudulent loan application for the land purchase.
This is the way that Venture Marxists, like Sanders and his wife, operate. They glom onto a few buzzwords associated with capitalism without understanding the underlying principles. Because they are so much smarter than everyone else, they know that they can make impossible deals work (if you want examples of this, check any grant issued by Obama’s Department of Energy for “green energy” products). The movies all end the same way, the ventures fail, innocent people are hurt, taxpayers are screwed, and the Venture Marxists receive a windfall and move on, all the while complaining about the inequalities caused by capitalism.