Roosevelt on Salon: Aditya Pande on the Financialization of Higher Ed

The Ghost of Lehman Brothers Still Haunts Georgetown

Aditya Pande from Roosevelt @ Georgetown and Alan Smith on Salon

 The ghost of Lehman Brothers is still haunting colleges and universities around the country, continuing to extract money from institutions even though the financial firm itself is long dead.  The effects of this financializaton at Georgetown have cost the school millions.

Lehman Brothers, having already managed to scrape more than $140 million from Georgetown’s coffers, is audacious in asking for more from beyond the grave.

Our Water

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Our Schools

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Our Streets

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Interest Rate Swaps

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Endowments

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Restraining Financial Influence

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2.7 Bn

Cost of interest rate swaps incurred by 19 Schools.

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16.7 Bn

Estimated hedge fund fees paid by Universities between 2009-15.

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56%

Of board leadership positions held by people with a professional career in finance

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Train

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Study

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Act

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The Challenge: Inequality in the Communities Where We Live, Work, and Study.

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We believe solving inequality doesn’t have to be an overwhelming endeavor — in fact, we can start with our colleges and universities.
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Why focus on anchor institutions as a way to tackle inequality?
[Infographic]

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20%

of DC Residents Live Below the Poverty Line
[Video]

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7.3%

Women and minority owned businesses comprise 50% of all U.S. firms, but receive only 7.3% of business.

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$1.25B

The dollar amount lost by Harvard University on interest rate swaps.

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“Community wealth building is very interested in this question of how do you keep money in your community and keep it circulating, rather than exiting? ” – Ted Howard, Democracy Collaborate

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