N.Y.U. is risking its intellectual and fiscal health
June 21, 2012 | Filed under: Talking Point | Posted by: admin

BY AN N.Y.U. FACULTY MEMBER | I must echo the words of one of my faculty colleagues at New York University, spoken in response to the City Planning Commission’s disappointing but hardly unexpected 12-to-1 vote in favor of the university’s 2031 expansion plan on June 6: “A sad day for our university… for recruitment and retention of our colleagues, for our educational mission, for our students’ financial futures. And what a sad day for Greenwich Village.”

How this faculty member wishes that things at the university that I so love were otherwise — and how I wish that I did not have to write this anonymously, for fear of reprisals from my employer (and landlord).

This is a sad state of affairs indeed and should tell the public something about the erosion of morale, to say nothing of faculty governance and trust, at N.Y.U. under the Sexton administration, extending from the faculty to low- and mid-level administrators to alarmed alumni and, most worrying of all, to our rapidly growing yet increasingly indebted student body.

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One Comment to “NYU will “grow” itself to death, unless the faculty can save it”

  • Is the following a part of this:

    http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620?print=true

    The Scam Wall Street Learned From the Mafia

    How America’s biggest banks took part in a nationwide bid-rigging conspiracy – until they were caught on tape

    by: Matt Taibbi

    Someday, it will go down in history as the first trial of the modern American mafia. Of course, you won’t hear the recent financial corruption case, United States of America v. Carollo, Goldberg and Grimm, called anything like that. If you heard about it at all, you’re probably either in the municipal bond business or married to an antitrust lawyer. Even then, all you probably heard was that a threesome of bit players on Wall Street got convicted of obscure antitrust violations in one of the most inscrutable, jargon-packed legal snoozefests since the government’s massive case against Microsoft in the Nineties – not exactly the thrilling courtroom drama offered by the famed trials of old-school mobsters like Al Capone or Anthony “Tony Ducks” Corallo.

    But this just-completed trial in downtown New York against three faceless financial executives really was historic. Over 10 years in the making, the case allowed federal prosecutors to make public for the first time the astonishing inner workings of the reigning American crime syndicate, which now operates not out of Little Italy and Las Vegas, but out of Wall Street.

    ……….

    via
    http://boingboing.net/2012/06/22/wall-street-like-the-mafia-b.html

    Wall Street, like the mafia, but more ambitious

    By Cory Doctorow at 6:00 pm Friday, Jun 22

    In Rolling Stone, Matt Taibbi is his usual incandescent self in reporting on the United States of America v. Carollo, Goldberg and Grimm, a bid-rigging trial against brokers at GE Capital, which implicated virtually every bank on Wall Street (and many overseas banks) in a multibillion-dollar municipal bond bid-rigging fraud, a fraud that skimmed a piece of every substantial municipal project in America, from public pools and baseball diamonds to subway stations and housing projects. Bid-rigging, a process perfected by the mafia, has been practiced by the financial sector on a scale never dreamed of by the simple men of the crime syndicates, and the scam is starting to unravel.

    The defendants in the case – Dominick Carollo, Steven Goldberg and Peter Grimm – worked for GE Capital, the finance arm of General Electric. Along with virtually every major bank and finance company on Wall Street – not just GE, but J.P. Morgan Chase, Bank of America, UBS, Lehman Brothers, Bear Stearns, Wachovia and more – these three Wall Street wiseguys spent the past decade taking part in a breathtakingly broad scheme to skim billions of dollars from the coffers of cities and small towns across America. The banks achieved this gigantic rip-off by secretly colluding to rig the public bids on municipal bonds, a business worth $3.7 trillion. By conspiring to lower the interest rates that towns earn on these investments, the banks systematically stole from schools, hospitals, libraries and nursing homes – from “virtually every state, district and territory in the United States,” according to one settlement. And they did it so cleverly that the victims never even knew they were being ­cheated. No thumbs were broken, and nobody ended up in a landfill in New Jersey, but money disappeared, lots and lots of it, and its manner of disappearance had a familiar name: organized crime.

    In fact, stripped of all the camouflaging financial verbiage, the crimes the defendants and their co-conspirators committed were virtually indistinguishable from the kind of thuggery practiced for decades by the Mafia, which has long made manipulation of public bids for things like garbage collection and construction contracts a cornerstone of its business. What’s more, in the manner of old mob trials, Wall Street’s secret machinations were revealed during the Carollo trial through crackling wiretap recordings and the lurid testimony of cooperating witnesses, who came into court with bowed heads, pointing fingers at their accomplices. The new-age gangsters even invented an elaborate code to hide their crimes. Like Elizabethan highway robbers who spoke in thieves’ cant, or Italian mobsters who talked about “getting a button man to clip the capo,” on tape after tape these Wall Street crooks coughed up phrases like “pull a nickel out” or “get to the right level” or “you’re hanging out there” – all code words used to manipulate the interest rates on municipal bonds. The only thing that made this trial different from a typical mob trial was the scale of the crime.

    USA v. Carollo involved classic cartel activity: not just one corrupt bank, but many, all acting in careful concert against the public interest. In the years since the economic crash of 2008, we’ve seen numerous hints that such orchestrated corruption exists. The collapses of Bear Stearns and Lehman Brothers, for instance, both pointed to coordi­nated attacks by powerful banks and hedge funds determined to speed the demise of those firms. In the bankruptcy of Jefferson County, Alabama, we learned that Goldman Sachs accepted a $3 million bribe from J.P. Morgan Chase to permit Chase to serve as the sole provider of toxic swap deals to the rubes running metropolitan Birmingham – “an open-and-shut case of anti-competitive behavior,” as one former regulator described it.

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