Get ready folks! If you really want to know what it’s like living under a socialist like Bernie Sanders for President, this is just one example of what happens when you spend other people’s money.
This week’s announcement of the closure of Vermont’s debt-burdened Burlington College brings to mind the famous quote from Britain’s legendary Conservative Party prime minister, Margaret Thatcher, that the real problem with socialist governments is that “they always run out of other people’s money.” Coralee A. Holm, the college’s dean of operations and advancement, released a statement claiming that the institution had “struggled under the crushing weight of the debt” related to a $10 million purchase of property — a purchase made in 2010, under the leadership of former Burlington College president, Jane Sanders, the wife of the socialist U. S. senator and Democratic presidential contender, Bernie Sanders.
During her seven-year tenure as president of the college, from 2004 to 2011, Jane Sanders pledged to double the student enrollment by spending millions of dollars of borrowed money on a beautiful new campus — 33 acres along the bank of Lake Champlain that was purchased in 2010 from the Roman Catholic Diocese of Burlington, Vt. President Sanders predicted that the new campus would attract more students and donations from alumni. It didn’t. The next year, Sanders took her $200,000 severance package and left Burlington College in such dire straits that by July 2014, the New England Association of Schools and Colleges (NEASC) put the institution on probation for not meeting its financial-resources standard.
The Chronicle of Higher Education concluded that since the Federal Department of Education allows a college only two years of probation, Burlington College would have lost its accreditation in January 2017. On May 13, 2016, the Burlington College Board of Trustees voted unanimously to close the college effectively at the end of this month.
While the purchase of property by a college administrator is certainly not evidence of socialism, the way Jane Sanders was able to gain approval for the loan from the State of Vermont Educational and Health Buildings Finance Agency raises questions. In fact, Jane Sanders did such a good job of convincing loan officers that Burlington College would be a good risk that the school is now facing allegations of loan fraud during her tenure as Burlington College president.
On January 10, 2016, a request for an investigation into federal bank fraud was filed with the United States attorney for the District of Vermont in behalf of Wendy Wilton, a Catholic member of the Immaculate Heart of Mary parish in Rutland, Vt., and other aggrieved Vermont parishioners. Wilton and the parishioners allege in the complaint that the sale of the Roman Catholic Diocese of Burlington headquarters to Burlington College entailed federal loan fraud.
Well, that sounds about right doesn’t it? Fraud is fraud and socialism is socialism. Seems like the Democrats haven’t changed much regardless of what candidate they run or what corruption is involved in their past.
It also looks like Jane Sanders played the “privileged status” card as Bernie, her husband, was a United States Senator at the time. Turns out his status shielded Jane from the underwriting of the loan that would have uncovered the fraud to begin with. Oops.
The public harm in this case is substantial, the Vermonters claim, and “the evidence indicates that Sanders, as president of the college, successfully and intentionally engaged in a fraudulent scheme to actively conceal and misrepresent material facts from a federal financial institution.”
Why do Bernie and Jane care if they spent money that wasn’t there’s to begin with? That’s what socialists do – spend other people’s money! Whether they get away with it or not…well, that’s another story!
What did you expect? This is the same socialist that wants US to pay for everyone else’s college tuition! I guess he should have mentioned to us, all college tuition, except for those who attend Burlington College because, unfortunately, thanks to Jane, it will be closed.