|For the Week of March 07, 2016|
UC has paid hedge fund managers about $1 billion over the past 12 years, according to a report issued by AFSCME Local 3299, which represents PCT and service workers at UC. “Missing the Mark: How Hedge Fund Investments at the University of California shortchange students, staff and California taxpayers” examines the history and performance of UC’s hedge fund investments. Among its key findings: UC paid hedge fund managers a dollar in fees for every two dollars generated in returns – fees that have caused the funds to underperform and have sapped more than $783 million in investment returns over 12 years.
UC Berkeley has been quietly reclassifying graduate programs to professional schools, allowing the university to charge tens of thousands of dollars more in tuition, sometimes doubling or even tripling the price. UC Berkeley says the tuition raised $62 million last year alone.
Annual tuition at USC has topped $50,000 for the first time ever.
UC Davis’s chancellor, Linda Katehi, has quit a $70,000-a-year post with the for-profit DeVry Education Group after pressure from a California legislator and consumer groups. The Federal Trade Commission sued DeVry in January for deceptive advertising.
“The scandal engulfing UC Davis Chancellor Katehi is only the latest sign of the disconnection between our managerial elite and the rest of the University,” says UCLA history professor Michael Meranze in Remaking the University, a faculty blog.
UC faculty have taken a stand against the pension reforms proposed by UC President Napolitano. They oppose the ability for new employees to opt out of the pension plan and the lowering of the cap on pensionable income to $117K. Read faculty analyses from CUCFA and from Academic Senate leaders.
“UCLA students, faculty and alumni are escalating their complaints against the university” for its inadequate response to “a prominent history professor accused of sexual harassment,” reports the Los Angeles Times. Students are calling on him to be fired, notes the Daily Bruin, and say “UCLA officials are not creating a safe environment for students.” They also claim the university’s new Title IX policy “does not improve conditions for graduate students.”
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