Monday Memo

Monday Memo: Week of August 07, 2017

The Monday Memo reported last week on UC Irvine’s abrupt cancellation of enrollments for 500 students admitted this fall. After an avalanche of bad publicity, UCI announced that it would reinstate the admissions of 300 students. The remaining 200 students will need to file appeals.

California university leaders urged the federal government not to crack down on affirmative action programs in response to a recent statement by Attorney General Jeff Sessions. Since Proposition 209 in 1996 banned affirmative action at the university, UC has increased its outreach to underrepresented Latino and African American communities. Despite these efforts, as this graphic shows, the disparity between the size of the Latino and African American population and the number of students enrolled has only gotten worse.

Immigration Facts

With immigration in the news, UC Berkeley public policy professor Robert Reich has re-released his explanatory video on how immigrants benefit the US economy.

Remember “Parsky’s Party,” the 2007 article detailing how UC regent Gerald Parsky led an effort to purge the UC Retirement System of its in-house investment managers, replace them with private fund managers, and restructure the system’s investments? The action drove the pension fund from thriving to deeply troubled, and turned it into one of the country’s worst performers. Ten years and billions of dollars later, UC’s investment manager, Jagdeep Bachher, has reversed course, dumping the external money managers and restructuring UC’s investment portfolio so it can be managed in-house. The move has generated higher returns, and will result in a $500 million cut of management fees.

Imagine if you planned to retire on a University of California pension and suddenly you couldn’t count on it – which happened in Loyalton, California when the town pulled out of CalPERS.

Vanity Fair is out with an alarming expose, “Why the scariest nuclear threat may be coming from within the White House.” It’s about what’s happening--and not happening--at the nation’s Department of Energy, including the nuclear labs it runs (where some of the workers are represented by UPTE).