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(Some Guy) Scary Civil suits against Penn State could reach over 15% of the school's total endowment   (businessinsider.com) divider line 336
More: Scary, PSU, Jerry Sandusky, water coolers, Jimmy Page, campus police  
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12676 clicks; posted to Main » on 10 Nov 2011 at 4:32 PM   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»   |    Get this fabulous T-Shirt and impress the methane out of your friends! shirt it!



336 Comments   (+0 »)
   

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2011-11-10 02:27:00 PM
I hear they were pretty well endowed.

/poor kids
 
2011-11-10 02:32:32 PM
yeah, this thing is a mess. people in harrisburg are scrambling to get away from it.
 
2011-11-10 02:55:08 PM
I'd bet it will end up being a LOT more than that.
 
2011-11-10 03:18:02 PM
Somehow I don't think their Errors and Omissions insurance is going to cover this.
 
2011-11-10 03:18:12 PM
robmilmel: I'd bet it will end up being a LOT more than that.

It seems like one of those "just open up the checkbook and start writing" situations. You really don't want this in front of a jury.
 
2011-11-10 03:19:13 PM
I'm willing to bet it's closer to $250M than $100M.

Hopefully the trustees don't raise tuition to make up for the legal actions as well as the reduction of athletic revenue. That's when the REAL shiat will hit the fan.
 
2011-11-10 03:19:29 PM
Better get those kids a-workin'
 
2011-11-10 03:54:19 PM
Comic Book Guy: I'm willing to bet it's closer to $250M than $100M.

Hopefully the trustees don't raise tuition to make up for the legal actions as well as the reduction of athletic revenue. That's when the REAL shiat will hit the fan.


They raise tuition at colleges just because it's a Tuesday.
 
2011-11-10 03:55:09 PM
Gwendolyn: Comic Book Guy: I'm willing to bet it's closer to $250M than $100M.

Hopefully the trustees don't raise tuition to make up for the legal actions as well as the reduction of athletic revenue. That's when the REAL shiat will hit the fan.

They raise tuition at colleges just because it's a Tuesday.


As true as that statement is, with this kind of subtext it's a whole other can of worms.
 
2011-11-10 03:56:06 PM
As I said elsewhere, the only winners are going to be lawyers.
 
2011-11-10 04:07:30 PM
Other colleges in the Big 10 can pull in several million dollars per home game, plus donations from the alumnae. Something tells me that poor little Penn State will be just fine. Heck I bet donations/endowments actually pick up with the alums thinking that the joint is in trouble.
 
2011-11-10 04:20:45 PM
landimal: Other colleges in the Big 10 can pull in several million dollars per home game, plus donations from the alumnae. Something tells me that poor little Penn State will be just fine. Heck I bet donations/endowments actually pick up with the alums thinking that the joint is in trouble.

Not when you could be investigated. This isn't like a political campaign, someone's falsely accusing of harassment, "circling the wagons" situation. This is a pretty clear-cut, these guys covered up for a child molester using University facilities and it went all the way to the echelons of senior management. If (IF) the rumor that Sandusky was pimping kids for donors has some roots in reality, you can kiss outside donations goodbye.

When you start throwing felony accusations, it's a whole 'nother ballgame. When you start throwing crimes against children on top of that, you aren't even on the same planet anymore.
 
2011-11-10 04:21:22 PM
28.media.tumblr.com
p.twimg.com
 
2011-11-10 04:21:54 PM
2wolves: As I said elsewhere, the only winners are going to be lawyers.

You don't think the victims are going to get a boatload of money, and rightly so? Sure they need legal representation, so you don't think they should be compensated for their job as well?
 
2011-11-10 04:27:41 PM
basemetal: I hear they were pretty well endowed.

It's true.

Only, I don't know how they'll collect 15% of our giant cock. We don't have that much money compared to an Ivy League school, though.
 
2011-11-10 04:32:46 PM
The bigger they are, the harder they fall.
 
2011-11-10 04:34:02 PM
Main page/
About time, Drew.

In before the Paterno appologists.
 
2011-11-10 04:34:08 PM
Meatzilla: [28.media.tumblr.com image 450x365]
[p.twimg.com image 450x365]


I think "Ray-Penn State" sounds better.
 
2011-11-10 04:35:23 PM
Grand Jury Report (can't be unread)
 
2011-11-10 04:35:33 PM
It's kind of hard to have sympathy for this kind of thing in a country that permits such ridiculous financial payouts.
 
2011-11-10 04:35:36 PM
Civil suits against Penn State could reach over 15% of the school's total endowment

So, like half an inch?
 
2011-11-10 04:36:24 PM
They can just call the catholic diocese in the area to get a referral for a good defense firm
 
2011-11-10 04:36:30 PM
Comic Book Guy: Sure they need legal representation, so you don't think they should be compensated for their job as well?

No. All lawyers should make G-man money. Accepting money or assets on top of that G-man pay should at least disbar you. AT LEAST.

Lawyering for money is what's destroyed more than one legal system. Take the old practice of judicial duels. In Viking turf, the winner was owed money from the loser. And you couldn't back out or you still had to pay, you just didn't risk dying.

The berkserks, elite and trained, would roam around the country literally picking fights. Then, they'd best the poor bastards they fought and take a bunch of dough. Money gets low and it's time to rinse, repeat. Eventually even the vikings had to put the kaibosh on the money.

Now, we don't deal with anything so nice as mere death. Now we've ventured into awards of so much money it would take two lifetimes to accumulate and lawyers who make so much if they spent even half of it on hookers they'd be in bed until Judgement Day!

Now, if ol' Johnny Cochren had been making G-man money and doin' it for the love, do you think OJ would have gotten off? Do you think an old lady would have gotten a million bucks for a spilt coffee? Do you think we'd even have a tenth of the lawsuits we do now?
 
2011-11-10 04:36:58 PM
Is this a news story on Fark now?
 
2011-11-10 04:37:29 PM
And this is just the tip of the iceberg.

/just for a second.
//just to see how it feels.
///going to hell.
 
2011-11-10 04:38:06 PM
Spike Lee's Favorite Farker: Is this a news story on Fark now?

It's finally impacting White Peoples' Money.
 
2011-11-10 04:38:13 PM
JonnyG: It's kind of hard to have sympathy for this kind of thing in a country that permits such ridiculous financial payouts.

Good thing you're broke, so you don't have to worry about it.
 
2011-11-10 04:38:29 PM
Comic Book Guy: 2wolves: As I said elsewhere, the only winners are going to be lawyers.

You don't think the victims are going to get a boatload of money, and rightly so? Sure they need legal representation, so you don't think they should be compensated for their job as well?


It's not that people have a problem that they get paid for services rendered (well, except those that hate capitalism), it's just that they often "pad the bill," if you know what I mean. Like billing for a gajillion hours even though they would have technically needed to work night and day to account for those hours. With a case like this, juries are going to award money like it's growing on frickin' trees and no one's going to notice if legal fees are inflated by a few hundred hours. Jussayin'
 
2011-11-10 04:38:44 PM
i.cdn.hbo.com


Hmm.....if only there were some precedence for the headstrong, Italian patriarch, perhaps past his prime, losing his faculties, with his trademark black oversized glasses, the capo di tutti capi, so to speak, of a proud organization, to feign mental illness as a way to deflect criticism and simultaneously garner sympathy....hmmm...
 
2011-11-10 04:38:53 PM
Who's really sorry for them at this point? They're no better than the Catholic church.
 
2011-11-10 04:38:58 PM
Comic Book Guy: 2wolves: As I said elsewhere, the only winners are going to be lawyers.

You don't think the victims are going to get a boatload of money, and rightly so? Sure they need legal representation, so you don't think they should be compensated for their job as well?


What is sought is rarely what is obtained, especially when you throw a closed settlement arrangement into the works. The lawyers take a third... maybe you end up with a million per victim? A life of head shrinking will bite into that amount, that's for certain.

The lawyers always win; they are on both sides and do the officiating, and none of the money is going to un-violate the kids. Yes, they're professionals that deserve compensation.
 
2011-11-10 04:40:15 PM

I wonder what Barbara Bush's take is on the situation.

And so many of the people in the arena here, you know, were underprivileged anyway so this (chuckle) - this is working very well for them
 
2011-11-10 04:40:20 PM
Yep, rape is pricey. Especially shower boy rape. Maybe they could cut a break if they just agreed to change their name to Rape State.
 
2011-11-10 04:40:57 PM
img689.imageshack.us
 
2011-11-10 04:42:00 PM
Jerry did me too! Where do I sign/pick up my pay check?
 
2011-11-10 04:42:28 PM
wont_eat_bugs: Somehow I don't think their Errors and Omissions insurance is going to cover this.
howtosplitanatom.com
They might have to sell their souls to pay it off. Well, the part of their souls left over, if any.
 
2011-11-10 04:44:47 PM
TeddyRooseveltsMustache: Who's really sorry for them at this point? They're no better than the Catholic church.

What I don't get is how, especially in a Catholic-concentrated area of the country, that they could have looked at this situation while the Church's scandals were exploding and come up with the plan to whitewash McQueary's report and leave it at that?

How the f*ck did Curley and Schultz (according to the Grand Jury report) think a child-molestation cover up would play out? They'd skate while a junior assistant coach would end up taking the heat?

Identify the cancer and cut it out publicly is the only way!
 
2011-11-10 04:45:37 PM
Just bulldoze the whole university and start from scratch
 
2011-11-10 04:45:50 PM
Jacobin: They can just call the catholic diocese in the area to get a referral for a good defense firm

Why not. They've pretty much followed the Catholic Church pedophile cover-up playbook so far.
 
2011-11-10 04:45:58 PM
This is going to raise insurance premiums to the point where our poor football players won't have any coaches.

/not serious
//but it is consistent with herpderp right wing thought
 
2011-11-10 04:46:01 PM
Penn State is FLOATING on money. They should be required until it hurts hard. The board of trustees needs to be fired en mass as well at the very minimum.
 
2011-11-10 04:48:59 PM
Delawheredad: The board of trustees needs to be fired en mass as well at the very minimum.

that works for me.

Works for the kids, too.

You know they knew.

they ALL knew.


he's been doing this since I was in Highschool

and I'm in my farking 50s now.
 
2011-11-10 04:49:49 PM
They could get $1,000,000 from AstroGlide for stadium naming rights

"Welcome to AstroGlide Stadium!"
 
2011-11-10 04:50:03 PM
It's ok, they will pay, tuition will go up, Pell grants will pay for it.
 
2011-11-10 04:50:06 PM
Give the victims the entire damned school. It has been little more than a football merchandising warehouse for decades.
 
2011-11-10 04:50:15 PM
www.bettercallsaul.com
 
2011-11-10 04:51:03 PM
netweavr: Grand Jury Report (can't be unread)

Holy mother of god.
 
2011-11-10 04:51:11 PM
Comic Book Guy: landimal: Other colleges in the Big 10 can pull in several million dollars per home game, plus donations from the alumnae. Something tells me that poor little Penn State will be just fine. Heck I bet donations/endowments actually pick up with the alums thinking that the joint is in trouble.

Not when you could be investigated. This isn't like a political campaign, someone's falsely accusing of harassment, "circling the wagons" situation. This is a pretty clear-cut, these guys covered up for a child molester using University facilities and it went all the way to the echelons of senior management. If (IF) the rumor that Sandusky was pimping kids for donors has some roots in reality, you can kiss outside donations goodbye.

When you start throwing felony accusations, it's a whole 'nother ballgame. When you start throwing crimes against children on top of that, you aren't even on the same planet anymore.


My perspective comes from me working at a small private women's college where we had a $3-5million endowment and at conferences always hated the big schools when they'd whine about losing 3x our endowment, or brag about pulling in $17 million on a single home game. My point is that even if they burned 99% of their endowment they'll still be in better shape than my old college. Penn is in trouble, heads will roll, but they literally are too big to fail.
 
2011-11-10 04:51:15 PM
/OVERUSED JOKE TIME

MORE LIKE PENIS STATE!
 
2011-11-10 04:52:06 PM
Doesn't Pennsylvania have a $250k per plaintiff cap on damages against a governmental entity? I don't see how they could possibly get up into the hundreds of millions of dollars for this. Maybe a few million, which is probably less than one Penn State football game brings in for food vending.
 
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