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(USA Today)   Ohio State president Gordon Gee has spent 64,000 dollars on bow ties and bow tie related items in the last 5 years. Well, they are cool   (content.usatoday.com) divider line 56
    More: Cool, Gordon Gee, Ohio State, government spending  
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3025 clicks; posted to Main » on 24 Sep 2012 at 11:28 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-09-24 06:05:18 PM  
www.gannett-cdn.com
President Up In Of This University biatch
 
2012-09-24 06:16:19 PM  
THE Gordon Gee.
 
2012-09-24 06:18:00 PM  
OMG that smarmy prick? He looted CU when I went there. I hope he chokes on one of his bow ties.
 
2012-09-24 07:32:25 PM  
Well, at least he's avoided fezzes and Stetsons. Some Stetsons can get 'spensive.

//Stetson wearer.
///They have always been cool.
 
2012-09-24 08:33:52 PM  

Three-Fifty: OMG that smarmy prick? He looted CU when I went there. I hope he chokes on one of his bow ties.


It's not like he's going to go loot the Little Sisters of the Poor
 
2012-09-24 09:19:22 PM  
He's really gone full dork since leaving the Violent Femmes.
 
2012-09-24 10:43:30 PM  
I still don't get why the cost of higher education is rising faster than the rate of inflation.
 
2012-09-24 10:57:54 PM  
As long as its his paycheck, he can do what he wants. Its a free country.

Bolos kick bowtie asses, but that's just me.
 
2012-09-24 11:04:52 PM  
i.imgur.com

This thread is Sen. Paul Simon APPROVED.
 
2012-09-24 11:32:47 PM  

Babwa Wawa: I still don't get why the cost of higher education is rising faster than the rate of inflation.


Its called "nation building." These guys are exploding the campuses with construction of the latest and greatest to one-up each other. Think of all those people that embezzled money from corporations in the late 90's/ early 00's. Then picture it being done with public tuition money. "For the children."
 
2012-09-24 11:32:56 PM  
The highest paid public university president in the country ... and yet, Ohio is biatching about 'public servants' getting better pensions ... :facepalm.jpg:
 
2012-09-24 11:35:07 PM  
That's funny, I didn't even know Ohio had a State President. I thought they had a Governor like everyone else.

/dnrtfa
 
2012-09-24 11:39:57 PM  
i291.photobucket.com
 
2012-09-24 11:40:19 PM  

seadoo2006: The highest paid public university president in the country ... and yet, Ohio is biatching about 'public servants' getting better pensions ... :facepalm.jpg:


But see, he isn't one of those damn union lazies living off the fat of the state, so he's all right.

/He's a wannabe corporate toady living off the fat of the state. That's different.
//If you don't know the difference, count your blessings, for if you did, your name might be Mitt.
 
2012-09-24 11:47:34 PM  

Babwa Wawa: I still don't get why the cost of higher education is rising faster than the rate of inflation.


Keeping up with technology, large physical plants that require a lot of energy, research and research equipment or other types of instructional property, athletics, activities, high compliance requirements, large professional staffs. Essentially, just about every increasing cost affects a college or university directly
 
2012-09-24 11:51:20 PM  

shifty lookin bleeder: Babwa Wawa: I still don't get why the cost of higher education is rising faster than the rate of inflation.

Keeping up with technology, large physical plants that require a lot of energy, research and research equipment or other types of instructional property, athletics, activities, high compliance requirements, large professional staffs. Essentially, just about every increasing cost affects a college or university directly


Athletics at Ohio State are a black line item for the University. The football and basketball teams fund every other sport and give money back to the school. In most of the universities this isn't true.
 
2012-09-24 11:53:15 PM  
I live in Ohio and never knew we had a president. Did we vote for him or is it kinda one of those things?
 
2012-09-24 11:56:59 PM  

Somacandra: As long as its his paycheck, he can do what he wants. Its a free country.

Bolos kick bowtie asses, but that's just me.


They appear to be coming from the university's budget, but they're apparently not for him -- rather, they're promotional items they give away.

Not sure if legit.
 
2012-09-24 11:59:42 PM  

Babwa Wawa: I still don't get why the cost of higher education is rising faster than the rate of inflation.


Because the cost of borrowing for it is still lower than traditional market rates, the loans are guaranteed by the federal government, and the loans can't be discharged in bankruptcy. There's no risk for the banks that make the loans for tuition, so tuition keeps going up because students keep paying it.

I had a full scholarship for college when I went in 1989, and it covered $14K for tuition. However, it didn't cover tuition raises each year, so I had to borrow it. By the time I was a senior, tuition was $21K. Overall, I borrowed about $9K to make up the difference. In those days, you didn't borrow money for living while you were going to school, you just worked a part time job.

These days, the increase from your freshman year to your senior year can be as great as 50% for tuition alone, and maybe another 30% each year for living expenses - all of which students feel they need to borrow. Plenty of students are working while they go to school, but the "elite" students feel that would be a distraction, so they finance their living expenses. Since the government backs most of those loans, the banks have no problem sending a 20 year old kid into a $200,000 debt by the time they graduate. The loans can't be discharged in bankruptcy and if the student dies, the government has to pay the loan back.

The schools don't give a fark because they get paid up front. The banks don't care because they get paid either way. The students who are borrowing the money are too young and idealistic to realize that they're being sold down the river. The articles I've seen about "the next big bubble" being the college loan market are right on the money, simply because a college education isn't worth what everyone is paying for it. Some college grads aren't worth the 100 or 200 grand they borrowed for their education. When enough of them default, the government is going to have to step in, just like the mortgage crisis. Except when they do, there isn't going to be enough money to cover the spread.

So that's why tuition beats inflation. It's one of the last areas, outside of health care, that you can transfer wealth from the poor to the rich legally. Until it all collapses, of course. Unless the earnings of GenY start picking up in the next few years - this is the next crash.

This post was brought to you by lsherm and Matt Taibbi.
 
2012-09-24 11:59:51 PM  
Code it in the bow tie cost center, but don't make the check out to Happy Hookers. I don't want people thinking I wear clip-ons. Ask her for a different dba.
 
2012-09-25 12:11:18 AM  
www.biography.com

Unimpressed.
 
2012-09-25 12:16:52 AM  

Thanks for the Meme-ries: [i291.photobucket.com image 320x180]


I wonder if Matt Smith reads Fark.
 
2012-09-25 12:32:07 AM  

Lsherm: Babwa Wawa: I still don't get why the cost of higher education is rising faster than the rate of inflation.

There's no risk for the banks that make the loans for tuition, so tuition keeps going up because students keep paying it.


Banks don't lend federally guaranteed loans anymore.

Since the government backs most of those loans, the banks have no problem sending a 20 year old kid into a $200,000 debt by the time they graduate. The loans can't be discharged in bankruptcy and if the student dies, the government has to pay the loan back.

Again, banks don't lend federal money. And the total federal borrowing eligibility for a dependent undergrad, subsidized and unsubsidized, is about $31,000.

The schools don't give a fark because they get paid up front.

But aside from the gross misstatements and a ridiculously broad brush, you're right on.
 
2012-09-25 12:34:16 AM  
i once sat next to that guy on a flight home from new orleans on ash wednesday.

i believe i was still wearing my blinky budweiser beads.
 
2012-09-25 12:35:38 AM  
So long as it was his money
 
2012-09-25 12:37:04 AM  

Cake Hunter: He's really gone full dork since leaving the Violent Femmes.


How much dorkier can you get???
 
2012-09-25 12:52:59 AM  
Ohio State president Gordon Gee has spent 64,000 dollars $64,000 dollars on bow ties and bow tie related items in the last 5 years. Well, they are cool

FTF Subby
 
2012-09-25 12:53:45 AM  
nothing screams aging queen quite like a bow tie.

you want some unique neck wear, go with a mississippi string tie.
 
2012-09-25 12:55:18 AM  
What a twee ponce.
 
I collect Liberty print ties. Wishlist not in profile but I daresay have exposed myself.I expect and shall recieve nothing.
 
:P
 
2012-09-25 12:58:24 AM  
Well Gee whiz, that's a lotta bowties.

/golly
 
2012-09-25 01:00:45 AM  

shifty lookin bleeder: Banks don't lend federally guaranteed loans anymore.


As of 2010. So that couldn't possibly explain the +inflation growth of tuition over the past 30 years.

shifty lookin bleeder: Again, banks don't lend federal money. And the total federal borrowing eligibility for a dependent undergrad, subsidized and unsubsidized, is about $31,000.


As of 2010, the banks can't lend that money with a federal guarantee. So that couldn't possibly explain the +inflation growth of tuition over the past 30 years. PLUS loans are direct now.

shifty lookin bleeder: But aside from the gross misstatements and a ridiculously broad brush, you're right on.


You're correct, by pointing out the incentives banks had for the past 30 years to throw money at students and their parents without any oversight, I'm completely wrong because they had to stop doing it in 2010. Those reasons couldn't possibly be responsible for a trend in tuition increases. Thank you for your insight.
 
2012-09-25 01:01:30 AM  

LaughingRadish: Thanks for the Meme-ries: [i291.photobucket.com image 320x180]

I wonder if Matt Smith reads Fark.


i291.photobucket.com
 
2012-09-25 01:49:29 AM  
Did not read the story, but if it is his own money (and his wife is OK with his collection), then good for him.
 
2012-09-25 02:14:24 AM  
Does it come in red?
 
2012-09-25 05:16:42 AM  
Ain't nuthin but a Gee thang.
 
2012-09-25 05:39:06 AM  
But his expenses - hidden among hard-to-get records that the university took nearly a year to release - tally nearly as much: $7.7 million.

Gee's spending is kept out of the public eye because it can be tallied only by examining multiple reports, including the quarterly discretionary expense reports delivered to the trustees and not easily obtainable by others. The Daily News first requested records documenting Gee's work day, housing, American Express statements, travel expenses, discretionary spending reports and other data in September 2011. The university did not fully respond to the request until August 2012.

Those records show Gee stays in luxury hotels, dines at country clubs and swank restaurants, throws lavish parties, flies on private jets and hands out thousands of gifts - all at public expense.

The Daily News investigation found the university spent more than $895,000 for gatherings at the Pizzuti House, the president's mansion, between April 2008 and June 2011. That works out to be about $23,000 a month - a little less than the average cost of a wedding.


Ummmmm yeah about that part where if its HIS OWN MONEY
 
2012-09-25 08:03:39 AM  
Well, at least college tuition is affordable.
 
2012-09-25 08:46:24 AM  
The Ohio State University president Gordon Gee has spent 64,000 dollars on bow ties and bow tie related items in the last 5 years. Well, they are cool.


FTFS
 
2012-09-25 08:52:28 AM  

shifty lookin bleeder: Keeping up with technology, large physical plants that require a lot of energy, research and research equipment or other types of instructional property, athletics, activities, high compliance requirements, large professional staffs. Essentially, just about every increasing cost affects a college or university directly


You're right. It couldn't possibly be that the lack of oversight, a customer base enabled by easy credit, and the absence of publicly funded vocational education combine to create a situation where 4 year universities have far too many enrollees and completely lack cost control incentives.
 
2012-09-25 08:53:45 AM  

shifty lookin bleeder: Keeping up with technology, large physical plants that require a lot of energy, research and research equipment or other types of instructional property, athletics, activities, high compliance requirements, large professional staffs. Essentially, just about every increasing cost affects a college or university directly


Oh, and you need a better understanding of the concept of inflation.
 
2012-09-25 09:06:29 AM  

Mock26: Did not read the story, but if it is his own money (and his wife is OK with his collection), then good for him.


It was not his own money. The University paid for them as "branding" for him. They wanted him to stand out in the crowd of boring university presidents.

The even MORE rediculous thing is that he makes $8.9 MILLION every year, yet he expensed the university for an additional $7.6 MILLION on top of his salary for things like these bow ties and trips to farking China and Europe. I'm sorry, but WTF does a university president need to be doing making trips to China and Europe. What could he possibly be doing.
 
2012-09-25 09:09:47 AM  
This is really a fun topic of conversation around our dinner table as our son with a 33 ACT and Honor's Diploma attends The Ohio State University and received a grand total of $0 in scholarships/financial awards. Mom the accountant is very pleased by this. Her Facebook postings regarding the Gee expenditures would be significantly more entertaining if it were somebody else's finances that were relevant.

/We refused to help him with any paperwork to go to OSU based upon their less than generous offer.
//Kid did it all himself.
///"Hang on Sloopy" just came on my radio as I'm typing this.
////Fark needs an Ohio tag.
 
2012-09-25 09:36:40 AM  

Babwa Wawa: I still don't get why the cost of higher education is rising faster than the rate of inflation.


Universities' incentives drive them to try to climb prestige rankings instead of lowering costs.
 
2012-09-25 10:47:14 AM  

Gaseous Anomaly: Universities' incentives drive them to try to climb prestige rankings instead of lowering costs.


That's an incentive, but it's an indirect driver of cost. It's more of a lack of incentive to control cost. There are plenty of colleges at or near the top of certain parts of the prestige rankings that have low costs.

My question of course was tongue in cheek. Here's the problem - the consumers are not controlling cost. If I google college prestige rankings and go to the first link, I get a list of colleges. I can sort them by any of the following characteristics. Greek life, attractiveness of students, political affiliation of students.

i.imgur.com

It's absurd that there's no way to look at college by value. The reality is this:

1. College is pretty much the ante for a middle-class lifestyle because HS education is abysmal, and there is no meaningful vocational education

2. So parents will pay anything for their kids to get college education.

3. So It's a seller's market, where there is no incentive to control cost.

4. So colleges spend money on stupid shiat

5. So a university president can get his employer to pay $12k/year on bow tie related items for his personal "brand"
 
2012-09-25 10:02:47 PM  

Babwa Wawa: shifty lookin bleeder: Keeping up with technology, large physical plants that require a lot of energy, research and research equipment or other types of instructional property, athletics, activities, high compliance requirements, large professional staffs. Essentially, just about every increasing cost affects a college or university directly

Oh, and you need a better understanding of the concept of inflation.


please explain
 
2012-09-25 11:08:39 PM  

Lsherm: You're correct, by pointing out the incentives banks had for the past 30 years to throw money at students and their parents without any oversight, I'm completely wrong because they had to stop doing it in 2010. Those reasons couldn't possibly be responsible for a trend in tuition increases. Thank you for your insight.


I totally agree that banks had better than a free ride for a long time. Completely. No risk and origination fees? what a country! They behaved exactly the same as they did with mortgages, but that only began truly with unsubsidized loans, which is a much narrower window than the 30 year history of federal student loans. Banks used it as a model in a lot of ways for mortgage securitization, actually. But don't impute their motives to schools.

Are there corrupt segments of the industry? Clearly. Mostly in the for profit sector which is a relatively new thing. But that's not the whole industry. Yes,industry that America clearly leads the world in, and it serves us very well to have that advantage. Rapacious profit seeking from consumers is wrong wherever it is, but that's not most or even close to most schools. Your caricature of single mindedness in the industry is not a good assessment of it. Yes it has inefficiencies, externalities and pockets of corruption, What doesn't? But going all RONPAUL! on student loans is going to cause more problems than it solves.

/And oversight? You have no idea how many different ways schools are scrutinized. Public money always comes with strings attached, and private money usually does too.
 
2012-09-25 11:15:05 PM  
 
2012-09-25 11:21:11 PM  
 
2012-09-26 08:50:48 AM  

shifty lookin bleeder: please explain


Those increased costs you describe are the rise in the cost of doing business (and the cost of living). That's inflation. Higher education costs are rising at a much higher rate than inflation.

i.imgur.com

It's because there's no incentive to control costs. Higher education is a requirement for a secure economic future. So people will pay whatever is needed for education up until the point where it impoverishes them. In this sense, it's very similar to the medical industry. Because higher ed and medicine are not subject to the market pressures that pretty much every other industry is subject to, both industries have been slow to adopt technology and efficiency reforms which would keep prices down.

The lack of counter-inflationary market pressure on higher ed prices is certainly what causes this type of asshattery with the bowties and whatnot.
 
2012-09-26 12:26:32 PM  

Babwa Wawa: Those increased costs you describe are the rise in the cost of doing business (and the cost of living). That's inflation. Higher education costs are rising at a much higher rate than inflation.


CPI is extrapolates poorly to businesses. Hence the name consumer price index. It makes no attempt at incorporating wage and benefit inflation, capital costs, compliance costs or commercial insurance, to name just a few things that drive college costs more than the cost of milk. And here's some historical data showing that education input costs have outpaced general inflation far beyond the era of widespread student loan availability. Link

So I wonder what might be unique in periods where the spread is between general inflation and higher ed is most pronounced? Actually, no I don't wonder. Most recently, it's first where computers were introduced to widespread usage, and then with the internet and networks for an industry that by its nature has to remain leading edge. Other periods are where spikes in enrollment produce increasing marginal costs, another concept the CPI has no way of measuring in any meaningful way in relation to business.


Babwa Wawa: It's because there's no incentive to control costs.


Well the Moody's and Grant Thornton links I posted say just the opposite. Ima go with them on that.

Again, are there problems in the industry that deserves attention and scrutiny? Obviously. But simple minded diagnoses lead to simple minded remedies that pose a risk that will be borne by literally every other sector of the economy, and American competitiveness in general.
 
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