Sing …


I own three Land Rovers, wear Place Vendome suits
I get all me money from Russkies and Ukes
It’s laundered in Cyprus and also Seychelle
But now I’m indicted, it’s all gone to hell

And it’s no nay never
No nay never no more
Will I overlook FARA
No never no more

Scathing Interview on National Public Radio’s Show, 1A, with the Head of the Southern Poverty Law Center…

… a once-fine organization that lately has a curiously self-serving tendency to label lots of groups and people – people like Ayan Hirsi Ali – haters.

You can’t fault the organization for whipping up terror at the thought of women like AHA having a voice. I mean.

“It was a part-time job with an average hourly wage of $1,538.”

You can’t say the U of Smell, which provides its athletes with prostitutes in the comfort of their own dorm, stints when it comes to rewarding its currently-in-hiding president. Ex-president.

He and his cronies got their hands on the big-goody-levers at the university (no one to stop them – it’s Kentucky!) and they began to pull and pull and pull til they couldn’t pull no more! And then, in the immortal words of their great literary predecessor, they pulled themselves up to their magnificent height and announced:

And now I shall fuck off.

Goodbye, Monsieur Ubu! It was fun while it lasted! Enjoy your goodies!

‘IRS lawyers flagged Ross and his partners as engaging in a “tax avoidance scheme lacking in economic substance … to the benefit of Mr. Ross and his associates at Related Companies.”’

Sing it.


To the benefit of Mr. Ross
There will be a tax write-off
Of massive size

Michigan will stand and cheer
Its charitable buccaneer
What a prize!

From nothing much to thirty mill
A splendid haul
Is guaranteed for all

But of course
Fed’ral courts
Are not as enthralled


The celebrated Katz/Levine
Will engineer the money scheme
What a scene!

The IRS and auditors
Will look away and gently purr.
Don’t be late!

Messrs. K and L. assure the public
Their deduction will be second to none

But of course
Federal courts
Are having less fun


The celebrated tax judge James
Unentertained by fiscal games
Has ruled against

Appeal begins without delay
When Mr. R. performs his tricks another day
And Mr. R. will demonstrate
The many clever ways to calculate

And tonight Mr. R. is topping our bill!

On the Persistences of Libraries

A glass-walled, high-ceiling library will take up part of the first floor, but the developer says not to expect to find books in the room. ‘Nobody really reads books. So I’m just going to fill the shelves with white books, for looks.’

In the Heart of the Heart of the Country

A fraud trial opened Tuesday for a Utah businessman … charged with running a $100 million Ponzi scheme that prosecutors say drained people’s home equity, life savings and retirement funds.

Self-proclaimed “Latter-day Capitalist” Rick Koerber is charged with 18 federal counts including money laundering and securities fraud…

Koerber was once a larger-than-life figure in a cowboy hat offering $2,000 real estate seminars and hosting a radio show about American principles.

He spent lavishly on a mansion and luxury cars, once telling a story on his program about buying a Ferrari so he didn’t have to wait for service on his Maserati. When a radio caller questioned whether that was in accord with Christian teachings, he answered: “God is a capitalist, my friend.”

… [Koerber’s] lawyer … was wrestled to the ground in an Oregon courtroom after successfully representing Ammon Bundy in the occupation of a national wildlife refuge.

“The court heard of the building and refurbishing of luxury villas, the acquisition of expensive cars such as a Ferrari, holidays on exotic locations and so on – paid from university funds.”

When it comes to university presidents looting their schools, America lags well behind Greece, where the chancellor of Pandio University set the standard by leading (he was only found guilty of failing to note the illegal removal of ten million dollars of university funds, but he seems to have personally benefited from said removal) an extensive conspiracy of robber-administrators. The Greek state gave the school money; the school’s leadership took the money – that seems to have been the straightforward approach – and bought the stuff listed in this post’s headline.

Here in the States, the business of leaders draining millions and billions of university funds is more subtle, more complicated. President Lawrence Summers’ mad insane interest rate speculation cost Harvard one billion dollars but I mean … you know … he meant well. Yeshiva University’s trustees no doubt thought they were enriching the school as much as themselves by their extensive conflicts of interest coupled with avid investments in pieces of work like fellow trustee Bernie Madoff. In the event, they cost the school $1.3 billion.

Not that we don’t boast a few Greek-style university presidents. Karen Pletz, while president of Kansas City University of Medicine and Biosciences, allegedly paid for her Lexus convertible and a series of amazing foreign trips by the simple expedient of removing what these things cost from the university’s reserves and placing those sums in her private account.


James Ramsey, now routinely described as the disgraced ex-president of the University of Louisville, stands somewhere between high-minded removalists like Summers and flat-out Ferrari larcenists. UL let him, over the years, grow to a big strapping tyrant with his fingers all over every money source available at this public institution in one of America’s poorest states.

I say let him, but as Pandio and other examples suggest, it takes a village to pillage. Ramsey surrounded himself with what one retired UL professor, reviewing the school’s sordid history, calls fellow pirates – people who took as much pleasure in pillaging as he, and who of course had no cause to expose his piratical deeds.

Dennis Menezes, who spent almost forty years at the U of Smell, takes a sentimental journey through some highlights:

Robert Felner, the former education who ended up doing jail time for misappropriating millions of dollars; Alisha Ward siphoning of hundreds of thousands of dollars from U of L’s Equine Industry Program; “Sweetheart contracts” at the College of Business, where administrators continued to receive their significantly higher salaries even after stepping down from their administrative positions, a practice rarely seen at other universities; the disappearance of hundreds of thousands of dollars stolen by Perry Chadwyck Vaughn at the School of Medicine…

At some point the leadership of a university gets so notoriously filthy that career criminals like Felner make a point of applying to work there, thus amplifying the pirate-load. I mean to say that when Menezes tries to puzzle out what makes a university a criminal enterprise, he fails to land on the obvious: Once your university is known to tolerate – nay, encourage – piracy, pirates from all over the world get on board.

The journey to just awful is smoothed by other campus assets, in particular — natch — sports. Let me suggest how this probably works at places like U of L, where, you recall, an entire sports dorm was transformed into a whorehouse for the use of recruits and their fathers. The pattern at sex-crime-crazed places like Penn State, Baylor, and Louisville is for the president to be invisible while the AD, the actual president of the school, does whatever the fuck he and his massive program like. At criminal enterprises like U of L, a president like Ramsey actively takes advantage, let’s say, of all the big scandalous sports noise in the foreground to quietly do his removalist thing.

More than that, enormous sports programs tend to bring quite a few truly scummy and twisted people to a campus and reward those people with enormous salaries and enormous respect (if they win games). Over time the powerful and often scummy sports contingent defines the ethos of the whole university, as in: Jerry Sandusky was EMERITUS PROFESSOR Sandusky at Penn State, I’ll have you know. UD attended a Knight Commission meeting in DC where a coach at a local university stood up and insisted that athletic staff at American universities should have professor status. “They’re educators as much as anyone else. It’s elitist to think otherwise.” So athletics, at many universities including Louisville, certainly does its bit to vulgarize and corrupt everyone, making it much easier for already sketchy people like Ramsey to assume they’re living in a sleaze-friendly world.

UD ain’t saying you must have a big sports program for endemic corruption, but it sure doesn’t hurt.

Anyway. This post is long enough. We’ll be following U of L as they try to decide whether it’s worth suing Ramsey and his pirate crew to get back some of the many millions they removed. We’ll also follow U of L’s difficult effort to find a new president. Would you want to preside over a school suing your predecessor for millions of dollars? Hell, the thing could even end up in criminal court.


Sing it.

Louise said Louise was not half bad
It was written in her self-published screed
And she would act in tv shows
And sometimes she would show a little greed

Louise flashed her Valentinos
Bragged about her big Hermes scarf
Taxpayers read her many postings
They said Louise, you make me barf

Well everybody thought it kind of sad
When Louise closed down her Instagram
Marie Antoinette where did you go?
All America’s become your biggest fan.

Louise flew off on the fed’s plane
Somewhere to the south I heard them say
Too bad it ended so ugly,
Too bad it had to be this way
But the wind is blowing cold tonight
Good night Louise, good night

Is It Real, Or Is It DeLillo?


… Hamptons architect and historian Anne Surchin is starting to see more pared-down builds.

“There’s a trend now for design for smaller houses,” the principal of Anne Surchin Architect said during a discussion Saturday in Montauk. “People are starting to think twice about being wasteful …”

… Southampton has long-standing size limitations for houses, she said, with 20,000 square feet being the cap. These restrictions were part of a 1925 code that was updated in 2003, according to the East Hampton Star. Towns looked seriously at these codes after Ira Rennert’s controversial 62,000-square-foot mansion was built in the 1990s in Sagaponack, rankling neighbors with its size.

… “The new modernism is really all about formalism,” she said. “It’s about making an aesthetic statement.”

That includes “sumptuous details,” like “exotic woods, polished concretes, all kinds of honed marbles,” she said. “There isn’t a place in those houses where you’d find a piece of Formica.”

Even those who don’t have the budget for luxe materials in every room are creating areas “that are absolutely lavish,” she said. For example, “what they do with their kitchens is really important.”

… Some design is being driven by “people interested in being off the grid and treading lightly on the land and not spending an arm and a leg to heat an 18,000-square-foot house.”

No Wonder His Holiness Looks a Little Shocked.

Wait a minute. I’m on a university board with Vinod Khosla?

The board of an academic center dedicated to global poverty and inequality??

Are you fucking kidding me?

Unfortunately for this guy, he worked at Lehman.

If he’d had a good lawyer, he’d somehow have been able to keep that from getting out. Talk about prejudicing his case.

At the very least, he needs to figure out a way to keep his ex-boss off the stand: “He did that? Good man.”


He’s been eliminated as a suspect.

They’re sending a guy to jail for THAT?

A former University of Oklahoma system regent just got nailed for embezzlement.

He used a bunch of the money for

the restoration of his 1980 Ford Bronco.

Well, at least he’s not using it all.

Man Accused in $132 Million Medicare Fraud Scheme Is Building $6.8-Million Home

See? Told you. Lawsuits are being threatened. Everyone’s hysterical. Doing away with clubs at Harvard isn’t going to happen.

Outraged Twitter feeds abound.


You don’t get these outcomes – you don’t get a whole culture like this – without the character-formation that happens for many in the frats and the clubs.

As I said in an earlier post, these places are structural to our country’s economic success because they help make these people:

At Peter’s memorial service in 2015 — held in a place he loved, with sweeping views of the Pacific — a young associate from his firm stood up to speak of their friendship and of the bands they sometimes went to see together, only to break down in tears. Quite a few of the lawyers attending the service were bent over their phones, reading and tapping out emails.

Their friend and colleague was dead, and yet they couldn’t stop working long enough to listen to what was being said about him.

And these people:

Wall Street CEOs like to think they are the adults, the big men in the room, the ones who know how the world works. Well, you know what? They screwed up their own banks, the financial system, and the economy like a bunch of two-year-olds. Every single major bank would have failed in late 2008 without massive government intervention — because of wounds that were entirely self-inflicted. (Citigroup: holding onto hundreds of billions of dollars of its own toxic waste. Bank of America: paying $50 billion for an investment bank that would have failed within three days. Morgan Stanley and Goldman Sachs: levering up without a stable source of funding. Etc.) The financial crisis should have put to rest for a generation the idea that the big boys on Wall Street know what they’re doing and the politicians in Washington are a bunch of amateurs. Yet somehow the bankers came out of it with the same unshakable belief in their own perfection that they had in 2005. The only plausible explanation is some kind of powerful personality disorder.

They’re making another, similar, version of these people at Penn State. They’re making them at most of our universities. You couldn’t have Wall Street without them. You couldn’t have Marc Kasowitz without them. You couldn’t have (had) Lehman Brothers without them. You couldn’t have contemporary America without them.

So Niall Ferguson doesn’t have to huff and puff. The clubs are where you learn high-level substance abuse and arrant indifference – the heart of our red-hot economy. They’re not going anywhere.


UD thanks Jack.

Best tweet so far after Rick Perry’s supply and demand comments.

His comments are here.

The reporter reminds us that in a presidential debate Perry famously could not remember the third federal agency he planned to shut down. (“The third agency of government I would do away with — the education, uh, the, uh, commerce and let’s see… I can’t — the third one. Sorry. Oops.”)

Here’s the tweet:

Andrew Hess‏

The third agency he was going to shut down was the Department of Basic Fucking Economics.

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