19, March 2019 College
admissions “Upstairs –downstairs”
The college admissions
scandal continues to reverberate across the nation, the “upstairs” folks
continue to game the system with their wealth and power to ensure their
offspring gain admission to elite colleges while the “downstairs” oppressed
folks are effectively shut out.
In his ground breaking
book, “Winners Take All: . . .” Anand Giridharadas, examines how the elite
class consolidates their power and wealth. He argues, America is rigged for the
wealthy. The tax code favors the rich, the anti-trust enforcement favors the
rich. Funding public schools favors the rich.
Those poor kids who studied hard from the inner city whose parents
worked at multiple jobs will be denied admission because someone like Bill McGlashan, private equity baron,
impact investing impresario, who had a $2 billion impact fund with Bono, has
locked up that seat for his son. As Koch brothers have demonstrated, the
conquest of power is done, is through charity and philanthropy.
Here is how
the tax payers get ripped off. Rich guys donate to fake charities or
foundations such as Singer, Key’s Worldwide Foundation or the Trump Foundation
and take a fat deduction from their taxes. The non-profit foundation pays no
taxes. The donation then gets passed on the “Stanford Boating Club” or university
who are registered non-profit and pay no
taxes. Many of the pedigree “grads” then get high paying jobs in consulting and
finance taking advantage of their alum status to complete the cycle creating a
deeply entrenched upstairs-downstairs system!
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