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| Posted: Tue Apr 14, 2009 9:51 am |
Franks Tanks
Joined: 23 Mar 2007
Posts: 532
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| carney2 wrote: | | Franks Tanks wrote: | | Weiss is turning into Rothkoph. This strategy and plan of action is virtually similar to his. |
It's a little early in the day to be making this kind of statement. Weiss did, after all, sign off on basketball scholarships, something that Rothkopf resisted to the last. Also, Weiss did not throw up any roadblocks when Fisher, Bourger, et al. ponied up the $$ for football. (I'm not sure that Rothkopf would have just let it happen, even though it did not involve "his" money.) Add to this the fact that Weiss is confronted with the worst economic situation since the Great Depression. After decades of using high tuition as a "plus" in the recruitment of students (an absolute fact), schools like Lafayette are, more and more, going to have to justify the prices they charge. President Dan is, I think, thrashing around, making it look like he is doing something - anything - for the moment. I'm not sure that he has many short-term options, but he deserves a little support until we get a better idea where all of this is headed. |
We already have the smallest budget in the league. Yes we are the smallest school, but not much smaller than HC or Colgate.
I agree with you Carney in regard to the number of sports we sponsor. Pick a few impactful sports such as Football, Soccer, Field Hockey, Basketball, Baseball and Lacrosse and be good at them. Also Lehigh and Bucknell have wrestling and Colgate and Holy Cross have Hockey. We have neither yet cant even fund our core sports properly. The whole thing has me rather put-off. |
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| Posted: Tue Apr 14, 2009 9:21 pm |
TheTruth
Joined: 26 Feb 2007
Posts: 485
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carney2 and FranksTank: You know Eve Atkinson proposed cutting sports to balance the budget. She got run out of town. Of course, she had other short comings such as a bad manager and royal b!
I agree that we need to decide what we want out of our athletic program. If they aren't going to add more dollars, then reduce the numer of sports so all our teams are competitive.
Again, something does not feel right about the College. It's not just the athletic program. |
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| Posted: Wed Apr 15, 2009 6:19 am |
Lafalum
Joined: 06 Mar 2007
Posts: 843
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The truth is Eve and Russo got fired by rothkopf because they leaked to the Morning Call that rothkopf and the BOT were thinking of dropping football/and or dropping to Div 3. Rothkopf was furious. She was a terrible manager but that was not rothkopf's motivation.
You are right, there is a drop in morale that you can feel. People at the college are pointing fingers, they don't see the shared sacrifice that is needed or expected institutionally. They point to protected programs and employees( an over bloated administration, the hiring of high paying superfulous deans, some pampered, undistinguished faculty), do we really need an intercollegiate fencing team, attacks on the fraternity system, high tuition in a bad economy, paying irrational amounts of money for an abandoned gas station, 10 mio dollars for third street, for what again, 240 mio evaporated into hedge fund purgatory by the originally unemployed friend of an ex BOT chairman who got paid 5 mio dollars over the last 10 years and he's still there,...... and I'm sure there is more.
I don't put this at the feet of Weis entirely, but the leadership of this BOT has been awful, from the totally unnecssary divide over athletic scholarships, to the tuition hikes, culminating in the hedge fund disaster in the portfolio, this BOT deserves a place in Trustee Hell!!
Last edited by Lafalum on Wed Apr 15, 2009 7:38 am; edited 3 times in total |
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| Posted: Wed Apr 15, 2009 7:35 am |
Franks Tanks
Joined: 23 Mar 2007
Posts: 532
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| TheTruth wrote: | carney2 and FranksTank: You know Eve Atkinson proposed cutting sports to balance the budget. She got run out of town. Of course, she had other short comings such as a bad manager and royal b!
I agree that we need to decide what we want out of our athletic program. If they aren't going to add more dollars, then reduce the numer of sports so all our teams are competitive.
Again, something does not feel right about the College. It's not just the athletic program. |
But Steve Atkinson would have cut footall, baseball, and mens soccer to save money. Then would have proposed adding a woman's crew, wrestling and bowling team. |
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| Posted: Wed Apr 15, 2009 8:40 am |
TheTruth
Joined: 26 Feb 2007
Posts: 485
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The truth is Eve and Russo got fired by rothkopf because they leaked to the Morning Call that rothkopf and the BOT were thinking of dropping football/and or dropping to Div 3. Rothkopf was furious. She was a terrible manager but that was not rothkopf's motivation.
lafalum: I know Art and Herm were pissed about the leak. I think they did the right thing in letting alumni know what was happening and paid the ocnsequences. thank you for confirming my suspicions. My suspicions were more antecdotal and communications I have had with folks on campus in the past month or so. |
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| Posted: Thu Apr 16, 2009 1:26 pm |
Andy
Joined: 23 Feb 2007
Posts: 859
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Earning $500k/yr despite being responsible for $200 million in losses (rumored if not confirmed) is great work if you can find it. Are these losses in line with what other endowment funds have suffered? Has this gentleman offered his resignation?
For us non-insiders:
Hollow Brook Assoc is described as "the investment office for the Lafayette College Endowment Fund."
Hollow Brook was further described in April, 2008 as "an SEC registered investment advisor managing or advising investment assets of $1.2 billion." The Chairman has been acting as such since 1999, is a member of the class of '60, and is a Trustee Emeritus. |
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| Posted: Thu Apr 16, 2009 10:24 pm |
TheTruth
Joined: 26 Feb 2007
Posts: 485
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Many schools like Lafayette (small private liberal arts) suffered 25%-40% losses in their endowment. |
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| Posted: Fri Apr 17, 2009 6:23 am |
Lafalum
Joined: 06 Mar 2007
Posts: 843
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| TheTruth wrote: | | Many schools like Lafayette (small private liberal arts) suffered 25%-40% losses in their endowment. |
Not colgate (-20.1), not Bucknell(-20),F and M lost 33 pct. . We paid a guy millions to keep us out of trouble...a professional who made the same mistakes "everyone else did." Colgate, Bucknell and F and M actually provide a report on their endowment every six monts to their alumni. I missed that report in my mailbox. We refused to ansewer questions from reporters from the Philadelphia Inquirer several months ago unlike our peers.
And due to our higher administrative costs and discount for aid we depend more on our endowment for annual fiscal support than many others.( about 28 pct according to published reports) |
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