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Richard Blum is the chair of the UC Regents--he has been using system money for his investments and his wife, the most corrupt member of the US Senate, Dianne Feinstein, to protect his greedy efforts.
Now the ethically challenged Blum is about to raise tuition 8% while protecting an incompetent and corruption pension system, that has $21 billion in unfunded liabilities.
"The bad news is that UC students will have to absorb another 8-percent tuition hike. To make matters worse, that tuition hike will mainly go to cover the UC system's massive pension bill - about $175 million for this year.
In other words, students are being asked to flip the bill so that their professors and UC administrators can retire with their full pension benefits, despite the fact that they failed to pay into the system over the last decade.
The worse news is that this is not the end of the state's budget woes. The state is running an additional $28 billion deficit.
That means it is unlikely the state will restore, as promised, $450 million it took from this year's UC budget."
More...
Now the ethically challenged Blum is about to raise tuition 8% while protecting an incompetent and corruption pension system, that has $21 billion in unfunded liabilities.
"The bad news is that UC students will have to absorb another 8-percent tuition hike. To make matters worse, that tuition hike will mainly go to cover the UC system's massive pension bill - about $175 million for this year.
In other words, students are being asked to flip the bill so that their professors and UC administrators can retire with their full pension benefits, despite the fact that they failed to pay into the system over the last decade.
The worse news is that this is not the end of the state's budget woes. The state is running an additional $28 billion deficit.
That means it is unlikely the state will restore, as promised, $450 million it took from this year's UC budget."
More...