Posts Tagged ‘Bill McGlashan’

Admissions Scandal Followup

Wednesday, March 13th, 2019

The reverberations from yesterday’s admissions scandal continue to sound.

First, it turns out that a major “ethical investment” venture capitalist was caught up in the scandal:

One of Silicon Valley’s most prominent private equity investors — and one of the tech sector’s leading proponents of how to invest ethically and for social impact — has been charged in an explosive college admissions scandal that was revealed Tuesday, March 12.

Prosecutors charged Bill McGlashan, a founder and managing partner at TPG Growth — which has made landmark investments in companies like Uber and Airbnb — on fraud allegations for trying to engineer the admission of his son to the University of Southern California.

What is particularly damaging for TPG is that McGlashan has positioned himself as a leading voice in Silicon Valley for social responsibility. In addition to overseeing TPG’s late-stage growth investing arm, McGlashan has partnered with other conscious leaders like Bono and Laurene Powell Jobs at The Rise Fund, a TPG investing arm that tries to make the world a better place through investments in things like dairy farms in India.

Want to guess what political party McGlashan donates to? That’s right: Democrats. He gave the maximum amount to Obama in 2007, as well as various other Democratic candidates nationwide.

Pretty much the same giving pattern as indicted actress Felicity Huffman:

Bill Clinton once said that those who work hard and play by the rules should be able to get ahead. It turns out that there are certain people who, having already gotten ahead, no longer feel a need to play by the rules anymore. These people seem to think that all else is secondary to merely getting their spawn into the strata of the elite by any means necessary.

Jim Geragthy:

In 2014, former director of the California labor department Michael Bernick wrote in Time magazine, “whether your degree, for example, is from UCLA or from less prestigious Sonoma State matters far less than your academic performance and the skills you can show employers.”

Whether or not Bernick’s assessment is accurate, many Americans parents believe otherwise, as demonstrated by yesterday’s terrifically bizarre scandal involving a couple of Hollywood celebrities and a slew of lesser-known wealthy parents who bought their children admission to schools like Yale, Stanford, Wake Forest, Georgetown, and others — Including UCLA, the example of prestige Bernick selected.

As many suspected, just about every part of the college admissions process can be rigged to provide a leg up to those who are wealthy and unethical: bribing athletics coaches, faked learning disabilities, sending students copies of the SAT or ACT ahead of time, proctors correcting answers for students before submitting them for scoring, made-up honors and awards, “staged photographs of their children engaged in athletic activity” and falsifying students’ ethnicities and other biographical details to take advantage of affirmative action. (Elizabeth Warren was just ahead of her time, apparently.) This has been going on since at least 2011. Every single one of these students who had their admission obtained through bribes took away an opportunity that could have gone to better, harder-working student with more honest but poorer parents.

The full description is an epic portrait of graft, corruption, elitism, and sleaze that will leave you wanting to burn down the Ivory Tower. The cherry on top? The whole enterprise was granted tax-exempt nonprofit status by the Internal Revenue Status since 2013. Those Tea Party groups couldn’t get nonprofit status, but these crooks could.

If you wanted to pour gasoline onto the fires of populism, this is how you do it!

Were those parents crazy? Or were they just astute about the risk-reward analysis and long-term benefits of getting into one of the top 25 schools, instead of one of the top 50 or top 100?

We’ve heard all the stories about the “Harvard mafia.” A few years ago, Ross Douthat wrote “elite universities are about connecting more than learning, that the social world matters far more than the classroom to undergraduates, and that rather than an escalator elevating the best and brightest from every walk of life, the meritocracy as we know it mostly works to perpetuate the existing upper class.”

New York Times writer Amy Chozick shared yesterday, “I was literally told early in my career – by a top magazine editor – ‘Your clips are great, but we really want someone who went to Harvard.’” The replies to her indicate her story is not all that rare. Lots of folks have observed that many big-name journalism institutions run unpaid internship programs that are considered “How to get your foot in the door” — which automatically rules out anyone who can’t afford to provide anywhere from 15 to 40 hours of free labor each week.

Said one mom I know: “I’d get pilloried for saying publicly, but my kids are at a serious disadvantage- straight, white males, middle class income. Colleges want ‘diversity.’ Scholarships for everything but us. Admissions for better schools are limited. It’s so frustrating. Admissions scandal really hits home.”

Part of the realignment that helped propel Donald Trump to victory in 2016 had to do with ordinary Americans who felt they were being left behind by a game rigged against them. How do you think this scandal plays among average voters?

Reason‘s Robby Soave suggests that the whole system should be scraped:

The best remedy to this problem might be to admit that college is, to some degree, a scam. Note that these parents were evidently unconcerned that their kids—who were often coached to fake learning disabilities so they could get more time on the ACT and SAT—might struggle with their course loads. It’s because college is a joke, and it’s easy enough for an academically disinclined grifter—an Olivia Jade, if you will—to get by studying nonsense subjects. They’re paying for the experience and the diploma, not the actual education.

This is a point that Bryan Caplan raises in his excellent book The Case Against Education. Caplan argues that most of the value of a college education is signaling rather than skills. Students don’t learn very much that will be useful to them in the job world, and even if they do, they quickly forget it. But a diploma signals to employers that the diploma-holder is competent in some abstract way—they jumped through a bunch of impressive-looking hoops, and are thus more worthy of a job than people who didn’t. The implication of Caplan’s research is that public funding of higher education is therefore a waste: It doesn’t actually benefit society to subsidize a signaling mechanism if there’s little relevant skill-gaining along the way. It just punishes everybody who, for whatever reason, doesn’t have access to the right hoops.

If we are going to continue to publicly fund higher education, taxpayers might rightly ask whether institutions that receive federal dollars should be permitted to privilege the wealthy, the donor class, the athletes (both faux and actual), and certain racial groups (resulting in abject discrimination against Asians) over applicants who might actually be interested in checking a book out of the library. But if higher education is really just about celebrity scions pretending to play water polo in order to gain admittance to an exclusive partying club, maybe it’s long past time to hit the defund button.

Now some related tweets:

Finally, Rolling Stone offers nine WTF details about the scandal. My favorite:

The fake profiles were so extreme that CW-1 would literally alter applicants’ height. In one case, CW-1 asked an employee to create a basketball profile for a boy who wanted to be admitted to USC. Although the boy was 5’5″ (a fact he referenced in an original draft of his personal statement), his final athletic profile stated that he was 6’1″. Though it’s unclear how, exactly, the young man was expected to justify the discrepancy between his stated height and his actual height when he arrived on campus, he was admitted to USC nonetheless.