Burlington College is Going Under Because of Jane Sanders’ Debt
Burlington College announced on May 16th that it will be closing by the end of next week. The primary reason for it’s closure was “the crushing weight of the debt” racked up by wife of Bernie Sanders, Jane O’Meara Sanders, during her time as president of the college. Jane Sanders had borrowed $10 million on behalf of the college to purchase new land.
According to a report by Heat Street, Sanders never came through with her efforts to fund raise for the college. Because of this, the college was never able to meet its financial obligations. Despite this, Sanders left the college with a generous $200,000 severance package less than a year after her spending spree. By 2014, the college was placed on probation by the regional accreditation agency for continuously running deficits. The college described its financial woes as “insurmountable.”
In typical socialist fashion, the rest of the colleges in the area will have to clean up the mess. Other universities in the surrounding areas agreed to absorb whatever students were unfortunate enough to find themselves caught in the crossfire.
Catholic Parishioners has demanded Sanders be investigated for potential bank fraud. The group believes Sanders may have misrepresented the college’s fundraising efforts. Sanders claims the college raised nearly 2 million in fundraising commitments and pledges.
Documents like those for fiscal year 2011 show Burlington College raised a mere $279,000, though the college claimed it had raised $1.2 million in total pledges. Roughly 91-94% of pledges for fundraisers come through, according to a survey of over one thousand non-profits.
US attorney in Vermont Eric Miller confirmed he received a letter from Catholic Parishioners regarding a potential case but was unable to comment about whether or not a potential investigation would occur.