Bernie Sanders’ Wife Bankrupts College Where She Was President
Burlington College in Vermont has closed it’s doors due to the mismanagement and possible illegal acts committed by Jane Sanders, wife of Bernie. She wanted to double the size of the college from 200 students to 400. She found land she wanted to buy but the college could not afford it.
Jane Sanders had to apply to Vermont Educational and Health Buildings Finance Agency (VEHBFA),an agency run by the state that issues the tax free bonds. People’s Bank had agreed to buy the bonds. The only catch at that point was proving the 2.27 million in incoming donations. Sanders gave them a list of 31 endowments totaling 2.6 million and she told them with unconfirmed donations and pledges, the number they were expecting was just about five million. Evidently, someone fudged the numbers because the actual total was just 1.3 million.
That was a steep shortfall for a college an annual budget of only 4 million and no endowment at all. The college was taken to the brink of bankruptcy and Sanders resigned just before she would have been shown the door, but not before she got a very generous severance package. That package was worth $200,000 to Sanders.
They should have known that the deal was based on erroneous figures. Because of the vast difference in the actual amount of commitments and the fact that their track record never showed such high donations, you would think some smart fellow would notice it.
Because of Sanders’ defrauding Vermont and taking out loans there was no way in Hades the college could ever repay, they have now closed their doors for good and will have to sell off everything they own to repay creditors. She was paid a severance package of 200k. Heck, I would be willing to bankrupt a college for a mere 100k. I’d do Harvard for free.