"Let’s not kid ourselves about how the beautiful space that is our university is paid for. Despite the tuition you are paying, the accumulated largesse of oligarchs of Manhattan continues to fund a large share of Columbia’s operations. The slew of named buildings and endowed chairs reflects how much Columbia University’s endowment is the combination of illicit wealth it has accumulated from Caribbean slavery in the past all the way to the financial crisis in 2008."
"This larger fact is the background for many smaller connections between Columbia and Wall Street. Columbia’s endowment depends on good relations with the financial Masters of the Universe. For example, all of the five vice chairs of the board of trustees are financiers, from Goldman Sachs to real estate. Then there is the infamous Columbia Business School, where professors of finance reap enormous salaries from outside consulting gigs and positions on corporate boards of directors."
"Finally, there is the conflict of interest of President Bollinger’s chairmanship of the board of the New York Federal Reserve. Bollinger was appointed to fill the shoes of Denis Hughes, state president of the AFL-CIO, to “represent the public” in the Fed. But how can Bollinger, whose job involves befriending the ultra-wealthy and convincing them to write checks to the University, carry out responsibilities that could endanger that very wealth (like pushing for higher inflation or large-scale student debt relief)? This is just the tip of the iceberg, and many more connections could be discussed."
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