It’s Called Justice!
This is what happens when a university covers up crime. It’s what’s supposed to happen. It’s not an anomaly except in the sense that so often it does not.
Should they have had to pay this money and fire those people?
How do you get justice without penalty? How do you get people to not aid and abet in the crimes of others if there are not penalties? How do you get people from sweeping criminal conduct under the rug if it threatens the institutions reputation if the penalties for not sweeping don’t do as much damage?
What’s scary is how seldom justice happens. This time, people got fired. This time, there were criminal prosecutions and monetary penalties.
Compare this to our standard international or investment bank narrative. 1. Bank does something terrible and utterly illegal. 2. Against all odds bank gets caught. 3. Bank says, “What wrongdoing?” against a background of overwhelming evidence. 4. Bank pleads guilty only after prosecution has been taken off the table. 5. Bank pays roughly 10% of what it made by outright criminality. 6. Roughly two years pass, and the bank once again gets caught doing the same old thing or something brand new. 7. The cycle goes on.
It’s a pity that child abuse brings out societal anger but not house stealing or international money laundering.
We can bet Penn State will be keeping a careful eye on its policies in the future.
Can we say the same for our investment banks?
Sandusky fallout costs Penn State more than $50 million | News | CentreDaily.com
The money Penn State has spent in legal and consulting fees for the Jerry Sandusky scandal has topped $50 million. Penn State’s latest update shows the university has spent $50,459,828 through July 31 for work done by more than three-dozen firms. That’s up $1,025,962 from what the university spent through June 30, according to monthly updates provided by Penn State. The potential total cost of the scandal skyrockets to more than $158 million when factoring in the dollar value of the total settlement offers with Sandusky claimants and the full NCAA fine, which the university is paying in yearly installments.
From around the web.
From the web site, BHA Journalism – (Their new web site).
Arguably the single greatest controversy ever to mar the reputation
of a nationally recognized university, and certainly the incidence of
greatest infamy ever to involve a university’s athletic
department, the Pennsylvania State sex scandal was one which, at its
height, captivated the nation, prompting a variety of emotional
responses amongst members of the general public, the most profound of
which occurred amongst those with personal connections to the Penn State
football program. While the event is one which may have faded from the
forefront of public attention, the emotional trauma inflicted by the
scandal upon those personally involved is likely to be of a far more
At the onset of the scandal, allegations of sexual
misconduct against assistant coach Jerry Sandusky prompted widespread
outrage, which became exponentially more vitriolic when it was
discovered that many of Sandusky’s alleged misdeeds were said to
have involved minors. The subsequent controversy which developed in the
wake of these allegations would be of a severity so great as to nearly
completely divert public attention from other major events affecting the
campus in subsequent months, most notably the removal of longtime head
coach Joe Paterno from his position within the program, just months
before his death due to a long-gestating lung cancer. Even in light of
these developments, those convinced of Sandusky’s guilt would continue
to demand that justice be served, and would see their desires
fulfilled on Tuesday, October 9, when Sandusky would plead guilty to ten
separate instances of sexual abuse involving minors, which were
conducted over a fifteen-year period.