Millions in CA Prop 30 Tax Revenues Will Be Diverted from Higher Ed to Wall Street, Thanks to UC Board of Regents | The Dissenter

Millions in CA Prop 30 Tax Revenues Will Be Diverted from Higher Ed to Wall Street, Thanks to UC Board of Regents | The Dissenter:

Millions in Prop 30 Tax Revenues Will Be Diverted from Higher Ed to Wall Street, Thanks to UC Board of Regents

by Leighton Woodhouse

UC regents have cut programs & hiked tuition for years

Millions of dollars in new tax revenue earmarked for the University of California system as part of the state’s recently passed Proposition 30 will instead be routed to major financial firms, because of bad bets made by a Wall Street-influenced UC Board of Regents.
Over the last decade, tuition and fees for undergraduates in the UC system have tripled, adding enormous debt burdens to UC graduates and pushing lower-income students into the already overburdened state college and community college systems, or out of higher education altogether. Members of the UC Board of Regents, which governs the system and which approved the tuition hikes, have blamed the increases on the bad economy and on politicians.
However, according to a new report written by five doctoral students at UC Berkeley, in the years preceding the 2008 financial collapse, members of the Board of Regents themselves had overseen “a qualitative shift in the financial practices of the University of California” by employing the same kinds of exotic financial instruments