New Jersey Sues School Over Alleged Misuse of Funds
The New Jersey attorney general has filed a lawsuit against the Stevens Institute of Technology, its president, and the chairman of the board of trustees, accusing the school of fiscal impropriety, the Chronicle of Higher Education reports.
In an effort to force the state into confidential arbitration, Stevens, a research college known for its engineering programs, filed its own suit against New Jersey a day earlier.
Attorney General Anne Milgram's 16-count civil complaint accuses the college of spending its endowment excessively, mishandling investments, failing to maintain accurate records and giving too much money to President Harold Raveché. In 2007, Ravaché's compensation topped $790,000, placing him among the most highly paid presidents of private research institutions.
The state's lawsuit seeks the removal of Ravaché and the chairman of the trustees, Lawrence Babbio Jr.
The Hoboken school's suit claims that Milgram overstepped her legal authority when she met with Stevens's board of trustees in early September and threatened to file a lawsuit that she told them would be "devastating to Stevens" unless the board agreed to new leadership.
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Tags: New Jersey | colleges
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Reader Comments
believable
i went to that school, it's a corrupt institution
i argued my way thru all semesters, they were teaching a lot of nonsense (e.g. "first wireless communication occurred in 1969" - maybe first wireless communication that made the load of money that was to their taste)
one class i told the professor i just cannot bare listening to the stuff. It was an insult to my upbringing and education in europe. Not to mention my sanity.
The professor responded with a threat to flunk me. I said fine. He gave me an F. The board dropped the F from my final GPA because I wanted to finish what I started and finalize my program by taking honest interest in other courses, not paying attention to my "GPA". Call me substantialist.
They dropped it because they did not want someone who went through their school, who also potentially might maintain a higher office one day, to have gotten a low GPA in the past. They would have wanted to be proud of me. This is more capitalistic than anything I have ever encountered.
I think the school is a scam at its core.
Regards
Unbelievable
If new jersey did it than so can schools in new york. and they say they want more money
Unbelievable
If new jersey did it than so can schools in new york. and they say they want more money
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