The US "Washington Post" has released a survey showing that the Ivy League graduates earn more than $70,000 a year after working ten years, and the top 10% of students earn more than $200,000 a year. Harvard graduates are the most outstanding performers.
In contrast, graduates of other schools have a median income of about $34,000 and a maximum of $70,000.
Failure to successfully get your child into the Ivy League or other elite schools is obviously more serious than "losing in the first line of life."
It is not difficult to explain why some people will try their best to let their children "crowd into" top universities. Although their desire to "see the child into a dragon, look at the woman into a phoenix" is beautiful, but the process is full of "catty".
On March 12th, the United States broke the large-scale school fraud, and told us that some of the unknown American schools were “catty”.
More than 30 celebrities and wealthy have increased their children's admission opportunities by grading their grades, finding gunmen to take the exam or buying school teachers in order to get their children into the top schools. Some parents spend hundreds of thousands of dollars, or even $6.5 million, to ensure their children are enrolled smoothly.
Fraudulent clients are familiar with popular figures such as Felicity Huffman, known for his Desperate Housewives album, and Lori Lvlin, Full House. (Lori Loughlin), as well as some VC/PE circles...
The universities involved in the event included top universities such as Yale University, Stanford University, Georgetown and UCLA.
According to the allegations of the US Department of Justice on March 12, a total of nearly 50 people, including the parents involved in the case and the college coaches who took bribes, were charged with the prosecution.
01Two ways of fraud
The key mastermind for the opening of the back door is William Singer, who has been arrested and pleaded guilty.
William Singer is 58 years old and has been active as an "admission counselor" for many years. He uses a name called "Key GlobalfundThe non-profit organization of the meeting concealed bribery, colluded with famous school teachers, and secretly cheated for student achievement.
According to the FBI survey, Singer's clients donated so-called donations through the foundation, and Singer used this as a working capital to pay bribes to the test center or schools.
There are two ways to deal with Singer's fraud:
One is to assist students in cheating in the American college entrance examination academic ability test SAT or ACT (one of the college entrance results indicators), and bribe the invigilator, so that students can get more time to answer, steal the answer, and even directly take the gunman Or the invigilator will secretly change the grade.
The second is to create a fake identity for the students and package the students into sports students with excellent athletic performances to enroll in the prestigious schools.Singer will make fake personal profiles for students, such as “recruited athletes”, then bribe sports coaches, and allow students to enroll; or allow students to increase after direct money bribes to school coaches or teachers. More opportunities to join a school team or gain additional strengths. In general, university sports students are more susceptible to the admissions process.
In addition, parents seek the assistance of a psychologist to provide false proof of mental disorders or other conditions for their children in exchange for special treatment.
Entrusting Singer to help the back door is expensive, and the cost per student is priced according to demand. For example, in order to increase or change the SAT score, the fraudster needs to pay Singer $15,000 to $75,000.From 2011 to February 2019, Singer also received $25 million to bribe university coaches and managers.
According to the FBI survey, the universities involved in fraud cases include: Yale, Stanford, South Carolina, UCLA, Georgetown University and many other famous schools, including a female football team coach at Yale University, and the Sailor University sailing team coach has been inspected. The party pleaded guilty and admitted to accepting Singer’s bribes and engaging in fraudulent admission to students.
Customers who walk through the back door of the Global Foundation are almost all wealthy and celebrities, including well-known CEOs, lawyers, actors and so on.
Actor Felicity Hoffman was accused of “investing money” to the key global foundations for $15,000. As a bribe of fraud, the Foundation arranged for her eldest daughter to take the SAT in an already well-tested venue.Her eldest daughterThe time taken to take the SAT is twice that of others, and the invigilator who buys it secretly corrects the answer to get a high score.According to reports, Hoffman’s daughter’s score was increased by 400 points.
Another movie star, Lori Luglin, was charged with bribery of $500,000.Let her two daughters who have no rowing experience at all, successfully admitted to the University of Southern California rowing team.
The prosecution said that the majority of students in this series of bribery cases were unaware of the fact that only a few cases were involved with the students' informed cooperation. Therefore, the current accusation of prosecution is based on the organizer Singer, the bribery parents and the bribe-collecting parties. The students have not been included in the list of allegations, but the future does not rule out the possibility of prosecution.
Singer has been guilty of four counts of extortion, money laundering, deception of the federal government, and obstruction of the judiciary. He has pleaded guilty to the prosecution on March 12, and he may face up to 65 years in prison and more than $1 million in fines.
At the judge hearing in Los Angeles, Hoffman acknowledged the charges against her. After the judge's approval, she paid $250,000 in bail and was released that night.
The South Africa issued a statement on the same day saying that the school is currently preparing for an internal investigation and has fired two teachers suspected of bribery. It will also review the admissions process to prevent such incidents from happening again. Other schools involved, such as Yale University, have also issued similar statements, but how to deal with students who have been admitted without their knowledge, the schools still have reservations, leaving for research and development.
02PE amnesty was suspended
In order to help their children enter the famous American schools, several VC/PE dare not hesitate to spend huge sums of money to go to the "back door", but they are not expected to fall.
PE (Private Equity Investment) giant TPG (Texas Pacific Group) announced on March 12 that the companyExecutiveWilliam McGlashan has been “indefinitely an administrative leave” and “immediately effective” because of his involvement in the biggest college admissions fraud scandal in American history.
Foreign media reported that McGrasan paid $50,000 in December 2017 to modify his son's ACT (American University Entrance Examination) score, and his son eventually scored 34 points (out of 36); For $250,000, the son was falsified as a sports special student and sent to the University of Southern California.
It is reported that McGrasan is the founder and managing director of TPG Growth, a medium-sized and growth-oriented equity investment platform of TPG.He is one of the most famous private equity investors in Silicon Valley and has led investments in Uber and Airbnb.
More ironically, he is one of the celebrities who advocate “ethical investment” in Silicon Valley.
In addition to leading the TPG Growth Fund, he is the CEO of TPG's Rise Fund, which focuses on social impact, growth, venture capital and small investment acquisition opportunities.
Today, in addition to announcing the "indefinite suspension" of Meggrasan, TPG will be temporarily replaced by TPG co-CEO Jim Coulter.
Douglas Hodge, former CEO of PIMCO (Pacific Investment Management Co., Ltd.) and founder and CEO of investment company Dragon Global, are accused of bribing by intermediaries and other means to help their children enter the top universities in the United States. Robert Zangrillo and other venture capitalists.
It is understood that Dragon Global is a private investment company headquartered in Miami, focusing on VC and real estate investment. At present, Dragon Global manages more than $1 billion in investments, and the market value of the companies it invests exceeds $500 billion. Facebook, Twitter, Uber, Jet.com, and Ulta are all investment projects.
In 2017, Robert Sangrilo’s daughter’s application to enter the University of Southern California was rejected, and Sangrilo subsequently remitted $200,000 to the account named “The Key”, secretly bribing officials of the University’s sports fleet. Let her daughter enter the university as an athlete. In fact, his daughter has never participated in a rowing competition.The university agrees to admission and the course performance must meet certain conditions. Sangrilo also asked people to secretly take classes for their daughters and make up for failing classes. After a series of transactions, his daughter finally got her wish to enter the university.
03 Trump's son-in-law "shot"
Since the development of the matter, everyone has turned their eyes to the US President Trump son-in-law Jared Kushner.
Trump’s son-in-law, Jared Kushner, is currently a senior assistant to Trump.Graduated from Harvard University.
His enrollment experience was recorded in the 2006 book "Enrollment Price" by Daniel Golden, editor of ProPublica.
The content of this book is to study how the rich people in the United States send their children to famous schools through tax deductions and other donations.One of the things recorded is that Kushner’s father and real estate agent Charles Kushner made a donation to Harvard.Daniel Golden also revealed in his new 2016 book that his son was admitted to this prestigious university shortly after Charles Kushner's donation.
Golden pointed out that at the time, Harvard’s enrollment rate was 1:9.Jared Kushner’s high school classmates do not believe that he can be admitted to Harvard University with his grades.
The British "Guardian" also disclosed that Kushner's early academic performance was average, but he entered Harvard University with his father's strong financial and personal connections. According to the students' memories, Kushner opened a Land Rover luxury car and a famous brand clothing.
In response to these allegations, Kashner Companies spokesperson Risa Heller told ProPublica that the donation associated with Jared Kush’s inclusion was “untrue”.
The spokesperson said that Jared Kushner’s parents were “very generous and donated more than $100 million to universities, hospitals and other charities”.
She also said: "Jarry Kushner is an excellent high school student and graduated with honors from Harvard University."
Many of the people who donated to Harvard are Harvard alumni, but Charles Kushner is not. Daniel Golden said he investigated why Charles Kushner would donate millions to Harvard and found that both of his sons had applied to the school.
In 2005, Charles was sentenced to two years in prison for tax fraud, illegal political contributions, etc., and Daniel Golden discovered that Charles Kushner’s donation was after the federal authorities disclosed Kushner’s financial situation.
Coincidentally, the son of former US Vice President Al Gore was also mentioned in Daniel Golden's book.
After the scandal broke out, there was a climax of public opinion in the United States. Many public opinion began to pay attention to the issue of educational inequality. It pointed out that the structure of the elite school colluding with this kind of power makes the entrance mechanism of American universities more conducive to wealthy white families.
(Article source: International Finance News)