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Posts tagged ‘liebowitz’

Aug 31

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Middlebury and Lehman Brothers

Before the financial crisis of 2008, Middlebury College had a long and beneficial relationship with Lehman Brothers, the financial firm that filed for the largest bankruptcy ever. Dick Fuld, the company’s CEO at the time it went bankrupt, served as a trustee of the College until last year. He also gave millions to the College (there’s no way to figure out how much exactly, but the total seems to be in the hundreds tens (edit see below) of millions). Lehman Brothers also had a practice of hiring a good deal of caffeinated Middlebury alumni bent on the 70-hour work weeks and big pay checks of the investment banking world. The Middlebury Campus has a good write-up of College’s relationship with Lehman Brothers here.

Fuld testifying before the House Oversight and Government Reform Committee on Capitol Hill on Oct. 6, 2008. Appropriated from Getty Images.

The Middlebury-Lehman liaison is old news at this point, but, buried in this recent piece (of what I think isn’t the most compelling journalism), is an indication of the impact of Lehman and Fuld’s collective collapse on the College:

Fuld is also said to have reneged on a $50 million pledge to Middlebury College. Shortly after Lehman fell, according to a source close to the school’s president, Ronald Liebowitz, Fuld told Liebowitz that he was worth only $100 million and would not be able to honor the commitment. Liebowitz did not reply to a request for comment, but a Middlebury official told Fortune that Fuld “did not renege on a formal pledge as far as I know,” but said it was possible that Fuld might have changed his mind about an “informal” pledge, and that in any event he was “a great trustee and very generous.”

Another aspect of this affair is that, following Lehman’s collapse, Fuld took a beating for his huge salary and management of Lehman.  For example, our 2010 commencement speaker Nicolas Kristof announced sarcastically that Fuld was ”the winner of [his] annual Michael Eisner Award for corporate rapacity and poor corporate governance” while making a larger point about CEO compensation.

The Middlebury administration has not publicly criticized Fuld in any way. Fuld is no longer a trustee although his term was originally supposed to expire in 2013.

May 6

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Library Officially Named Davis Family Library

For more information, check out The Campus’ story.

Nov 10

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Team Liebowitz Does Finance

Care about Middlebury: Tomorrow Tuesday Nov. 11th in the Grille at 7:30PM and on Wednesday Nov. 12th in Dana at 9:30AM.

9:45 Sarah F. Update: It looks like Team Liebowitz is going to do finance again. There were 50+ people (mainly staff members) who were unable to get in to Dana this morning. Team Liebowitz is the new Madonna!

Oct 25

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Community Discussions, Round One

Over the past month of October, the tag-team of President Liebowitz, Provost Spears, and Dean of Students Jordan have been meeting with student across campus to talk about priority number one for 2008-2009: irresponsible drinking and building “community.” Engaging student leaders such as sports team captains, student organization leaders, and more is a great way to get the discussion started.

The premise was simple: irresponsible drinking on campus can not be addressed as a top-down administrative action. I must say, that’s very pragmatic, and it certainly encouraged student leaders to speak freely about what they see as the systemic problems.

And the discussion kept returning, with good reason, to things like, “the diminishing quality of life on campus,” “the superficial sense of community,” and “lack of confidence of students to take care of themselves.” This is where the subjects of irresponsible drinking and community-building meet. (See MiddBlog’s articles on respect and hard liquor)

It was the mild conclusion of a group of twenty students that there certainly is a lack of involvement and togetherness in our community. But what exactly is Middlebury missing? Are we missing the time to reflect and concentrate on our community issues? Are we missing a cohesive social-community code? Are we missing a forum to communicate these issues? Are we missing an investment in other people here at Midd? Are we missing a connection between what we see and do? How do we remove a sense of entitlement?

The administrative premise about putting this on students is absolutely correct, and the admin has smartly broadened up a concern about alcohol use. Now, how will students step up, if it all? Ball’s in our court on this one.

Do you see a “community” problem at Midd?

Oct 22

What Makes A Good Time?

Homecoming weekend is, by now, a distant memory washed away by the three midterms and…omg…is that snow? But if you can reach back to that Saturday night just last week, you’ll remember a night of alumni faces and dancing for the 600+ or so that showed up at the MCAB Tent Formal on the Axinn-Library Lawn.

President of the College Ronald Liebowitz remembers vividly. According to several accounts, President Liebowitz was not pleased, to say the least, by the noise that apparently traveled all the way down to his humble abode at 3 South Street. As alumni and students danced the night away, multiple noise complaints came in, although no one is certain if President Liebowitz himself called in to Public Safety. Further, there was harsh criticism for the placement of the tent and other effects of the party.

So to clear things up, the tent location was chosen to be in close proximity to the coveted Axinn Center Opening ending the Clifford Symposium. The formal was also a significant draw away from the rambunctious DKE party just on the other side of Axinn which, although quieter than an amped-up tent band (Project DCQ), also served a rumored 15 kegs and lasted until 3AM. The MCAB Tent Formal was cleaned up promptly at 1AM.

Big campus parties and events like the Tent Formal are important to student life on campus. Students of all breeds look forward to dressing up, dancing, and having a non-dorm-room-drinking time. And the Tent Formal is on its way to becoming a Homecoming tradition (two years running now), something that is sorely lacking for a school with a couple hundreds of years of history. Got community anyone?

Plan on next year’s tent being placed on Battell Beach or maybe somewhere out by the Organic Garden (props to those of you who even know where it is: past Ross down the hill across the street from the Recycling Center).

UPDATE: Ron Liebowitz clarified that he did not call Public Safety. And said, “I did comment pointedly at my staff meeting about the state of the historic quad the morning after (beer bottles, trash, etc), which I saw while walking on campus in the a.m.”

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