It looks like Jane Sanders has learned how to spend other people’s money from her husband and a college in Vermont is already seeing how that works out.
According to Heat Street:
Burlington College announced today that it will close on May 27 after it found itself unable to recover from “the crushing weight of the debt” incurred under Jane O’Meara Sanders, the college’s former president and wife of Bernie Sanders.
At the end of 2010, Ms. Sanders took out $10 million in loans on behalf of Burlington College to purchase a 32-acre swathe of land from the Roman Catholic diocese, which put the land up for sale to help cover the costs of a $17 million sexual-abuse settlement.
Less than one year after taking out that massive loan Sanders left Burlington and took a $200,000 severance package.
“We anticipate notice from [the regional accreditation agency] that we have not met the Commission’s financial standard,” a news release from Burlington said, “and, therefore, our accreditation will be lifted as of January 2017, and the College will not be able to award academic credit after this time.”
Sanders allegedly argued that the school has almost $2 million in pledged donations during the application of the loan. However, according to records, the school actually received less than $300,000 in donations.
According to local news agency The Burlington Free Press:
“This is a great loss to the higher-ed community,” President Carol A. Moore said at a news conference on the college campus.
At the news conference, Moore and Dean of Operations and Advancement Coralee Holm said they were “heartbroken” to announce the college’s closure. Holm said about 30 faculty and staff, including herself, will lose their jobs. Holm added the state Department of Labor will assist former employees with finding new careers.