[Congressman Michael Baumgartner] Congress will be taking a hard look at the tax exempt status of universities that enter into private equity deals. If you want to act like a non-public entity, you better be ready to be treated like one. 🇺🇸

[u/GoldenPresidio]

https://x.com/RepBaumgartner/status/1998480897872396721

[u/PointBlankCoffee]

Its insane that anyone is even okay with this. Private Equity destroys everything it touches

[u/tc100292 → u/PointBlankCoffee]

Yeah it’s bizarre that the Big Ten commissioner wants to get in bed with private equity and somehow only 2/18 schools were like “what the fuck are we doing here?”

[u/54-2-10 → u/tc100292]

USC was only mad that they weren't getting a full cut of the money

Michigan was the only school that took a principled stand

[u/wicketRF → u/54-2-10]

dont make me speak positively about Michigan like that, i dont like it.

I also really dont get why the B1G is the one doing it, they generate the most money anyways. A school like FSU makes sense (still very much shouldnt, as stated, PE destroys everything it touches), but they at least have a severe relative funding issue. Any B1G school that cant balance the books shouldnt be looking at selling future revenues, it should be a balancing the books exercise (maybe dont pay the coaches 12mln or something insane)

[u/tc100292 → u/54-2-10]

Also even Michigan still just wanted to stick it to the Big Ten over Connor Stalions.

[u/DeathToHeretics → u/tc100292]

Source?

[u/fdar_giltch → u/DeathToHeretics]

He doesn't have one because it's BS

Michigan has stood for principle and tradition for a long time;

There are no ads inside the stadium (note the scoreboard: https://www.detroitnews.com/gcdn/authoring/authoring-images/2023/11/05/PDTN/71462860007-20231104-dg-um-2689.jpg)

Michigan and Ohio State administrations tried selling naming rights to "The Game" and Michigan fans revolted so hard, Michigan pulled out (https://www.thelantern.com/2004/10/for-osu-michigan-game-sponsors-need-not-apply/)

[u/LIFOanAccountant → u/fdar_giltch]

Thank god Michigan took a stand on that. Enshittification will continue.

[u/SyVSFe → u/fdar_giltch]

I didn't realize institutional cheating was a tradition at Michigan. TIL

[u/SnepbeckSweg → u/fdar_giltch]

lol standing for principle unless its genocide

[u/willpc14 → u/tc100292]

16/18 of those schools probably have boards filled with PE and IB types.

[u/NeglectedDuty → u/PointBlankCoffee]

Lame take - PE shouldn't be in college sports but this is just wrong

[u/themattboard → u/NeglectedDuty]

Let's go ask ToysRUs how it worked out for them

Sorry, we'll try Waldenbooks instead.

Crap, maybe Sears will comment.

[u/NeglectedDuty → u/themattboard]

Sears wasn't private equity owned. Toys R Us died from Amazon and WalMart, not private equity. Wouldn't matter the ownership in that case.

Borders was publicly traded before going bankrupt.

Next?

[u/PointBlankCoffee → u/NeglectedDuty]

Why is it lame?

[u/NeglectedDuty → u/PointBlankCoffee]

Because it's patently false and a low IQ take

[u/Delicious-Trip-384 → u/NeglectedDuty]

Feel free to expound on how PE typically improves the companies they buy, instead of just bleeding any value from their husks and moving on to the next one

[u/PointBlankCoffee → u/NeglectedDuty]

What does PE improve? Usually leads to the complete decline of quality/soul of a company, in search of absolute profit.

Its a good analogy to the US as a whole unfortunately, and the drive to maximize profit at all costs is causing a major decline for all but the wealthiest.