Wednesday, December 19, 2007
Columbia and the New Slavery
Here's a story I've been meaning to blog about: An African-American psychotherapist is suing Columbia and Citibank on the grounds that the interest rate for his student loans constitutes "slavery."
The lawsuit, filed in New York state Supreme Court by Brian Baxter, 57, charges the Ivy League university colluded with the banking arm of financial services giant Citigroup Inc. to lure him to its "preferred lender," which then charged exorbitant student-loan interest rates that he is still paying off 10 years after graduating.
..."It's modern-day slavery," Baxter said of the alleged collusion.
"I should not be financially enslaved for the rest of my life -- and that's what the corporate giants are trying to do," he told the New York Post.
This is, of course, part of the ongoing and deeply offensive diminution of the term "slavery," and it sounds like someone who just hasn't been very successful—or responsible—in life refusing to pay his debts. Not just refusing to pay his debts, actually, but hoping to turn them into profit.
Which reminds me that I recently had a conversation with a Columbia grad who, when I told her that I supported the Manhattanville Project, accused me of being a Republican.
Ouch. That wounds.
I replied that the hysteria of the opposition to Manhattanville, and the offensive and cynical use of the race card by its opponents, was the kind of financial self-interest masquerading as liberalism that discredits liberalism.
The same is true here. Are there issues with student loans and the way that they were managed by Columbia and other universities? Indeed there are. But....modern-day slavery? Brian Baxter should be ashamed of himself.
¶ 8:04 AM
The lawsuit, filed in New York state Supreme Court by Brian Baxter, 57, charges the Ivy League university colluded with the banking arm of financial services giant Citigroup Inc. to lure him to its "preferred lender," which then charged exorbitant student-loan interest rates that he is still paying off 10 years after graduating.
..."It's modern-day slavery," Baxter said of the alleged collusion.
"I should not be financially enslaved for the rest of my life -- and that's what the corporate giants are trying to do," he told the New York Post.
This is, of course, part of the ongoing and deeply offensive diminution of the term "slavery," and it sounds like someone who just hasn't been very successful—or responsible—in life refusing to pay his debts. Not just refusing to pay his debts, actually, but hoping to turn them into profit.
Which reminds me that I recently had a conversation with a Columbia grad who, when I told her that I supported the Manhattanville Project, accused me of being a Republican.
Ouch. That wounds.
I replied that the hysteria of the opposition to Manhattanville, and the offensive and cynical use of the race card by its opponents, was the kind of financial self-interest masquerading as liberalism that discredits liberalism.
The same is true here. Are there issues with student loans and the way that they were managed by Columbia and other universities? Indeed there are. But....modern-day slavery? Brian Baxter should be ashamed of himself.
¶ 8:04 AM
Comments:
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Maybe Mr. Baxter should ask to be included in the subprime bailout bill. Or why don't we just ask Congress for a general amnesty? Anyone who borrows money and later decides they don't like to pay the interest they agreed to pay should get off the hook. Sounds fair, doesn't it? Who could be against it?
# posted by 
: December 19, 2007 9:45 AM
: December 19, 2007 9:45 AM
I think he's entitled to use that term. Would you contest the word "rape" or is that a dimunition in meaning also? How about usury? Is that defamatory or something? How about unethical? Not nice? Greedy? Nasty, brutish and short?
As a political statement, his suit has merit (not legally perhaps).
And as for Manhattanville, lets just say you're about as impartial on that subject as, say, George Mitchell on steroid use in baseball.
As a political statement, his suit has merit (not legally perhaps).
And as for Manhattanville, lets just say you're about as impartial on that subject as, say, George Mitchell on steroid use in baseball.
# posted by : December 19, 2007 12:08 PM
: December 19, 2007 12:08 PM
Silly, you're right, Rich. He can say that it's "slavery" and that's acceptable (unfortunately), but don't dare describe the guy as "niggardly."
# posted by : December 19, 2007 1:56 PM
: December 19, 2007 1:56 PM
Maybe the problem stems from the poor job prospects of Columbia graduates. You won't hear a Harvard graduate making these kinds of complains about their student loans. They repay them rapidly and they represent a very small percentage of their income.
# posted by : December 19, 2007 5:02 PM
: December 19, 2007 5:02 PM
Sorry 5.02pm, you must be thinking about the College, the Law Schoor or the Medical School. Graduates of many professional schools at Harvard struggle to find and keep jobs. As a matter of fact applications to a number of schools have been fast declining in recent years, a sign that the word is out about the market value of a Harvard diploma.
# posted by : December 19, 2007 10:17 PM
: December 19, 2007 10:17 PM
I think 5:02 was being ironic in a deep way -- riffing on that old Harvard arrogance. Facts needn't get in the way.
# posted by : December 20, 2007 11:21 AM
: December 20, 2007 11:21 AM
While the man's lawsuit and word choice may be suspect, there is something fishy about Columbia's extremely tight relationship with Citigroup.
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# posted by : December 20, 2007 6:53 PM
: December 20, 2007 6:53 PM<< Home
