There’s not a college in the country that’s worth a $500,000 bribe for admittance. Many attendees at our august institutions will graduate stupider than when they went in. From Tyler Durden at zerohedge.com:
Update 3/12/2019 2:54PM EST: It was also disclosed that Willkie Farr & Gallagher Co-Chairman Gordon R. Caplan has been charged. Caplan, described in the complaint as “an attorney and the co-chairman of an international law firm based in New York”, is reportedly said to have donated $75,000 to the brokering entity in question in order to have SAT test administrators correct his daughter’s answers after she finished it.
Update 3/12/2019 1:46PM EST: The complaint alleges that Ex-Pimco CEO Hodge “agreed to use bribery to facilitate the admission of two of his children to USC as purported athletic recruits” and, according to Bloomberg, he “sought to enlist the support of a cooperating witness to help a third child gain college admission”. Hodge declined to comment to Bloomberg when reached on his mobile phone, reportedly only saying, “I can’t talk right now.”
Update 3/12/2019 1:14PM EST: Ex-Pimco CEO Douglas Hodge was also named among those charged in the scheme. Hercules Capital also fell in intraday trading when it was revealed that its CEO and largest holder Manuel Henriquez was named in the DOJ affidavit.
Federal prosecutors announced that they were charging dozens of people, including famous actresses Felicity Huffman and Lori Loughlin, in an alleged scheme to help students get admitted to colleges under false pretenses on Tuesday. They are being charged with conspiracy to commit mail fraud. 38 people have reportedly been arrested thus far.