Raiding the Bank
California’s University of ATM Joe Mathews, PropZero (KNBC), 7-19-11 California’s public university systems aren’t cash machines. But the state is treating them as such. Consider what’s happened just this year to the University of California and the California State University systems. In March, the legislature and governor took $500 million from each system to balance the budget. Then in June’s budget agreement, the state took another $150 million each. But the withdrawals from this strange ATM doesn’t stop there. The budget includes provisions that could trigger another $100 million each in cuts in the likely event that tax revenues don’t…
