UC’s 1%

General Information

“They Pledged Your Tuition” from Bob Meister

“UC and the 99%” from Changing Universities

New York Times Interview, where Yudof discusses his salary and perks

The Regents

The Men and Women Who Turned Higher Ed. into High Finance

  • Of the 19 appointed Regents, only one (1) has previous experience as an educator or an administrator of an educational institution. One is a current student, and the remaining 17 have strong ties to corporate and financial institutions. Below are some of the more salient ties:
    • Richard C. Blum is head of the largest commercial real estate company (CBRE) and a Wall St. private equity firm (Blum Capital Partners). Through Blum Capital Partners, Mr. Blum has $923 million invested several private education corporations, including ITT.
    • David Crane, a billionaire, has worked as a financial advisor for high net worth individuals. Mr. Crane has attributed budget woes in CA to collective bargaining rights for public employees, while simultaneously making sizeable political donations to politicians supporting tax breaks for the wealthiest Americans, including former President Bush.
    • Russell Gould served as Executive Vice President for Wachovia Bank (now part of Wells Fargo) from 2004 to 2009.
    • Sherry Lansing is former CEO of Paramount Pictures. She currently sits on several Boards of Directors, including Qualcomm and Dole Food. Her Bel Air large is listed as worth $15,000,000.
    • Monica Lozano is an outside director for Bank of America. BofA cuts Ms. Lozano more than $250,000 in checks per year, in addition to receiving another $250,000 from sitting on the Board of Directors of Walt Disney.
    • George Marcus is Chairman of two large real estate development firms, Marcus & Millichap and Essex Property Trust. He personally owns six separate homes in CA.
    • Leslie Schilling is Investment Advisor at Union Square Investment Company, a commercial real estate and management firm.  Primary manages accounts for high net worth individuals or corporations and has more than $133M in assets.
    • Paul Wachter is founder and CEO of Main Street Advisors based in Santa Monica. Investment adviser to the entertainment industry. The firm is an elite, private company that provides investment advisory services to a select group of high net worth individuals and companies. He is also an Operating Partner at Pegasus Capital Advisors, L.P. a private equity firm.
    • Bruce Varner is a Senior Partner at the law firm Varner & Brandt, which represents corporate, finance, and real estate interests. He serves on several Boards of Directors, including the Security Bank of California.
    • Since 2003, the Regents increased the share of the UC Retirement and Endowment fund invested in leveraged buyout private equity funds. The return on these funds has been running at negative 20% per fiscal year. Many of these funds have ties to Mr. Blum.

Berkeley Administration

The Vice-Chancellor for Administration and Finance, who is in charge of managing UC Police, spent 25 years at the World Bank (access article here)

The former VC for Admin was formerly at JP Morgan (access here)


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