College ‘Beset’ By Accusations Over President's Compensation

The New Jersey attorney general has brought suit against the Stevens Institute of Technology and its president, Harold J. Raveché, in a case with disturbing allegations. According to a detailed article in today’s Times, the attorney general is accusing the college’s president of “plundering the endowment and receiving $1.8 million in illegal low-interest loans for vacation homes, with half of them later forgiven.”

Suit was filed months ago, according to the article, and it is not clear why it hit the paper today. But it’s troublesome nonetheless.
 
You can read it at http://www.nytimes.com/2009/12/22/education/22stevens.html?hp=&pagewanted=print. Don’t miss the sidebar, “Other College Heads Who’ve Been Accused of Lavish Spending,” at http://www.nytimes.com/2009/12/22/education/22sidestevens.html?ref=education.