The New York Times
By SAM DILLON
December 21, 2009
In the 1990s, the president of Adelphi University was accused of receiving excessive compensation and forced from office. Since then, the leaders of American, Towson, Texas Southern and other endowment-poor universities have also crashed to earth after plunging their institutions into turmoil for similar excesses.
Now, charges are swirling over Stevens Institute of Technology in Hoboken, N.J. The state attorney general has sued the institute and its president, Harold J. Raveché, accusing him of plundering the endowment and receiving $1.8 million in illegal low-interest loans for vacation homes, with half of them later forgiven. more …
