I’d like to be a Gallery: The Corcoran Falls Apart
An old saying holds that everyone knows how to save the ship after it sinks. Unfortunately, some ships sink very slowly and the only people who don’t seem to know how to save them are the ones in charge of doing so.
The Washington Post recently reported about the demise of the Corcoran Gallery of Art as we know it. At this point, it looks like the Corcoran will essentially be dismembered and its various organs kept alive by GWU and the National Gallery of Art: probably the best outcome under the circumstances. But, to be clear, this looks to be the end of the Corcoran as Washington’s oldest privately owned art museum, seemingly to the surprise of no one.
Museums have a cultural role not unlike that of universities and some of the same tensions around how private or public their funding should and can be. The museum, as a collection of significant artifacts for viewing, began before the common era with private collections for the wealthy and powerful to share amongst themselves. The museum open for public viewing began with the Renaissance and developed in force with the eighteenth century Enlightenment. The idea that the museum should serve the edification of the public was very much of the time. Diderot, for example, outlines a detailed plan for a national museum of France in his 1765 Encyclopédie. The big shift towards public access parallels what happens with lending libraries in the era. So, while fine art museums are sometimes considered “elitist” by their opponents, the impulse behind them is deeply egalitarian.
Of course, the question is who pays for these things? Generally, the money comes from three sources: the public, through tickets, food, and merch; private philanthropy; and government funding. The Corcoran certainly did get special funds from the NEA. However most of its money comes from donors, ticket buyers (placing them at something of a disadvantage compared to those public museums in D.C. that are free) and student tuition. The Corcoran is fairly unique in being both the Corcoran Gallery of Art and the Corcoran College of Art and Design.
Philanthropy has been central to the Corcoran’s mission since it was founded, in 1869, by a wealthy Washington businessman, William Wilson Corcoran, drawing from his own private collection. Over the years, it was enlarged greatly by contributions and bequests from wealthy individuals and donations have kept the museum alive since the beginning. There is little debate that the museum has faltered because donor families have been gradually abandoning what many have seen as a rudderless ship. Most museums walk a fine line to encourage wealthy donors to contribute great sums of money for work that will generally project their tastes without letting those donors determine what the museum does. A low point for the Corcoran, for instance, was the 2011 announcement of a vanity show curated by a couple with whom the museum had recently completed a $.6.5 million real estate deal. For some time, though, the Corcoran fought to stop a mutiny of donors who simply felt the top management didn’t know what they were doing.
Mapplethorpe
1989 cancellation of a planned retrospective of the great photographer Robert Mapplethorpe; the forthcoming show had received a grant from the National Endowment of the Arts, already under fire from Congressional Savonarolas for funding art that scared them, and Mapplethorpe’s photography was noted for its homoerotic and S&M themes. The Museum hoped to avoid controversy, but the move instead angered and alienated several members of the board of trustees as the decision, made from the top, seemed “preemptory, dictatorial, and disenfranchising.” The pop artist Lowell Blair Nesbitt revealed he had a $1.5 million bequest in his will to the Corcoran and, due to the Mapplethorpe cancellation, was leaving the money to the Philips Collection instead. Artists began boycotting the Corcoran, leading to exhibition cancellations. The Washington Project for the Arts hosted the Mappelthorpe show instead to large crowds. Looking to avoid political pressure, the Corcoran had instead bowed to political pressure and lost cultural capital with the people who actually paid their bills. Longtime donors, the so-called “Corcoran families” began turning away and the Museum seemed to lose focus, with successful shows offset increasingly by clumsy, even bad ones.
Some date the beginning of the Corcoran’s internal troubles to theGehry
they claimed to be focusing efforts on developing, “a new, more strategic approach to the Corcoran’s future.” They also forced the resignation of President and Director David Levy.
Instead of doing adequate fundraising, the Corcoran seemed to think more about real estate deals and planning expansions. Hoping to be seen as innovative, they announced in 1999 an expansion to the building designed by famed architect Frank Gehry. The problem was they were not as innovative in raising the $200 million estimated for the expansion and had to cancel the plan in 2005, essentially leasing off the plot for office space in 2010. At the time,The school went through directors as easily as plots of land. An art historian and jazz musician, Levy took the wheel after the Mapplethorpe scandal and was forced to resign as President/Director after a 14 year tenure following the Gehry scandal. But Levy did increase museum attendance, enrollment, and the number of significant shows, along with an exhibition of Jackie O’s clothes. Nevertheless, it must be noted that the Museum’s deficit in 2005, largely affected by the cost of writing off the expansion, was signifcant.
Commenting on the Museum’s mistakes, while taking no real responsibility for them, Levy writes:
The subsequent attempt by the Corcoran’s current leadership to run it “like a business” resulted in escalating annual deficits to upward of $7.5 million, which, at almost 25 percent of its annual budget, led to the panicked selloff of important assets. This reduced the prospect of the Corcoran’s long-term survival to an unattainable dream.
Levy blames the demise on a pattern at the Corcoran of trustees resting on their social cache without taking part in collecting or planning, actively resisting attempts to expand the fairly small collection, to which one can only add “Yes. But…”
In 2006, Paul Greenhalgh was brought in as a replacement. An art scholar, Greenhalgh had served as Head of Research at the Victoria and Albert Museum in London and most recently at that point Director of the Nova Scotia College of Art and Design, but was largely unknown. Stepping into a financial mire to do battle, he was soon fighting cancer as well and, while the museum mounted a large exhibit on Modernism as well as somewhat successful Ansel Adams and Annie Leibowitz shows, the money continued dribbling away.
Under his tenure, the Corcoran also tried to cut costs by, as Tyler Cooke (whose journalism has been invaluable here) puts it, laying off a number of “experienced senior faculty, curators and administrators. If it replaced them, it was typically with younger, less experienced and cheaper options.” They also sold off the Randall School, purchased from the District in 2006 as a proposed expansion to the College, and rented out the adjacent plot of land where the Gehry expansion would have stood.
In 2010, Greenhalgh stepped down from the position, citing the museum’s ongoing financial woes, claiming improvements, and saying he was, “determined to change the emphasis in my life and work.” He gave the museum five days notice. The museum had, at this point, a $4.4 million deficit. The month prior, it had closed the exhibit “Turner to Cezanne” due to problems with the climate control system. The building needed serious repairs.
Greenhalgh was replaced by Fred Bollerer, a “venture capitalist with no prior experience in museum administration.” Coming from the banking industry, Bollerer did have experience in helping non-profits raise money. That year, the Museum opened NOW, a contemporary art space, sold off some key properties, and hired Lord Cultural Resources, a “cultural strategy firm” to develop a plan for the future. One was needed. In 2011, the museum deficit was at $7.2 million, attendance had hit a seven year low, and the board estimated the cost to repair and renovate the building at a staggering $130 million. In 2012, they announced the possible sale of this fixer upper opportunity.
Cooke compares the failure of Corcoran leadership to trustees at MCI or Enron, noting that the boards bumbled more than did anything nefarious, but caused just as much damage. Personally, I am reminded more of the institutional failures of academia, where bad administrations will face challenges not by reinforcing the mission of the cultural institution, which they seem not to understand, but through large-scale costly expansion programs, parachuting in executives, talk of running the institution like a business, and calls for the panacea of “innovation” without end or specifics. Slot machines in churches are an innovation too, but not a good one. The Corcoran’s planned projects did not seem to grow organically from what the Museum was and had been since the beginning. The same feeling that one often gets in academia remains that the people in charge innovate because they have no clear idea just what it is that their institution serves to do.
What we desperately need more of at this historical moment are able and passionate cultural stewards to preserve and strengthen the artistic, intellectual, cultural, and, ultimately, spiritual resources of a society awash in fractured, shallow, ephemeral digital media. They will need to have a deep understanding of those cultural resources and the institutions that have traditionally held them and be innovative in how they explain and carry out their mission, to be sure. But, at their core, they are preservers, not innovators or shrewd businessmen. Preservers are less valued at the current moment, but in desperately short supply.
Slot machines in churches are an innovation too, but not a good one.
You’re too hasty by half, my good fellow! How much will a row of four crucifixes win me?
This is a great post. I hadn’t heard about the Corcoran’s demise, and it’s a sad thing. It’s difficult to continue good management of any organization over the long term. All we can really hope for is that those who do a good job can put the organization in a position to survive the bouts of bad management. But long term poor management combined with a prolonged economic slump is a bad combination.
Here in Michigan, Detroit’s bankruptcy threatened the existence of the Detroit Institute of Arts museu, because as a city asset its collections were at risk of being sold off to help pay off the city’s creditors. Fortunately some business leaders and foundations have put together a $300 million+ fund that looks to save it (some of the fund is to protect retiree pensions, too). There is much sighing of relief in the big D.
I’m glad you mentioned the egalitarian mission behind the establishment of art museums. It was a condescending sort of egalitarianism to be sure, an expression of noblesse oblige, but whatever the color of the motivation, they’re a wonderful thing to have around.Report
Legally, most (if not all) museums are quasi-public entities that hold their collections in trust for the public and are controlled by the attorney general of the states (perhaps the US Attorney General in DC).
The selling of Detroit’s art was rather controversial because of the above fact. Deaccessionsing by museums is also controversial because while understandable in a physical sense (Museums have finite space and you need to get rid of stuff to buy more paintings), who gives the museums the rights to say what to sell and what not to sell. What if a museum decides to sell a popular painting for something with more critical acclaim?
Another interesting controversy is when museums seem to do all they can to limit access to their collections. The Barnes Collection in Philadelphia was infamous for this and it took decades of lawsuits and litigation for the state of Pennsylvania to wrest control over the Foundation and make the art more accessible to the public. There is a documentary about it called the Art of the Steal. The documentary is highly sympathetic to the Barnes Foundation and their desire to keep the art out of sight but I was sympathetic to the government in this case.Report
In Europe this problem was solved by making all museums government owned and run. Many of them originate from the government rather than private initiative.
American museums are in weird place because of how the are originated and run. The role of rich beneficiaries doesn’t really exist anywhere.Report
The Met had an interesting battle over access in the 19th century. The Board of the Met was dominated by rich and devote Christians that wanted the Met closed on Sunday. Sunday was when most people could get the Met back then. There were fierce battles over this.Report
ND,
DIA is municipally owned. So it’s wholly public, as I would understand the term. I don’t know how municipal ownership affects the role of the state AG.
Yes, selling the works off brought up those public trust questions, but as the issue evolved, it seemed to be trending toward an understanding that the art was a city asset, just as much as any city property was. Or at least that such a conclusion was likely enough that folks needed to stop talking and get to action tout suite.Report
@leeesq
In Europe this problem was solved by making all museums government owned and run.
That sounds a bit heavy-handed, if it meant mandated conversion of private into private, and/or restrictions on private museums.
Many of them originate from the government rather than private initiative.
If it’s only about source of origination, then my first response here is irrelevant.
American museums are in weird place because of how the are originated and run. The role of rich beneficiaries doesn’t really exist anywhere.
Does that ultimate line refer to the U.S. or Europe? It reads as applying to the U.S., but that doesn’t seem to make sense in context (or substantively).Report
Attn James, its my understanding that many European museums were government projects to begin with. Many of the 19th century ones have some origin relating to the process of state building. Thats why so many of them have the words National or whatever equivalent in their title. American museums tended to originate as projects of the rich rather than the government with some exceptions like the Smithsonian. MOMA was the brainchild of the second Ms. Rockeller.
There are certain advantages to having museums being purely governmental. A lot of European museums have a better track record of returning art stolen by the Axis during WWII to their rightful owners than their American equivalents.Report
Re LeeEsq’s comment about museums in Europe. How many of the basic collections there were from princes and the like. (Examples the Louve, Alte Pinotek Munich, the various museums in Vienna etc.). Since it was the sovereigns collection, and in general outside the UK the sovereign and the government were not so distinct, when the monarchy was abolished the state inherited the art, since it was ruled a state asset,Report
In terms of the Louvre, that was one source. I’m pretty sure another big one was the spoils of war- Napoleon eventually ran a sort of war economy.Report
@newdealer “Legally, most (if not all) museums are quasi-public entities that hold their collections in trust for the public and are controlled by the attorney general of the states (perhaps the US Attorney General in DC).”
Is this actually true? I’d like to know more about museum ownership. I only recently learned about the difference between collecting and non-collecting art museums, which kind of blew my mind.Report
I’d only say art museums (or any museums) are egalitarian if they’re free, enabling anyone to enjoy them. The United States (via the Smithsonian) and Britain are very good at this; Canada, unfortunately, is not – all of our national museums have paid entry. I consider it a strong indication of a country or region’s values – Québec’s provincial art museums are free-entry, because that’s something they value.
A private, paid-entry art museum isn’t an egalitarian venture at all.Report
Egalitarianism is a spectrum.
A private, paid-entry art museum is more egalitarian than the art within that museum otherwise not being accessible to the public.
That said, I really prefer museums to be free, and I’m the lucky beneficiary of great free art museums like the Cleveland Museum of Art and the Butler Institute of American Art (in Youngstown–well worth the drive if you’re anywhere near!). Both are private non-profits, however.Report
Oh, darn, I forgot to include the other half of my point. Even though I get to go to great free art museums, my life would have been a little less rich if I could not have gone to the Neue Gallerie in New York City or the Museum of Russian Art in Minneapolis, both of which have entrance fees.Report
I would agree with the ‘egalitarianism is a spectrum’ comment although I am still startled that I have to pay in Canada to go to a museum, having grown up not far from the fantastic Smithsonian archipelago.Report
Don’t most museums have a Free Day? I know that’s a small step, but it is, kind of, egalitarian.Report
I like what the Met does with pay what you can entry.Report
But I’m sure they charge full price when they’re playing the Yankees.Report
Many museums in the US outside the Smithsonian do charge, or they do that “suggested donation” thing where people least likely to be able to pay the suggested donation are probably also those most intimidated by the set up that seems to say, “you must pay” regardless of the policy.
I’m not sure how many “many” is. Maybe it’s a majority, or maybe not. But my point is that US museums are not necessarily better than the Canadian ones on that score.Report
The Corcoran should have entered a partnership with the NGA or the Smithsonian (or both) years ago. You can’t compete with free.Report
You can’t compete with free.
I wonder how well this holds for museums. The Met is free (for all intents and purposes) and its collection is unparalleled, but plenty people still walk 10 blocks up to pay $20 at the Guggenheim. Seems like knowing your audience is just as important: The Guggenheim struck gold with modernist work from the WW1-WW2 era (which The Met lacks and the MOMA is bored with) and has been going back to that well for years. Of course, knowing how your collection can fit into the local museum culture is something that comes from having an experienced and aggressive staff, not a sexy building (though The Guggenheim seems to have both).
I find it pretty surprising though that Bollerer – the guy with no museum experience – seems to have made the biggest steps towards turning a corner, by moving into contemporary art and focusing on culture. Though at that point it already seemed like that stage in Monopoly when you start mortgaging your own property back to the bank just to pay someone else’s rent.Report
Great article.
“The pop artist Lowell Blair Nesbitt revealed he had a $1.5 bequest in his will to the Corcoran and, due to the Mapplethorpe cancellation, was leaving the money to the Philips Collection instead. Artists began boycotting the Corcoran, leading to exhibition cancellations.”
Is there a missing million here or is 1.5 all he could afford? 😉 Starving artists and all.
There are controversies in the theatre world. I haven’t heard of a veritable non-profit theatre closing down but there seems to be a large fight between admins and theatre artists over how theatres should act. The theatre artists (especially younger ones) seem to think admis focus too much on buildings and capital campaigns and plays that make the blue-haired matinee set happy and not enough on fostering younger audiences, affordable tickets, money to give artists living wages, etc.
The admin vs. artist divide is an interesting one.Report
Fixed it. Thanks. I did that elsewhere, but Mr. Schilling saved me.Report
Isn’t government funding from the public because it’s paid out of tax revenues?
When my parents were young, the museums in NYC were free because they received enough government funding in order to be open to the public. It was a good service.Report
Of course. I’m just trying to distinguish between money a museum gets from the government that people can’t opt out of paying into through taxes and what they choose to pay by buying a ticket or a mug in the gift shop.Report
Having served on some non-profit boards — I think boards, themselves, are a problem. It’s incredibly difficult to keep a focus and a mission. This kills businesses, too.
But I’m also one of those Flaming Liberals™ who thinks we should spend as much Tax Payer Money on art and museums and education and what not as we pay for guns and ammo and developing strategic expertise. (And I might add: by eliminating ear marks, aka pork, from congressional debate, we not only removed the grease that made compromise possible, but we removed a major source of investment in public art and infrastructure projects.)Report
There are a lot of people arguing that graft needs to return to Congress
Honest graft to use the words of Tammany Hall:
http://www.theatlantic.com/magazine/archive/2014/03/the-case-for-corruption/357568/Report
I think boards, themselves, are a problem. It’s incredibly difficult to keep a focus and a mission. This kills businesses, too.
This.Report
Oh, I should have been clearer that there were good people on that board of trustees, but it was definitely a problem too.Report
Liberals calling for ear-marks and graft. Why am I not surprised? Is it always easy for them to waste other folks’ money.Report
I’m not really clear on how earmarks are any different from saying x money must be spent on y program. Isn’t that how budgets work?Report
Meh, if the museum can’t manage its affairs why should I be upset?Report
To be honest, I don’t know you, so I couldn’t really say if you should be upset.Report
NotMe is trolling as he or she is wont to do from time to time.Report
Maybe so. I just want to be clear that this post was more of a “hey, here’s a story you might find interesting” post than a “here’s something we have to do something about!!” sort of post.Report
Rufus:
I grew up in DC and can safely say they don’t suffer from a scarcity of museums. Not to mention, that entities go out of business ever day without notice by anyone.
NewDealer:
So sorry that I’m not part of liberal group think around here. Would I be more popular if I did? Why does having a unpopular (not liberal) opinion make one a troll?Report
I have a morbid fascination when large institutions fail.Report
@newdealer FWIW, I took the question posed by @notme as being sincere (not trollish). And while I get that it isn’t where @rufus-f was going on this post, I think it’s an important question.
Why should we care, really, if a museum that’s a local institution fails? Of a symphony, or a ballet or opera?
I’m not saying they we shouldn’t care; I’m guessing I would care more that notme at least on principle. But why should I?
Someone should do a post on that question.Report
For the record, I didn’t take the comment as trolling either. My point is if a sports franchise goes belly up, I’ll find it an interesting story, although I personally might not care. So, I would understand that there are plenty of people who are not personally concerned if an art gallery goes belly. I still find the story interesting.
I guess the question of whether it matters has more to do with whether or not there are problems or patterns of behavior to correct those problems at the Corcoran that are repeated elsewhere, which I suspect is the case, and whether we should then expect to see more galleries, museums, and cultural institutions failing in the foreseeable future. In that case, yes, I do think we need more able stewards of our society’s cultural patrimony. I would say that the importance of that patrimony and the failings of those stewards was a reasonable inference of the post, so clearly I do care. On the other hand, I am of the belief that these concerns are essentially conservative in nature: i.e. the notion that the strength of a nation’s cultural institutions is important for the health and identity of the nation and that the failings of those stewards are therefore of some importance. So, to be honest, I expected conservatives to be more concerned on principle than liberals.Report
So what you’re saying, basically, is that the art community was so scandalized by the lack of gay sadomasochism that they ruined the museum in protest.Report
Haha! No, but I can imagine a good New Yorker cartoon along those lines.
Honestly, I think the Corcoran would have done a lot better at fixing their situation if they just put on much better shows, instead of worrying about buying real estate or building additions that they couldn’t afford. It seems pretty basic that an organization needs to fix the areas where they have problems before saying, “Hey! Look over here!”Report
The self-analysis to actually, you know, identify problems is difficult. It involves a whole lot of ‘what are we doing wrong, how can we do better,’ as an alternative to ‘how cool are we.’ Goes back to that thing that’s so essential, particular to the arts: constructive criticism.Report
You see it all the time with large institutions in crisis- hiring consultants to do image makeover, embarking on huge, semi-related side projects, and so forth, rather than figuring out why they’re failing at doing what it is they exist to do. Certainly you can see plenty of examples in the corporate or governmental sector.Report
@rufus-f so they need a turn-around-specialist, someone to prune, but they hired an image consultant, someone to help them bloom.
If you want nice flowers, roots matter. We spend so much time focusing on green shoots, and we forget: nothing grows without good roots in appropriate soil and some water.
(I’m watching Clair Underwood in action right now, waiting to see what she knows roots and soil and water.)Report
@tod-kelly
I will see what we can do. I don’t live in DC so I am not ultra-familiar with the Concoran. Last time I was in DC was in 2002.
Notme’s comments about liberals calling for corruption and graft seem to be the height on being what is wrong with partianship because it seems to deny any validity to an opponent’s ideological background or opinions. If I am to assume good faith in the viewpoints of conservatives, shouldn’t they also do the same for liberals? Isn’t the height of democracy that reasonable people can disagree? His statements seem to imply that disagreement with his stance on the issue is unreasonable.
We should care because there are ordinary people without great wealth who love art and try to support it as they can but they cannot be huge donors or often afford the ticket prices. Government subsidizing art is no more taking people’s money than it is when government uses tax payer funding for roads, schools/education, law enforcement, the courts, military, the National Institute of Health, etc.
I am a firm proponent of the Oliver Wendell Holmes idea that taxes are the price we pay for living in a civilized and well-functioning society and if someone sees all taxes as a form of theft, I am not sure how to answer them. It seems odd to me that the United States seems to be the only developed nation where there is a large chunk of the population is absolutely resistant to the idea of public-arts funding. At the same time PBS and NPR are two of the most popular government programs ever created. So are libraries despite the claims of many conservatives. Japan acknowledges some artists as living national treasures. The Australian government basically created the Australian film industry. There have been protests in England when their theatres have put on controversial plays see the Royal Court’s production of Blasted by Sarah Kane in 1994 but as far as I can tell no one has called on the Royal Court to receive reduced funding and no one finds it controversial that the museums in London are free and this includes the greatest museums known in human history like the National Gallery and the Tate Modern.
I consider it a form of patriotism to support art and culture and make it affordable and accessible to the public. The NY Opera was fondly called The People’s Opera by Mayor La Gaurdia. Subsidized art can make museums, opera, ballet, modern dance, and theatre more affordable for the populace and I would say a much better investment than more development into new and deadlier weapons or the massive data trolling done by National Security or maximum incarceration.
“The American population is largely a self-selected band of misfits and fortune seekers who have incubated a culture of selfishness and cruelty. There is a minority faction that favors unpopular notions like human dignity, a living wage, and the public good. These people are vilified by the greedy strivers – not because they are a real political threat, but because they implicitly reject the values of the majority.”-Morris Berman, Why America Failed.
I generally try not to believe in cynical quotes like this and think it is not proveable in a nation of 300 million plus people. However, all my interactions with notme and a few other (but certainly far from all) libertarians and conservatives on this site seem to fit the pattern of the quote quite well.
It takes a lot of education to turn someone into a good artist. There is some innate talent but it needs to be developed and practiced like any other skill and craft. People seem to think that arts programs are filled with people who will never do anything for the masses but many if not most actors, writers, designers, directors etc for TV, film, videogames, etc were education along side the so-called high artists of theatre and the avant-garde. Many theatre directing MFAs end up as TV directors if they are lucky.Report
@notme
I’m inviting you down here, and the topic is earmarks and public investment in art; partly because earmarks often do go to cultural institutions like the Corcoran.
First of all, in my lifetime, earmarks have been a fact of life; and I freely admit, a growing problem of public corruption. If you had some magical way of searching my internet commenting, you’d find a sizable number of comments (all made under the name zic, too) arguing they should be eliminated. And then they were. And I changed my position. I still totally agree we had gone to far, and earmarks were corruptly used. Now, I think that some use of them isn’t so bad; that they, within reason, serve an important function; we’ve gone too far in the other direction.
My evidence for this is that we’re now in an environment of obstructionist government; the battles of lifting the deficit ceiling in particular. But also health care, immigration reform, tax reform, the farm bill. Earmarks, when properly used, are like changing the oil in your car; they help keep things running. They provide cover for a politician to compromise in a bipartisan way by bringing in a small amount of money to their local district even as they vote on a bill that’s unpopular locally. It’s political grease.
The S&P estimated the cost of the government shutdown at $24B. I think you’re probably well aware of its cost to the GOP in political good will. Is it possible that a few million in earmarks might have proven to be a good investment? And is it possible that some of that money might have found it’s way to art institutions and infrastructure programs that would have created jobs and helped revitalize failing communities? I think so. Would there there been some silly spending there? Probably. But the small amount of money spent on earmarks, think of it as an oil change to grease the wheels of politics, might have been a whole lot better then the seized up engine that resulted in the government shutdown.Report
@tod-kelly
I would also say we should care when institutions fail because it is kind and compassionate to do so.
I will work this into my essay but I am not a caveat emptor kind of guy and when I think of institutions failing, I think of all the blameless actors who will be hurt by the failure. Not the people at top but the students at the institution that just lots accredition (see CCSF potentially), the admin assistants and other day to day workers who are know out of a job and have bills to pay and families to support, the people with loans and deposits at the bank that failed, etc. The people who loved attending NY Opera, etc.
There are always going to be institutions that fail. Nothing can be done about this. However, there is a lot of collateral damage done to many that needs to be softened.Report