Posts Tagged ‘Penn State’

Penn State workers removed the famed statue of late football coach, Joe Paterno. Credit Christopher Weddle / Centre Daily Times via Zuma24.com

In my blog post last November, I looked at the much discussed Penn State football scandal and tried to determine whether the late Joe Paterno should be held accountable for the terrible abuses that took place at the hands of his once assistant coach, Jerry Sandusky.  Sunday, the NCAA forced Penn State to remove the famous Joe Paterno statue outside Beaver Stadium.  Further punishment on the University’s football program was announced yesterday and it includes, a $60 million sanction, a four-year football postseason ban, a reduction in football scholarships and a vacation of all wins dating back to 1998.  Joe Paterno will no longer be the winningest coach in college football.

Penn State did not receive the much debated “death penalty” from the NCAA, which bans a University from competing in a sport for at least one year, but they did figure out a way to punish Penn State, which many would argue, is much more severe than the death penalty.

Over the last day or two, there’s been a lot of outrage from loyal Penn State alums expressed through Facebook and Twitter about the excessive punishment. Many argue that justice will be served with the sentencing of Sandusky and that the football program and the current athletes, who had nothing to do with the scandal, should not be punished anymore.

In my opinion, if you are outraged by the tearing down of Joe Paterno’s statue and all the sanctions that have been placed on the football team, just turn around and pretend like it’s not happening.  That’s what the University and Joe Paterno did for more than a decade.  Their actions, or lack thereof, were directly related to the continued abuse of children in Sandusky’s charity, Second Mile.  The University and Joe Paterno had full knowledge of Sandusky’s “issues”, yet no one took this knowledge to the police.  Victims could have been saved, yet nothing was done.  In New York, we all know we have an obligation that if we see something, we should say something.

Joe Paterno built his reputation and career on creating teams that did the right thing – both on and off the field.  As the head coach for one of the most prestigious college football programs of all-time, Joe Paterno had a moral and professional obligation to say something…to the authorities.

Throughout our lives we all face teachable moments.  The University of my home-state should take this as moment to reflect on their values and priorities.  Penn State is a highly regarded academic institution.  It should not be defined by its football program.  And it will continue to be a great institution.  The NCAA has set an important precedent for college sports, one in which I hope changes the course of action for years to come. End of Story

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No Comments » Written on July 24th, 2012 by
Categories: From the News
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The Week Unpeeled

The headlines were dominated again this week by MF Global (where $600 million in funds are still “missing” but may have been transferred from customer accounts to brokerage accounts before the bankruptcy); Europe debt woes (where UK Prime Minister David Cameron and German Chancellor Angela Merkel presented a unified front in Berlin stressing the positives from the Eurozone summit); and Occupy Wall Street protests around the globe (where 250 were arrested in New York after a failed attempt to “close” the New York Stock Exchange.  Elsewhere:

  • Deutsche Bank AG CEO Josef Ackermann resigned in a surprised move amid concerns of shareholder support;
  • Virgin Money, part of the Richard Branson fold, acquired Northern Rock, a loss for British taxpayers and the first sale of banking assets for the UK government following the financial-crisis bailout;
  • Warren Buffett, through Berkshire Hathaway, bought a 5.5 percent stake in IBM, which was widely reported as his first big stake in a tech company ever and makes Berkshire one of the biggest shares of Big Blue;
  • NBC announced that Chelsea Clinton will become a full-time special correspondent for its news division, effective immediately, as part of its “Making a Difference” series on its Nightly News;
  • In the UK, youth unemployment hit one million for the first time, and Mervyn King, Governor of the Bank of England, revised the nation's growth forecast down. Figures now show that 21.9 per cent of 16-24 year olds are now out of work, a rise of 67,000 in the last three months;
  • Amid the arrests in New York, the Occupy London protestors have undertaken a “public repossession” of an office building owned by UBS, saying that it was only right that this kind of action is taken against banks that leave premises empty;
  • Penn State’s Board of Trustees hired Ketchum for its crisis communications issues; and
  • The Dow ended the week down 2.9 percent at 11,796 in one of the worst trading weeks in a couple months.

They’re Back, Perhaps

'Pulp Fiction' (Miramax Films/Everett Collection)

Are esoteric bonds making a comeback? First Bowie Bonds were launched in 1997, which were securities backed by 10 years of royalties on albums recorded by David Bowie before 1990.  Now “Uma-Backed Securities,” (a nod to The Wall Street Journal headline) are expected to hit the market, or bonds backed by Miramax Film licensing and distribution revenues, which includes “Pulp Fiction.”  Barclays Capital serves as investment banker for the private placement. Creative financing or a sign that traditional sources of collateral (mortgages, car loans, credit cards) are getting thin? CJP

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The Week Unpeeled

It seemed to be the week of the “oops,” starting with Rick Perry at the Republican debates going into a brain freeze to S&P erroneously downgrading French sovereign debt. Big headlines in the US, however, focused on the Penn State/Joe Paterno scandal, MF Global shutting down and still looking for $600 million (oops!) and Silvio Berlusconi getting the boot as Italy’s PM.  Elsewhere:

  • Double dip in Europe? The EU Economic and Monetary Affairs Commissioner, Olli Rehn, admitted that European growth has stalled, which has lead to further speculation of a double dip recession. Rehn announced revised economic GDP growth figures for countries in the single currency of 0.5 per cent in 2012, down from an original estimate of 1.8 per cent;
  • The Italian bond market spooked markets as yield soared and raised talk about the future of the common EU currency;
  • 2005 YU55, otherwise known as a humongous asteroid, sailed past earth last week;
  • Michael Jackson’s doctor was convicted of involuntary manslaughter;
  • The Dow finished a volatile week up 1.4 percent to end at 12,153 (that following a nearly 390-point plunge on Wednesday).

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Paterno Stands Alone [Getty Images].

If you’re a giant sports fan, like myself, then you’ve probably found yourself drawn to ESPN, ESPN.com, ESPN on Demand, and ESPN’s Twitter page this week as you seek the latest developments in the Joe Paterno/Penn State scandal. The tragedy that has unfolded over the last couple of days is both shocking and disturbing. While I am not a Penn State graduate, I have plenty of family and friends who are, and they are pretty evenly divided about how the University has handled things thus far. No matter your college sports affiliation, all of us are left with questions. Was firing Joe Paterno the right decision? Who should be let go next? Will Penn State’s reputation be tarnished forever? Was the firing a strategic PR move or a lesson in morals and ethics?

For those of you who may have somehow missed the story that broke last Saturday, Penn State football defensive coordinator, Jerry Sandusky, was charged with 40 counts of sexual abuse of children. Jerry Sandusky was an assistant coach at Penn State from 1969 until 1999 and worked under the famed 84-year old Paterno, who had himself been with the team since 1966 (that’s before nearly all of us were born). In 2002, Joe Paterno learned about a sexual abuse incident with Sandusky, and while he told the Penn State Director of Athletics, he failed to report it to law enforcement. On Tuesday, in what seemed like a preemptive move, Joe Paterno publicly announced that he would retire from football at the end of the season. While he did express remorse for the victims and expressed that with hindsight he wish he had done more, the Penn State Board of Directors made a decision that surprised many and fired Coach Paterno. Penn State students protested in the streets of State College.

CONTINUE READING AFTER THE JUMP

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