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04367aam a2200433 i 4500 001 81AD1AF4DDAE11EDB031D5162DECA4DB 003 SILO 005 20230418010100 008 210721t20222022ilua b 001 0 eng 010 $a 2021035850 020 $a 022672042X 020 $a 9780226720425 035 $a (OCoLC)1261772253 040 $a ICU/DLC $b eng $e rda $c DLC $d OCLCO $d OCLCF $d ERASA $d UKMGB $d YDX $d OCLCO $d CGU $d IaU $d SILO 042 $a pcc 043 $a n-us--- 050 00 $a LB2342 $b .E19 2022 082 00 $a 378.1/06 $2 23 100 1 $a Eaton, Charlie, $e author. 245 10 $a Bankers in the ivory tower : $b the troubling rise of financiers in US higher education / $c Charlie Eaton. 264 1 $a Chicago ; $b The University of Chicago Press, $c 2022. 300 $a xi, 203 pages : $b illustrations ; $c 24 cm 504 $a Includes bibliographical references (pages 171-188) and index. 505 0 $a Universities and the social circuitry of finance -- Our new financial oligarchy -- Bankers to the rescue : the political turn to student debt -- The top : how universities became hedge funds -- The bottom : a Wall Street takeover of for-profit colleges -- The middle : a hidden squeeze on public universities -- Reimagining (higher education) finance from below -- Methodological appendix : a comparative, qualitative, and quantitative study of elites. 520 $a "Higher education has always played a crucial role in maintaining elite status in American culture. Historically, it has also been a way for Americans to transform their social and class status, and public universities have been a major stepping stone to new economic opportunities. However, as Charlie Eaton reveals in Bankers in the Ivory Tower, finance is playing a central role in widening inequality both in American higher education and in American society at large. With federal and state funding falling short, the US higher education system has become increasingly dependent on financial markets and the financial organizations which mediate them. At the same time, the nation's most exclusive colleges have embedded America's ascendant financiers in social networks, a common culture, and shared identities with the country's broader elite. Financiers leveraged these elite ties in pushing for policy and organizational changes that would lead to profits for the top 1% such as the expansion student loans, hedge funds marketed to college endowments, investor-owned for-profit colleges, and bond borrowing by not-for-profit universities. Beginning in the 1980s, government, colleges, students, and their families took on multiple new roles as financial investors, borrowers, and brokers. The turn to finance, however, has yielded wildly unequal results. At the top, ties to Wall Street helped the most elite private schools achieve the greatest endowment growth through hedge fund investments and the support of wealthy donors. At the bottom, takeovers by private equity transformed for-profit colleges into predatory organizations that leave disadvantaged students with massive loan debt and few educational benefits. And in the middle, public universities like the University of California system were squeezed between incentives to increase tuition and pressures to maintain access and affordability. Eaton chronicles these processes with rich history, interviews, and numbers, making clear for the first time just how tight the links are between big finance and America's highly unequal system of higher education"-- $c Provided by publisher. 650 0 $a Education, Higher $z United States $x Finance. 650 0 $a Education, Higher $x Social aspects $x Social aspects $z United States. 650 0 $a Education, Higher $x Economic aspects $z United States. 650 0 $a Capitalists and financiers $z United States. 650 0 $a Elite (Social sciences) $z United States. 650 7 $a Capitalists and financiers. $2 fast $0 (OCoLC)fst00846463 650 7 $a Education, Higher $x Economic aspects. $2 fast $0 (OCoLC)fst00903047 650 7 $a Education, Higher $x Finance. $2 fast $0 (OCoLC)fst00903056 650 7 $a Elite (Social sciences) $2 fast $0 (OCoLC)fst00908113 651 7 $a United States. $2 fast $0 (OCoLC)fst01204155 941 $a 2 952 $l PQAX094 $d 20231214031734.0 952 $l OVUX522 $d 20231117022046.0 956 $a http://locator.silo.lib.ia.us/search.cgi?index_0=id&term_0=81AD1AF4DDAE11EDB031D5162DECA4DBInitiate Another SILO Locator Search