Low Interest Loans To University of California System Employees Stays Secret

The San Francisco Chronicle reports:

The University of California has issued thousands of low-interest home loans to executives, faculty members and other selected employees but has refused to reveal who received the money.

That includes an unidentified UC Berkeley professor who received a $250,000 home loan at one-half of 1 percent interest a year -- far less interest than any bank would demand. Another went to an unnamed UC Berkeley dean who got a $203,500 loan at 1.28 percent a year. And dozens of other loans went to unidentified employees who usually wouldn't qualify for the loans -- because they aren't faculty members or top executives -- but were awarded as "exceptions to policy."

The university provided data showing there are nearly 2,000 active loans totaling $702 million but cited employee confidentiality in refusing to identify the recipients. In dozens of cases, UC wouldn't even reveal the titles of people who received the loans. One unnamed UCLA professor received as much as $1.5 million.

Critics said UC's refusal to release the information contradicts promises by UC President Robert Dynes, Board of Regents' Chairman Gerald Parsky and other top university officials who assured lawmakers that the 10-campus system would be more open about financial dealings with staff members.

We are sure the IRS is going to be quite interested in this because getting "loans" below the market interest is gift.This is public sector greed.These tenured socialist professors sure think they are special and unaccountable.