Over the weekend I read an article about the college loan fund Sallie Mae. The article told the story of a father and son. The son wanted to be a Marine, so Dad said ok, but go to college first. He went to college, double majored in engineering, graduated and enlisted to join the Marines. Before he was to report, he was killed in a car accident.
The son had student loans with three lenders, two private and Sallie Mae. The father sent letters requesting that, given the difficult situation, the loans be forgiven. The two private lenders were understanding and forgave the debt. Sallie Mae sent a form letter denying the request.
The author of the article summarized – ” It is beyond obscene that a government now handling billions in bailouts to boardroom executives whose idea of risk is using a 9-iron instead of a wedge on an approach shot could spawn a lender like Sallie Mae to soak the family of a young man willing to spill his blood for others.”
I recently also read that some government responsibility group had tried with thirty banks to find out how they were using bailout funds…none of them were willing to release any detail.
How can we respect and improve our environmental sustainability if we do not have accountability in our institutions?