09/08/2014 11:06 pm ET Updated Sep 08, 2014

Future Head Of NYU Board Of Trustees Made Millions Off Student Loans

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Over the summer, William R. Berkley was announced the future successor of Martin Lipton as chair of the Board of Trustees. NYU’s public statement describes him as a generous man, who has “the success of the University—its faculty, students, administrators, and staff—never far from the forefront of his thoughts.” A New York Times article describes him as a billionaire “ranked 29th on Forbes’s list of best-compensated chief executive officers.” Most articles and statements mention his time as CEO of W.R. Berkley Corporation, a large insurance company.

But a notable fact the press and NYU administration seem to have left out of their materials is that, for 16 years, Berkley served as a member of the Board of Directors of First Marblehead Corporation, a Boston-based private student loans firm. Eight of those years were spent as lead director of the Board.

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