Is Richard Joel Incompetent or Just Covering Up?

By now the world knows that Yeshiva University (YU) hired a convicted child molester, Akiva Roth, as a Hebrew instructor. This was rank incompetence and a PR disaster. This comes on top of YU’s failure to keep their promise to produce an open report about the sex abuse in their HS by George Finkelstein, Macy Gordon and Richard (Ricky) Andron. Instead the report dwelled on their terrific new policies from preventing this from happening again.

It took them four days to announce Akiva Roth’s resignation. That is way too long for an institution in the limelight for sex abuse.  Their belated press release states:

After an extensive review of this matter, Mr. Roth is no longer employed by the University. To our knowledge, he has not engaged in any inappropriate conduct during his time at YU. While all appointments are subject to thorough background checks, the University erred in this case, permitting the new hire to begin teaching before the screening process had been completed. Yeshiva University will continue to re-evaluate its hiring processes and work to close any gaps in our procedure.

YU President Richard Joel was hired for his administrative and fund-raising skills. But he is also screwing that up. On September 9th, Moody’s downgraded YU’s bonds. The Forward’s reporting of the downgrade focused on the ongoing sex abuse litigation. However there was a lot more to it. Their summary states:

Moody’s Investors Service has downgraded Yeshiva University’s rating to Baa2 from Baa1 and kept the rating on review for downgrade. The rating action reflects the university’s weak liquidity with a full draw on operating lines of credit, expected covenant breach on lines of credit Continue reading