"........ Blum's five-decade career as a finance capitalist has been distinguished by the levels of skill and panache he has applied to the time-honored task of siphoning off public money into one's own corporate coffers, as well as those of one's financial and political allies. Blum, who is married to US Senator Dianne Feinstein, is one of the leading power-brokers in the Democratic Party within both California and the United States.
Notably, it was Blum who virtually hand-picked President Yudof for UC President, having chaired the selection committee that oversaw Yudof's appointment. At a March 2008 press conference heralding the Yudof hiring, the San Francisco Chronicle noted that Blum seemed “visibly ecstatic.” In April, the Chronicle quoted Blum again, saying of Yudof, "we disagree on almost nothing. If I were giving Mark a grade, I would give him an A-plus.”
Current Regents Chairman Russell Gould is another financier and California Republican Party heavy. In addition to his role at Wachovia Bank, he served as California Director of Finance in the Pete Wilson administration in the 1990s. After that, he served a stint as assets managers of the $5.5 billion J. Paul Getty Trust Fund, a charitable organization founded with money from the Getty oil fortune. The Gettys are neighbors of one Richard Blum and Dianne Feinstein in San Francisco's uber-bourgeoise Pacific Heights neighborhood, where Mr. and Mrs. DiFi purchased a $16.5 million palatial estate in 2005.
One of the primary enterprises Richard Blum has presided over in recent years is the real estate corporation CB Richard Ellis. With projects in nearly 100 countries, CBRE is the largest brokerage firm on the planet. In a notable example of how Blum's own particular business interests have become increasingly enmeshed with those of the university, during the course of his tenure as a Regent, CBRE has contracted with at least eight of the UC's 10 campuses over the past decade. Most often, the company has consulted with these campuses to produce glossy reports highlighting the beneficial economic impacts on the immediate regions that host them, as well as that of California in general. The UC's San Francisco, Davis, Berkeley, San Diego, and Riverside campuses have all paid CBRE to produce precisely these kinds of economic development treatises.
The implicit conclusion is that the university's complete subordination to capital is the primary reason for its existence, and that anything the UC could do for biotech, aerospace, real estate, and finance capital, it should do. In this way, the shift to privatization of the university's finances, including student fees that are redirected to pay for campus construction projects, goes hand-in-hand with the efforts of state and business elites to render the university a wholesale servant of California's neo-liberal economic machinery. Under this model, State funding is seen as akin to "local matching funds," sweetening the overall pot for the real investors, the main purpose being not to make the university affordable for students, but rather to expand the university's physical footprint and build fancy new research centers that will create all manner of techno-gadgetry to inflate the next bubble.
The UC Regents, in other words, have come to conceive of UC campuses almost entirely as incubators for a constellation of mini-Silicon Valleys: alliances of venture capitalists, real estate speculators, and high-tech entrepreneurs writ large upon large and overlapping swaths of California. It stands to reason that the UC's leadership would be enamored of the region of the United States that is home to more millionaires per capita than anywhere else in the country, but which has also seen one of the sharpest declines in real wages among its working class. Silicon Valley also leads the way with the most temporary workers per capita, the highest level of economic inequity between genders, and the greatest concentration of toxic Superfund sites in the United States. Neo-liberalism in a nutshell.""""
Bada bing, bada boom. Put DiFi, Blum, and the UC mutha-f-ers on trial.