These are some of the richest institutions in the world. Harvard for example has a $36 billion endowment. That’s more than the entire GDP of Paraguay, that’s more than three times what Goldman Sachs made last year, it’s a lot of money. But for some reason the federal government hands out billions of dollars to these universities instead of financing, I don’t know border security. Or clean water in Flint, Michigan, or something else that might help normal people. The organization Open The Books has revealed just how much these schools profit from taxpayers. They also expose billions being sent to cosmetology schools, and community colleges with graduation rates of barely ten percent. Adam Andrzejewski is the founder of Open The Books, join us to talk about this scheme. Great to be on the program Tucker, thank you for this platform to launch our new oversight report on the Department of Education, specific to higher education. Where we found outdated policies, miss aligned priorities, and a lack of in house financial accounting control. So give me some specific examples, i’m interested in this phenomenon which if you talk to people who don’t live in big cities they’ll tell you is pretty common. Where low income people are lured into these schools with the promise they’ll get a great job at the end. And they wind up only with student debt. Those schools are getting a lot of tax dollars too? There are schools across the entire continuum that the American public has no idea that they’re funding. You mentioned the schools on hair and beauty, and massage. The American taxpayer last year funded those schools to the tune of three quarters of a billion dollars. And you come out with a license to cut hair, do massage, or do nails. Now whats interesting is that tuition at those schools sometimes rivals that, and exceeds that of big ten universities. Your empire schools, your high end beauty schools, now the tuition is over $20,000 per year. So I mean if you’re analyzing this in terms of output vs return is it worth it? Is it worth it for taxpayers to subsidize this, and students to pay this tuition in order to get a license to cut hair. Well I think you know with student debt arguably you could make the argument that the cost of student tuition, fees, and room and board at these colleges is the biggest financial scandal facing America. With student debt now exceeding $1.7 trillion, and exceeding consumer credit card debt. So you know look market forces need to come into play. I think some of these policies are outdated. For example in our report we showed you’ve got the 50 worst preforming junior and community colleges in the country last year they soaked up nearly a billion dollars worth of federal student financial aid. Funded by the american taxpayer, their average graduation rate is 12 percent. We need to take a look at accreditation reform, amongst other reforms within higher ed. There’s a massive lobby in Washington which gets virtually no attention at all that makes this wealth transfer possible. I mean higher education swarms the congress with lobbyists. Is there a more effective lobby in Washington? Well you know maybe the Fortune 100 companies right. So we took at the salaries on how higher ed is literally gaming the taxpayers for personal gain. So at OpenTheBooks.com we’ve captured nearly every single public employee that works for a college and university across the entire country. And Tucker there’s a new minimum wage for a higher ed employee, and that’s $200,000 a year. We found 43,000 employees in higher ed across the country make $200,000 or more. Just in the state of California there’s 10,000 public employees working in colleges and universities that make more then 200 grand. And lastly, and quick what percentage of those are administrators vs teachers? So I don’t have the breakdown of the professors, the administrators, the executives, however in the eight schools of the Ivy League. It’s a perfect example of how they’ve gamed the system. There’s 147 of these administrators and professors that make more than $400,000 a year. There’s 47 of them that make more than a million dollars a year, and five of them over the course of the last five years cleaned off each $20 million. That’s a pretty good gig, I went into the wrong business! I should’ve been a professor. Adam thank you very much for that I appreciate it. Great to be on the program Tucker.