Howard Gold’s No-Nonsense Investing: The more pervasive scandal in college admissions involves favoring ‘legacies’

On Tuesday came the explosive news that the Justice Department had filed criminal charges against 50 parents (including actresses Lori Loughlin and Felicity Huffman and former Pimco CEO Douglas Hodge), private college counselors and athletic coaches in what the government called a massive scheme to get their kids into elite universities like Yale, Stanford, Georgetown and USC.

The parents and counselors allegedly paid tens, sometimes hundreds of thousands of dollars (even $1.2 million in one case), to bribe coaches, concoct phony photos of their kids’ athletic prowess, and cheat on standardized tests.

“There will not be a separate admissions system for the wealthy,” declared Andrew E.

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