CNBC

Ray Boshara Interviews with CNBC on Hillary's "Baby Bonds"

Communications — Mon, 01 Oct 2007 02:36:00 -0400

New America in the News:

Presidential hopeful Hillary Clinton is pushing the idea of giving infants special bonds in order to give them a headstart in life, with Ray Boshara, New America Foundation V.P. ...

"This was the only proposal in the multibillion dollars that brought Democrats and Republicans together back when we were talking about savings and retirement security," said Ray Boshara.

"It's important to teach financial basics and to reestablish a savings culture in america."

"It's the kind of entitlement that more that pays for itself over time... If you start with wealth you create more owners and investors."

Ray Boshara is also Director of the Asset Building Program. To view this video from "On the Money," please visit the CNBC website.

Len Nichols Discusses Health Care Reform on CNBC

Communications — Fri, 15 Jun 2007 06:41:00 -0400

New America in the News:

New America's Len Nichols appeared on CNBC on June 15 to discuss employers' role in health care reform. A video clip is available at right, while a key excerpt from the transcript follows:

BECKY QUICK: Rising health care costs. It is one of the biggest problems facing corporate america and now one group representing more than one hundred of the nation's largest employers is offering a solution that it says would take health care benefits out of the hands of corporations.
Len Nichols, director of health policy at New America Foundation -- Len, tell me what you think about this new ERISA proposal.
LEN NICHOLS (NEW AMERICA FOUNDATION): Well, I welcome it because it's a great contribution to the debate because it accepts a number of principals that are really important. It says everyone should be covered and it uses current corporate buying power to help all Americans buy health care more efficiently...

For the complete transcript, please visit the CNBC website.

CNBC Interviews Michael Dannenberg on Student Loan Scandals

Communications — Mon, 16 Apr 2007 02:18:00 -0400

New America in the News:

Education Policy Program Directory Michael Dannenberg was the featured guest for CNBC's recent report on the student loan scandals, which aired as part of "The Wall Street Journal Report with Maria Bartiromo." A partial transcript and video clip are available here; for the complete piece, please visit the CNBC website.

Mr. ANDREW CUOMO (New York Attorney General: (Wednesday) Our position is very simple. Loan decisions should be made in the best interest of the students and not the best interest of the school.

MARIA BARTIROMO, host: That was New York Attorney General Andrew Cuomo announcing a $2 million fine against Sallie Mae. That punishment the result of a nationwide investigation into colleges and lenders who allegedly work together to steer students toward higher cost loans. Joining me now with more is Michael Dannenberg. He's the director of the New America Foundation, a nonprofit and nonpartisan education policy think thank, which ran its own investigation into these sweetheart deals.

Michael, nice to have you with us. Thanks for joining us.

Mr. MICHAEL DANNENBERG (New America Foundation): Thank you.

BARTIROMO: Now, you actually uncovered one official at the US Department of Education who owned $100,000 worth of stock in a lending company he was supposed to oversee. What is going on here?

Mr. DANNENBERG: I'm afraid that's correct. A senior fellow who works at the New America Foundation, Stephen Burd, found an SEC document that indicated that a Department of Education official had over $100,000 in student loan company stock. I think what it indicates is that the Department of Education has not been keeping a careful watch when it comes to conflicts of interest in the student loan industry, vis-a-vis its own employees or vis-a-vis colleges and student loan banks. Either way, students have not been getting as good a deal as they should be on student loans...

BARTIROMO: Let me ask you about these arrangements. Were any of the arrangements between loan officers, schools and lenders even illegal?

Mr. DANNENBERG: Well, it's certainly questionable whether or not the arrangements between lenders and individual financial aid officers, where the individual financial aid officers were receiving cash payments or stock options, whether that was legal. And that's going to be for law enforcement to determine, and possible the courts. Most of the kickbacks and gifts and in-kind services that have been given to colleges by lenders, presumably are legal and do appear to be legal.

BARTIROMO: Mm-hmm.

Mr. DANNENBERG: So there is an underlying systemic problem with the student loan system. You know, frankly, we need to take the colleges out of this middleman role and have lenders compete for students directly. If we can have a lendingtree.com for home mortgages, we can have one for student loans, as well...