| Penn State Slapped With NCAA Fines and Penalties |
| Jul-23-2012 |
| Keywords: wall street, selloff, 1%, europe, debt |
Penn State football got all but benched for the next four seasons after the NCAA imposed stiff fines and penalties, and stripped the The Nittany Lions of victories between 1998 and 2011.
The governing body fined Penn State $60 million for its inaction in dealing with pedophile assistant coach, Jerry Sandusky, who spent years molesting children, sometimes on the school campus.
In addition to the unprecedented fine, Penn State will sit out the postseason for four-years, the football team will lose 20 scholarships and will be on probation for the next five years.
The NCAA's decision is all but a death penalty for the football program, and will allow current and incoming players to transfer immediately to compete for another school.
"The sanctions needed to reflect our goals of providing cultural change," NCAA President Mark Emmert said as he announced the penalties at a news conference in Indianapolis.
The NCAA ruling is intended to hold the university accountable for its failure to hold those in power accountable for not protecting children Sandusky was convicted of molesting.
"Against this backdrop, Penn State accepts the penalties and corrective actions announced today by the NCAA," Penn State President Rodney Erickson said in a statement. "With today's announcement and the action it requires of us, the University takes a significant step forward."
What that step forward will look like is unclear. However, Penn State is already trying to put this ugly chapter in the past. Over the weekend, the Joe Paterno statue was removed from its pedestal outside Beaver Stadium, while the Paterno name will remain on the University's library.
In addition to the removal of the statue, the Nittany Lions are being stripped of 112 Penn State victories from 1998-2011. That will cost the late Joe Paterno his place in the NCAA record book as the coach with the most major-college wins. |
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Posted by Lou Dobbs Staff at 9:00 AM Email to a friend |
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