Pimpin' for Mammon
Bank pays Univ. millions to market credit cards
By Carmen Lu
The Yale Daily News
Published Friday, June 11, 2010
Yale has been providing Chase Bank with the names and contact details of alumni, staff and sports fans for the past three years under a deal worth $7.98 million, according to an article published Monday in the Connecticut Post.
The seven-year deal, which remained secret until the enactment of the Credit Card Accountability, Responsibility and Disclosure Act this year, stipulates that Yale must pass on contact information for about 136,000 staff and affiliates each...
#1 By not surprised 8:57a.m. on June 11, 2010
Great! Now Swensen and the rest of the administration can get more bonuses!!
#2 By too poor for credit card 11:00a.m. on June 11, 2010
Wake up, you idiot. We'll have been without a raise for 2.5 years when we'll get our paltry 1.67% in Sept--if we're lucky. I wish we had bonuses.
On the other hand, no one should begrudge Swensen a penny. He's done more for this university financially, than anyone on the planet.
#3 By WTF 11:18a.m. on June 11, 2010
...yet student tuition goes up, and staff doesn't get raises. Makes total sense for the "Corporation".
Yale is such a great place.
#4 By WHAT 11:23a.m. on June 11, 2010
How do we get off this list??
#5 By Angry Alum 12:41p.m. on June 11, 2010
This is disgusting. I graduated in 09, and probably since about then I get credit card offers from Chase in the mail at least once a month. It's kind of irritating. I wonder who else bought my info from Yale?
#6 By nice 3:20p.m. on June 11, 2010
Nice touch with the Chase credit card ad on the right of this YDN post.
#7 By Yale has more money than God 10:18p.m. on June 11, 2010
Yale gets so much money yet they still needed to lay off all those workers. What a crying shame I tell ya! They used the economy as an excuse to do their dirty work.
#8 By alum 8:49a.m. on June 12, 2010
They didn't sell just privacy. They also sold loyalty. No more donations from me.
#9 By Yale College '01 9:32a.m. on June 12, 2010
Mr. Conroy, I received Chase's Yale-affinity marketing and opened a Chase Visa with Harkness Tower and the Yale name on it somewhere between my prefrosh and sophomore years, that would be '97-'99 sometime. I used it irresponsibly, which is my fault, but please don't claim that Yale didn't take their $3 and run with it. These carfs were marketed to 18-year-olds on financial aid, without any notice to parents. I think my interest rate climbed as high as 24.99%.
#10 By sickened 12:49p.m. on June 12, 2010
I am sickened by Yale.
#11 By Sergio 1:23p.m. on June 12, 2010
I wonder if the Medical School has signed any contracts?
#12 By Mercantilia 7:17p.m. on June 12, 2010
For God, For Country, and For Sale.
#13 By Not surprised 7:31p.m. on June 12, 2010
This is an institution devoid of basic values when it comes to dealing with people, be they faculty, students, alumni or staff. Selling names and addresses without the permission of those entrusting such information to the institution is arrogant carelessness. Since the faculty are the only ones who really matter anymore, perhaps their outrage will change the Administration's way of cavalierly dealing with privacy issues.
#14 By yale '12 9:50p.m. on June 12, 2010
Yale, I pay $50,000 dollars a year in tuition, why do you need to make $3 by selling my personal information to a credit card company?
I feel betrayed. I had wrongly assumed that Yale uses my private information in a responsible way. What other pieces of my personal data are you selling?
#15 By Yale '10 11:43p.m. on June 12, 2010
This is absolutely appalling and outrageous. I received these offers at least 1x per month this past year. I find it absolutely disgusting that Yale is selling student information.
#16 By to #13 5:30a.m. on June 13, 2010
This isn't arrogant carelessness. From an institution that is always warning its staff about privacy, this is nothing short of deliberate participation in identity theft.
#17 By angry alumni 9:31a.m. on June 13, 2010
people should be fired and go to jail
#18 By Young Alum 11:34a.m. on June 13, 2010
Who is God's name thought this was an acceptable idea?
I just donated to the Alumni Fund, but I wish I could take it back.
#19 By This is the plot to the 2010 Yale Show 3:33p.m. on June 13, 2010
Yale should steal its plot points from more established authors.
#20 By BA08MA09 8:36p.m. on June 13, 2010
This just sucks.
#21 By '11 8:47p.m. on June 13, 2010
I get at least one Chase bank envelope a WEEK as a graduate student, and I live in an off-campus apartment. This is completely ridiculous. I can't even believe that this is not illegal to do without permission from the students and alumni, or at least a disclaimer. It's not like I can avoid giving Yale my address or have a choice in the matter, because it's required information for registration! It is a flat out lie that they don't market to current students, or at least current students who live off campus.
#22 By Young Alum #2 12:00a.m. on June 14, 2010
Yep, there goes my future donations to the university.
#23 By Yale '11 12:41a.m. on June 15, 2010
Fellow Yalies--how can we (as students and alumni) organize to change this policy?
#24 By Yale Parent 10:43a.m. on June 15, 2010
Not Yale's finest hour, for sure.
#25 By Yale student 11:24p.m. on June 15, 2010
Even if Yale would make that $7.98m value is their base profit on our information, it's still under $2.10 per person. I'm pretty disgusted.
#26 By Mercantilia Amended 7:42p.m. on June 16, 2010
Kindly permit me to add a variation to my post #12:
For God, For Country, and For Jail.
#27 By upset 9:18p.m. on June 16, 2010
I wish someone from the university would explain further. YDN, can you do some follow up?