Author: Christopher Rim / Source: Forbes
Yesterday, People magazine reported that Olivia Jade has “no plans” to return to USC at the end of her spring break. This week, her mother, Full House actress Lori Loughlin was released on a $1 million bail after surrendering to the authorities.
Loughlin and her husband, fashion designer Mossimo Giannulli (who was also charged and released on bail) were charged with paying $500,000 to get their two daughters into USC by bribing coaches to designate them as athletic recruits for the crew team—despite neither girl rowing competitively.The Giannullis have a combined estimated net worth of $88 million, $80 million of which comes from Mr. Giannulli, whose clothing company, Mossimo, was licensed to Target in 2000. This net worth makes the Giannullis one-percenters, but not at the level of, say, the Kushners (who are estimated to be worth $1.8 billion), making it more feasible to legally donate the millions of dollars it took to facilitate Jared Kushner’s admission to Harvard. It’s possible that the Giannullis could have managed to donate $5 million or so to USC, but that kind of legal donation isn’t a ‘sure thing’ and still requires the student to be relatively qualified for the school. Still, there are other ways that any pair of 1%ers can spend their money that is ethical—and would instill stronger values in their children in the long-term.
Instead of bribing coaches to lie about your children’s athletic ability, why not invest in developing that ability? The majority of families who have at least $25k in assets and have…
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