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_how-one-billionaire-lost-millions-and-left-underserved-scholarship-students-in-limbo.webp "On March 21, the roughly 70 employees of the Schuler Education Foundation, based in the affluent suburb of Lake Forest, Illinois, were summoned to an emergency all-hands meeting. Over the past two-plus decades, the nonprofit founded and funded by a former president of healthcare giant Abbott Laboratories, Jack Schuler, had spent at least $150 million counseling and tutoring more than 1,800 low-income students from Chicago and Milwaukee-area high schools to help them gain admission to elite colleges; those colleges in turn covered most (if not all) of the students’ tuition and other costs.<br/><br/>The employees, who first had to certify they wouldn’t record anything, were let into a Zoom room where the nonprofit’s executive director Joanne Bertsch read from a script announcing that the foundation would shut down on May 24. Everyone would be let go except for a skeleton crew of seven college counselors left to support students through August. <br/><br/>0:00 Introduction<br/>0:15 How Our Reporters Found Out About Jack Schuler<br/>3:05 Reporting On The Schuler Foundation<br/>5:45 Losing Money In The Market<br/>8:50 The Role Of Healthcare Stocks<br/>12:23 The Impact On Students And Colleges<br/>16:05 How The Foundation Behaved As Their Investments Lost Value<br/><br/>Read the full story on Forbes: https://www.forbes.com/sites/giacomotognini/2024/04/16/inside-the-collapse-of-a-former-billionaires-foundation-for-low-income-students/?sh=b52a7d62f78b<br/><br/>Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/>Stay Connected<br/>Forbes newsletters: https://newsletters.editorial.forbes.com<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com<br/><br/>Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.")
_vlog124-a-day-in-the-life-of-a-b-ed-student.webp "Vanessa Damari")
_life-as-a-student-in-a-b-ed-college-gangtok-sikkim.webp "Mirakuru 13 ID")
_rita-ora-has-joined-the-cast-of-39he-bled-neon39.webp "Rita Ora has secured a role alongside Joe Cole in the action-thriller movie 'He Bled Neon'.")
_b-ed-practical-vlog-124-b-ed-students-life124-b-ed-college124-hectic-day-124.webp "KT Vlogs")
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_within-three-days-b-ed-students-composed-the-anthem-124-bosco-college-of-teacher-education.webp "JIAN GANGMEI")
⏲ 1 minute 9 seconds 👁 200
_rita-ora-has-joined-the-cast-of-39he-bled-neon39.webp "Rita Ora has secured a role alongside Joe Cole in the action-thriller movie 'He Bled Neon'.")
_life-of-b-ed-students.webp "Sonat's Realm")
_b-ed-vs-b-t-c-124-124-bed-2024.webp "EDUCATION MANTRA")
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_anjaneri-parvat-124-124-hanuman-birth-place-124-nashik.webp "Tirthabhumi Darshan")
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_how-india-runs-the-world39s-biggest-election.webp "Korean Dost")
_career-at-the-cost-of-children-and-family.webp "Professor Dr Javed Iqbal")
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