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NBA picks Dick Parsons as interim Clippers CEO

By WTOP Staff

BRIAN MAHONEY
AP Basketball Writer

NEW YORK (AP) — Dick Parsons is hoping for a short stint running the Los Angeles Clippers, though he’s ready to stay on as long as it takes.

Moving the franchise away from Donald Sterling and to new ownership might require a lengthy fight, but it’s one Parsons thinks is worthwhile.

“This is an issue that’s actually bigger than just the Clippers, bigger than just the NBA in my judgment,” Parsons said. “The whole world is kind of watching how, frankly, we as a country navigate our way through this crisis. So if I can help, I’m happy to try.”

The NBA chose Parsons, the 66-year-old former Citigroup chairman and former Time Warner chairman and CEO, as interim CEO of the Clippers on Friday.

“I think it’s a very good hire for us,” said Doc Rivers, Clippers coach and senior vice president of basketball operations.

Parsons will oversee the management of the franchise and represent it at owners meetings while the league tries to force Sterling to sell following his lifetime ban for making racist remarks.

With Sterling barred from anything to do with the team or league, and team President Andy Roeser on an indefinite leave of absence, the league and Clippers worked together to find someone to lead the organization along with Rivers, who has spoken with Parsons a couple times.

“They’ve done a great job,” Rivers said. “I trust the league in this so well. They’re smarter than me in this. I don’t have a lot to say, to be honest, and it’s because I don’t think I should have a lot to say in it.”

Parsons, who is black, met with Commissioner Adam Silver on Monday and accepted the position Thursday. He had gotten to know Silver, then the deputy commissioner, when Time Warner owned the Atlanta Hawks, and he supports what Silver is trying to do now in his first crisis since replacing David Stern in February.

“He’s a good man and he’s trying to do the right thing and he’s trying to do it in the right way, and he could use some help,” Parsons said during a phone interview.

Parsons is currently a senior adviser at Providence Equity Partners and sits on the board of directors for the Commission on Presidential Debates. He has also been on President Barack Obama’s economic advisory team.

A graduate of the University of Hawaii, where he played basketball, Parsons earned a law degree from Albany Law School in 1971 and became a staff lawyer for New York Governor Nelson Rockefeller. He moved to Washington when Rockefeller was appointed vice president, and also worked closely with President Gerald Ford.

Parsons left the legal field in 1988 to become president, then chairman and CEO of Dime Bancorp, Inc. He was Time Warner chairman and CEO from 2002-08, then chairman of Citigroup from 2009-12.

Silver said in a statement that Parsons “will bring extraordinary leadership and immediate stability to the Clippers organization.”

“Dick’s credentials as a proven chief executive speak for themselves and I am extremely grateful he accepted this responsibility,” Silver added.

The owners’ advisory/finance committee has already held two conference calls since Silver banned Sterling, fined him $2.5 million and said he would urge owners to force Sterling to sell the franchise he has owned since 1981.

That would require Sterling to be charged with violating the league’s constitution and bylaws, followed by a three-fourths vote of owners after a hearing. Sterling’s estranged wife, Shelly, wants to keep her 50 percent ownership stake in the team, her lawyer said Thursday, and Silver said so far the ban only applies to Donald Sterling.

While that potential fight goes on, the Clippers are trying to stay focused on the playoffs following their most successful regular season ever. They are tied with the Oklahoma City Thunder entering Game 3 of their Western Conference semifinal series.

Parsons said he wouldn’t be involved in an ownership fight and hopes one won’t even be necessary, that “cooler heads and rationality” would allow the NBA and the Clippers to work through the turmoil without a legal battle. He doesn’t know how long that could take.

“I know the NBA would love to get this done before the next season begins, but who knows what’s going to happen? It’s open ended,” Parsons said.

“We’re here until sort of we can work our way through the point of transition.”

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AP Sports Writer Beth Harris in Los Angeles contributed to this report.

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Follow Brian Mahoney on Twitter: http://www.twitter.com/Briancmahoney

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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