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They dont have to be enriching themselves to break the law. Lying about income on a loan application , even if it's for a good cause is still fraud. Using your office to influence a bad loan from a public institution does not sound legal, but i couldnt point to a statute..It certainly doesn't sound like they were directly trying to enrich themselves -- the loan was for the college, not for them. Of course, her salary was paid by the College, so if it went under, she'd lose her job and income.
I don't think the mere fact others signed off on the deal insulates her - it is entirely possible that the CFO didn't want to lose his/her job either, and was willing to fudge on the loan documents to keep the school open. We kind of saw something similar at Penn State -- multiple executives put the prosperity/reputation of "the school" above moral, ethical behavior.
But, frankly like the Trump stories, it's something we're going to wait to see how the facts eventually play out.
As it happens during the same period my sister worked as an accountant for a music school in New Hampshire. The president of the institution was not a financial person and she pressured my sister to cook the books and represent donations as higher than they actually were. My sister refused to comply with this pressure and eventually she left the job.
That's what the cfo's job actually is two provide guidance to the executive as to what the numbers actually are and whatis fiscally be possible. But the president remains culpable for these types of decisions. But I agree with your final thought the only way that will know us to let it play out.