Robert Levine: “There are really only two possibilities. One is that the board essentially covered up the ‘internal reality of deficits in 2009 and 2010’ in order to make its financial condition look better to the state than it actually was. The other is that the deficits of 2011 and 2012 were equally phony in order to bolster the board’s case ‘to reset the business model’ … But either possibility means the board misled the public, the state, its donors, and its employees.”