There is a lot on here about punishing the wrong people. That is probably somewhat true, but if you look at the videos, it is only a very small percentage of the people who seem to be actually doing the damage. Most of the rest are standing around watching. If you do not want to participate, then that probably means you are not a moron, and you know that the behavior was wrong, so why not step up and try and stop it? The number who were not participating far out-number those who were, so why not put a stop to it? Try and act like decent human beings.
As far as cancelling VEISHEA hurting the University.....of course it does. It is an event that is a major recruiting tool for the University and its departments. It is also a showcase that allows alums to come back to the campus annually, which can have an effect on alumni contributions. Now, both of these can be overcome in other ways, but VEISHEA was a unique, annual event. It was an event that ISU and especially the students could be proud of, in that one of its major attributes was that it was the largest student-run celebration at any university in the country. To say cancelling it will not be noticed or felt by the University is ridiculous.