And you are using your opinion, which has absolutely no basis in fact, to throw the university president under the bus for making a very difficult decision.
It has plenty of basis in fact.
Fact- cancelling veishea will not hurt the idiots that caused tuesday night's problems. They will continue drinking. Any effects on them will come via photos and charges and student conduct code violations, which could occur without canceling.
Fact- cancelling veishea wil harm a lot of others who were not involved in the events who were looking forward to the weekend (things like the parade), and those who spent countless hours planning the event.
Fact- cancelling veishea may even increase the chance of problems as with less on-campus activities more will turn to more drunken ones. (After 04 it was even specifically noted that more on-campus events should be planned to draw people away from more alcohol-fueled areas, which is why the stages moved to central campus in 06)
Show me the actual positive effect other than for PR of making this decision. Nobody has been able to do that.