While faculty, students, and staff has been struggling through a recession and its lingering aftermath, the administrators have quietly been lining their pockets. If the American Council of Trustees and Alumni folks are complaining, the privileged pot calling the kettle black, then you know the greed is getting embarrassing. The ACTA cites statistics from a survey of administrators.
43 percent of respondents “said that they were the first such employees to hold the title at their institutions.” – 51 percent of respondents “reported having annual budgets that exceed $300,000.” – More than 2/3 of respondents reported that their annual income was at least $100,000 while 14 percent reported an income in excess of $200,000.
Deregulated markets have created the same distortion in healthcare. It’s not unrelated to the more traditional forms of corruption that’s become routine in big sports programs. The administrators can only line their pockets– and bribe young athletes–because their control of institutions is so unchecked. The lack of unions is just as important as the lack of regulatory oversight.