This Is Obscene

Where is the Obama "pay czar" when you need him?

College presidents' pay hits new record

The fast-growing group of millionaire private college and university presidents hit a new record in recent years, and it’s likely more college leaders will make seven-figure salaries once the slumping economy rebounds.

A record 23 presidents received more than $1 million in total compensation in fiscal 2008, according to an analysis of the most recently available data published Monday by the Chronicle of Higher Education. A record one in four in the study of 419 colleges’ mandatory IRS filings made at least $500,000.

Topping the list is Shirley Ann Jackson at Rensselaer Polytechnic Institute in Troy, N.Y., whose total compensation the Chronicle pegged at nearly $1.6 million. She was followed by David Sargent at Suffolk University in Boston, who made $1.5 million.

Now, these are private institutions which can do what they want, but it does seem to be difficult to square such extravagance with any supposed educational priorities. The rationales given in the article for these salaries are so weak they would make any any Wall Street fat cat blush if they attempted to offer them in defense.

It may frustrate parents who are paying higher tuition, but experts insist the salaries reflect supply and demand.

“The baby boomers are retiring,” said Ray Cotton, a Washington D.C.-based lawyer and expert on presidential contracts and compensation. “Boards are in a scramble competing against each other for the remaining available talent.”

But the 24-7 nature of the job and the stresses stemming from the recession have made it unappealing to prospective candidates.

“Some people just don’t want anything to do with the job because it keeps them up at night,” said Chronicle editor Jeffrey Selingo. “In order to attract and retain good talent they’re going to have to pay for it. They may take a little break now because of the economy, but these pieces are still in place.”

What a crock. In most cases the "qualifications" involved have nothing to do with achievement or talent based qualities. This is a classic example of "It's not what you know, it's who you know." To attempt to pass these salaries off as resulting from a simple case of "supply and demand" is asinine. They result not from "supply and demand" but from an incestuous amalgam of class privilege and collusion.

It's also called the status quo.