4 ms·
Of course not. They ARE AWASH in income. They just figure out how to spend it fast. Fancy buildings, fancy retirement plans, outrageous administrative salaries.
by bawana 6y ago
Of course not. They ARE AWASH in income. They just figure out how to spend it fast. Fancy buildings, fancy retirement plans, outrageous administrative salaries.... For example the Chairman of UMASS Medical Center makes 2.3 million. The CEO of Harvard makes 9.25 million. How are these jobs an order of magnitude harder than the governor of Massachusetts. (salary 150K) Or harder than the US President (salary 400K). I cannot help but laugh when someone says that 'captains of industry take huge risks and therefore deserve handsome reimbursement". How is it risky when all you have to do is decide how much to raise tuition? Riskier than our soldiers who face AK47 rounds in the sandbox? (What does a marine make, again?) How can we afford to pay our teachers so little? People who literally hold the future of America in their hands?
And now with distance learning, tuitions have not decreased by an order of magnitude though the overhead should have.
- jimhefferon 6y agoI cannot stop you from believing things that are false, but I can only assert that they are false.
- Clubber 6y agoI worked as tech support at a major university in the US in the mid-90s in the College of Business Administration as an internship. The way it works is you get a budget. If you don't spend all of your budget, you get less budget next year. No department wants a lesser budget. This resulted in all professors, most who only use Word and Excel, to get $4000 brand new, top of the line Dells every year. I know, I had to set them up and deliver them. This probably isn't how it works everywhere, but it's certainly the case in some places. This was a large public/state school.
- imtringued 6y agoIt's not that extreme around here but if there is some money left over... You can be sure that it will be spent. It's not like management gets a bonus for not spending money.
- emmelaich 6y agoThere were a number of CIOs at Australian Unis who were done for contract fraud.
- AdrianB1 6y agoYou can be more specific or provide some corrected numbers if something is false.
- cpitman 6y agoFWIW, both of those examples are not only the executives of a university, but also of a hospital system. The vast majority of college presidents make well under that, with a median in 2015 of 300k (https://www.clevelandfed.org/newsroom-and-events/publications/economic-trends/2016-economic-trends/et-20160224-salaries-of-private-college-presidents.aspx https://www.clevelandfed.org/newsroom-and-events/publication...).
- xmprt 6y agoI have never heard this argument ("captains of industry take huge risks and therefore deserve handsome reimbursement"). What I have heard is that these people are paid market rate for their management skills because they could easily get a similar salary in other endeavors.
- DreamScatter 6y agoThen let those administration be hired elsewhere by the market. A university should not pay such a huge salary to administrators, somebody who is paid a lot less can do the same job. If it takes millions of dollars to hire an administrator at a university, you probably don't need that person. You could just as well hire a person who is willing to accept a smaller salary for the same job. We are talking about administrators who get paid millions for hardly doing anything... let them be hired by industry where they get more salary and hire someone cheaper.
- google234123 6y agoDo you want to think the president of the US to be paid a fraction of GDP (like .1%)? Since technically he probably has at least that much impact. Comparing private and public salaries is silly. Hedge fund analysts make more than the governor of Mass, should they get a pay cut?
- zamfi 6y agoTo be clear, the presidents of those institutions’ have a major goal of bringing in charitable contributions to those institutions. They are paid well in part because they bring a TON of money in. But also, there are clearly power law effects here. Your claim is a little bit like looking at Jeff Bezos’s and Zuckerberg’s billions and concluding that all startup CEOs — including those without VC funding — are overpaid.
- wespiser_2018 6y agoHaha, I had lunch with Dr. Collins a few times in grad school at Umass: he's not a bad guy, just a medical executive that could go make that money elsewhere. He is pretty talented as well :)
- mixmastamyk 6y agoI guess the bottom line is, does he deliver the value of that salary?