President Barack Obama likes to rail against high salaries on Wall Street and has even enacted a $500,000 salary cap for executives of firms that receive bailout money from the U.S. Treasury. But why stop there? Virtually all Universities receive millions in federal aid every year and are asking for billions more in Obama’s Trillion Dollar Debt Plan. Why not cap pay for those executives too?
According to the Chronicle of Higher Education 14 public universities paid their top officials more than $700,000 in total compensation in 2008. 59 of the public research institutions surveyed earned total compensation of more than $500,000 and 89 private college presidents make more than $500,000.
Anyone who’s ever met a university president knows that Wall Street is not the only place where arrogance and greed thrive.