Hattip to Instapundit. One reason why colleges cost through the roof is travesties like this:Outgoing Texas A&M University President R. Bowen Loftin will receive $850,000 in cash, an iPad, and a job that pays $311,000 annually when he steps down next year, according to private documents obtained by a conservative student publication.
Go here to read the rest. Universities and colleges, especially state institutions, have become cash cows for those on the inside who know how to press the levers to get a stream of cash poured into their laps. Loftin was president since 2010. $850k as a bonus for four years work as a state employee isn’t too shabby, along with a 311k replacement job. I like the I-Pad being tossed in. It adds the element of the absurd that this whole transaction warrants. Remember this the next time you hear an institution of what we laughingly call higher education pleading poverty as an excuse to crank up tuition.
850,000 what?
Dollars?
Those who are first shall be last.
850,000 pieces of chain.
Climbing the final staircase could be quite a challenge for our servant Loftin.
Chain indeed.
Wow! I see that he continues on as a faculty member with no teaching assignments. I think I’ll ask my employer to just continue my pay without requiring anything of me. I’m sure that would go over well.
University of Washington
Purdue
Texas A&MTell me higher education doesn’t pay well!
The death knell for meaningful gold watches is now sounding.