[Peace-discuss] Fwd: [Marxism] Student Debt Grows Faster at Universities With Highest-Paid Leaders, Study Finds

Sun Jun 1 12:33:40 EDT 2014

And how much of that revenue went into the pockets of the banking / 
finance sector, using the U.S. government as intermediary and enforcer ?

David J.

On 6/1/2014 8:08 AM, via Peace-discuss wrote:
> I saw an amazing statistic that the Revenue  the US Government 
> receives from interest payments in the Education Loan system is more 
> than double the profit of Royal Dutch Shell Oil company, the world's 
> most profitable company.
> 	-------Original Message-------
> From: Carl G. Estabrook via Peace-discuss 
> <peace-discuss at lists.chambana.net>
> To: peace-discuss at anti-war.net
> Subject: [Peace-discuss] Fwd: [Marxism] Student Debt Grows Faster at 
> Universities With Highest-Paid Leaders, Study Finds
> Sent: May 19 '14 12:56
>
>
>
> Sent from my iPhone
>
> Begin forwarded message:
>
>     *From:* Louis Proyect <lnp3 at panix.com <mailto:lnp3 at panix.com>>
>     *Date:* May 19, 2014, 8:15:39 AM GMT+08:00
>     *To:* "C. G. Estabrook" <galliher at illinois.edu
>     <mailto:galliher at illinois.edu>>
>     *Subject:* *[Marxism] Student Debt Grows Faster at Universities
>     With Highest-Paid Leaders, Study Finds*
>     *Reply-To:* Activists and scholars in Marxist tradition
>     <marxism at lists.csbs.utah.edu <mailto:marxism at lists.csbs.utah.edu>>
>
>     ======================================================================
>     Rule #1: YOU MUST clip all extraneous text when replying to a message.
>     ======================================================================
>
>
>     NY Times, May 18 2014
>     Student Debt Grows Faster at Universities With Highest-Paid
>     Leaders, Study Finds
>     By TAMAR LEWIN
>
>     At the 25 public universities with the highest-paid presidents,
>     both student debt and the use of part-time adjunct faculty grew
>     far faster than at the average state university from 2005 to 2012,
>     according to a new study
>     (http://www.ips-dc.org/reports/one_percent_universities) by the
>     Institute for Policy Studies, a left-leaning Washington research
>     group.
>
>     The study, &l dquo;The One Percent at State U: How University
>     Presidents Profit from Rising Student Debt and Low-Wage Faculty
>     Labor,” examined the relationship between executive pay, student
>     debt and low-wage faculty labor at the 25 top-paying public
>     universities.
>
>     The co-authors, Andrew Erwin and Marjorie Wood, found that
>     administrative expenditures at the highest-paying universities
>     outpaced spending on scholarships by more than two to one. And
>     while adjunct faculty members became more numerous at the 25
>     universities, the share of permanent faculty declined drastically.
>
>     “The high executive pay obviously isn’t the direct cause of higher
>     student debt, or cuts in labor spending,” Ms. Wood said. “But if
>     you think about it in terms of the allocation of resources, it
>     does seem to be the tip of a very large iceberg, with universities
>     that have top-heavy executive spending also having more adjuncts,
>     m ore tuition increases and more administrative spending.”
>
>     Since the 2008 financial crisis, the report found, the leaders of
>     the highest-paying universities fared well, largely at the expense
>     of students and faculty.
>
>     “Like executives in the corporate and banking sectors, public
>     university presidents weathered the immediate aftermath of the
>     fall 2008 financial crisis with minimal or no reductions in total
>     compensation,” the report said.
>
>     While the average executive compensation at public research
>     universities increased 14 percent from 2009 to 2012, to an average
>     of $544,554, compensation for the presidents of the highest-paying
>     universities increased by a third, to $974,006, during that period.
>
>     The Chronicle of Higher Education’s annual survey of public
>     university presidents’ compensation, also released Sunday, found
>     that nine chief executives earned more than $1 million in total
>     compensation in 2012-13, up from four the previous year, and three
>     in 2010-11.
>
>     The median total compensation of the 256 presidents in the survey
>     was $478,896, a 5 percent increase over the previous year.
>
>     But, The Chronicle found, chief executives were hardly alone among
>     the highest-paid public university officials. Athletic coaches
>     made up 70 percent of the public university employees earning more
>     than $1 million last year, and medical doctors another 20 percent.
>
>     As in several past years, the highest-compensated president, at
>     $6,057,615 in this period, was E. Gordon Gee, who resigned from
>     Ohio State last summer amid trustee complaints about frequent
>     gaffes. He has since become the president of West Virginia University.
>
>     In the study by the Institute for Policy Studies, Ohio State was
>     No. 1 on the list of what it called the most unequal public
>     universities. The report found that from fiscal 2010 to fiscal
>     2012, Ohio State paid Mr. Gee a total of $5.9 million. During the
>     same period, it said, the university hired 670 new administrators,
>     498 contingent and part-time faculty — and 45 permanent faculty
>     members. Student debt at Ohio State grew 23 percent faster than
>     the national average during that time, the report found.
>
>     Others on the “most unequal” list were Pennsylvania State
>     University, the University of Minnesota, the University of
>     Michigan and the University of Washington.
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