Apartheid at NYU
June 18, 2013 by legitgov
by Michael Rectenwald, Ph.D.
Recent reports by The New York Times have disclosed details about the extravagant salaries, loans, loan forgiveness packages, parting gifts and other perks and benefits paid to top administrators and ‘star’ faculty in the law and medical schools at NYU. These revelations, among many other issues, have resulted in the posting of no-confidence votes in President John Sexton by four of NYU’s schools. The New York Times added fuel to the fire today when it reported that such lavish compensation packages extend to loans and loan forgiveness packages for vacation homes in the Hamptons and elsewhere.
Judging by the comments at the end of these stories, readers of The New York Times are generally outraged. And given the high cost of education in general, the public is rightly disgusted. These administrators and star faculty, with the approval of the Board of Trustees, are effectively looting NYU for their own enrichment.
NYU students, parents and alumni should be especially sickened at these revelations. The cost of an NYU education is roughly $60,000 per year. NYU graduates are among the top student loan debtors in the nation, and thus, the world. Given its relatively paltry endowment, NYU cannot boast of generous student aid packages. These hundreds of millions of dollars could have gone to support financial aid packages for needy students, while supporting educational objectives, the likes of which the university is supposed to perform. Instead, the university has become a shell for a particular class, top administrators and their beneficiaries, the management class and a small bought-off faculty constituency.