Students Struggle With Debt While Vacation Homes Are Lavished on the University’s Elite{NYU}

[xchrom]

http://www.alternet.org/corporate-accountability-and-workplace/debt-stricken-students-and-lavish-university-elite-nyus



A review of deeds and mortgages in some of the toniest towns on the East Coast reveals that not only is New York University financing luxury Manhattan brownstones and high rise condos for its faculty and administrators out of its nonprofit coffers, it has also been secretly financing country homes for a select group. These extravagances have fallen directly on the shoulders of financially struggling students. NYU ranks fourth in Newsweek’s 2012 list of the least affordable colleges.

In September 2009, the New York Times published a remarkable exercise in inanity, profiling John Sexton, President of NYU, relaxing at his Fire Island beach house. Sexton calls his summer getaway a “rather large, wonderful house” in the interview. We learn what Sexton eats for breakfast (black coffee and yogurt), the name of his dog (Legs), how long it takes him to walk to church from the ferry (five minutes), how much weight he’s lost (30 pounds), and little else.

We don’t, for example, learn from the interview that his home on Fire Island has been financed since 1994 by several million dollars in loans from the NYU School of Law Foundation and NYU itself, according to the Suffolk County Clerk’s records.

This is not the only residence that NYU has made possible for its President. He has the use of two well appointed apartments owned by NYU in Manhattan. Sexton, who turned 70 in September, is also set to receive a length of service bonus of $2.5 million in 2015 and an annual pension of $800,000 when he retires. That pension is the equivalent of NYU taking $10 million of its assets and placing them in an immediate annuity for Sexton.

[marmar]

1. John Sexton better be happy he didn't live in France in the late 18th century.

nt

[hobbit709]

3. +1

[xchrom]

6. +2

[BeyondGeography]

2. Wall Streeters on the board

Sanctioned perversion. It's enough to adtually make you root for Grassley to have subpoena power.

[disidoro01]

4. Not unusual

This isn't isolated to NYU. It seems excessive to me but evidently it isn't because nothing is going to change. Go back to sleep, nothing to see here.

[KansDem]

5. Great work, if you can get it...

I know PhDs who are scraping for crumbs while the university folks who sold them their degrees soak in luxury.

[Greybnk48]

9. My hours were cut to 1/2 time

when I was 58; I retired at 64 (2 weeks ago). This was my second career if you're wondering about my age. After 18 years of mostly full time teaching, but about 1/4 of those years as half-time, I was earning a gross salary of $17,500 teaching at a satellite campus of a Big Ten University.

I did get one raise over the course of those years, but it was taken back by mandated furloughs.

I was given meritorious teaching reviews by a panel of my peers each of the 18 years I was there, the highest possible. I advised two campus clubs, although I did not have to. I was nominated for teacher of the year 3 times and won a teaching award from one of our local high schools at the behest of an honor student I had taught. I was a Doctoral Candidate in 2002, but stopped my research and writing when I got cancer a couple of years later. I couldn't tolerate the isolation after my near death experience so I settled for 2 Masters and ABD status.

I would do this all again because I loved teaching young adults, but please know that a very, very large group of us out there are not wallowing in luxury. We are scraping by working for peanuts, teaching up to 120 students a semester with no TA's and no job security. None. My husbands income allowed me to do this, but I do think of the lost wages now and again had I stayed in Nursing, my first career.

[KansDem]

10. Congratulations on your retirement!

But sorry to read of your situation.

I agree: I would do this all again because I loved teaching young adults

That's why I (almost) went into the profession. After earning my PhD in 1996, I taught adjunct for a couple of years until I could get on full-time...anywhere. I never did. After a couple of years of sending out resumes to every position for which I was remotely qualified and after two interviews and no offers, I moved on to another line of work; a job that didn't require my education. I'm bored out of my mind but the pay and benefits are adequate. That can't be said for many American workers of late. I consider myself lucky, in this regard.

I was referring to the administration in my OP. Too often during my trek through academe, I witnessed administrators who worked for administrators. I saw them dump on faculty and staff in order to maintain their exalted status. I witnessed members of the faculty who were pro-teachers' union turn on union members when they were promoted to administration.

And cronyism was rampant. I saw case after case of someone getting hired because that person was known to someone "on the inside."

I used to believe that hard work and perseverance was the path to success. It may still well be, but it's a hell-of-a-lot easier if you know an administrator or "someone on the inside."

[Greybnk48]

12. Sounds like the corporate model.

The American meritocracy model is gone. It's no longer the case that if you work hard, you will be rewarded. Rather, "It's not what you know, it's who you know." This has spread to academia. At my campus, they began calling our Dean, "Dean and CEO" about 10 years ago. That was telling. *sigh*

Thanks for the well wishes!! I'm really looking forward to Fall with no commitments or paperwork, except Medicare, LOL!


BTW, my circumstances are o.k. I had many good friends and students and, as I said, my husband made big bucks with his B.S. degree. I just get upset with the people who have this skewed view of the majority of University wages (academic staff). I really appreciated your comments!

[sulphurdunn]

7. NYU is a private school.

If a parent sends a kid there rather than to an equally good public university for a quarter the cost, it serves them right. As for the "we have to provide these perks to retain top talent" argument, the IRS could threaten to revoke the universities tax exempt status, although it probably doesn't have the guts.

[LeftinOH]

8. The academia racket: Sometimes the awful reality becomes apparent.

The ivy-covered tower (or is it "ivory tower"?) lifestyle costs a lot to maintain. I know some folks who have been in an academic environment their entire adult lives -and they think it's perfectly normal.

It's risky to mention this issue, as it comes off like "elitist"-baiting.

[KG]

11. the cost of post-secondary education in the US is absurd, and an embarrassment as a

first-world country.

but, then so much about this country is.

[FarCenter]

13. ++