Friday, February 04, 2005

Corporate Greed Alive at University

Rising tuition costs, increased fees, funding cuts and troubled budgets don't stop the excessive bonuses to top university administrators. What a shame.

BERKELEY, Calif. - Union officials and students are fuming over the more than $2 million in bonuses handed out by the cash-strapped University of California to medical school executives.

The $2.4 million in bonuses went to 65 administrators at UC's five medical schools. Payments averaged $36,000 and were as high as $82,000, according to a report made public by an employee union.

UC officials say their incentive awards are in line with industry standards and the incentive pay is tied to performance and comes out of money made by UC hospitals. They say even with the bonuses, UC medical center executives earn less than their counterparts at other medical schools.

But critics say the bonuses are hard to justify considering that UC has raised student fees for four consecutive years in the wake of state funding cuts. They say the money could have gone to student aid or to increase hospital staffing. More>>>


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