My home town of Pullman, WA. is in the news where a someone was hired by Washington State University in a top administrative position. It didn't work out so he is leaving that position, but returning as a faculty member and promised 9/11ths of his former salary. As a professor he would make $245,000 a year or about 3 times what other professors in that department would make.
One of the most highly paid history professors in the US. Steven Hoch.
Golden Parachutes are not just in banking and corporations. This one is in education.
Often politicians will talk about cutting government budgets, but not touching something deemed important, like education. I'm remembering a radio ad "soundbyte" from Dino Rossi who is running for governor. Ad says he plans to cut waste in state government, but also says, he wouldn't touch education.
Well, in another article, I read about that golden parachute situation at WSU, it looks like the university is attempting to prevent this sort of thing from happening in the future. Good news. Rethinking the contracts that are offered prospective administrators.
Golden parachutes can happen anywhere, including education.