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NYU Professor Andrew Ross on the exorbitant fees being given to departing professors.
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New York University paid huge sums to some of -- professors and faculty after they've left the school.
Universe as that said these parting gifts were part of a severance package but those rewarded these huge -- -- but he left voluntarily -- -- -- Jack Lew Treasury Department.
He was a former executive vice president and why you left in 06 they get in 685000.
Dollars as a parting gift.
A psychiatrist who is an executive of the NYU medical center founder of NYU Child Study Center.
He got a million box when he left for a rival organization.
Joining us now is Andrew Ross he's professor at -- like music critic of these titles.
Tell us professor well what's wrong with this is a private you know votes than they can do with house they will with that money -- -- -- -- if they wanna get that big payouts to guys like you who might leave it what's wrong with a.
It's Friday university of -- -- us on nonprofit entity and and it's an educational institution.
And while these kinds of practices are fairly common and some people justify them on Wall Street.
They're not appropriate and educational institutions specially if you look at the other -- -- ranks are compensate there's an especially if you consider.
Stating that crisis.
Nationally and an NYU right now -- students aren't aren't graduating with that persons which is astronomical.
So you would redistribute this wealth so this week and give it more to the existing faculty lower down that does the totem pole and also -- -- students would you.
We distribute those assets.
I it's certainly that would be -- beginning.
What what we're calling far however -- more transparency more fiscal transparency and educational institution.
Private universities Sarah almost unique in this country for being able to keep their -- clothes.
And and we think office also that's quite an appropriate especially.
Since students and their families really do have a right at this point -- know.
Hi the university is allocating their tuition fees that's -- that point because -- -- what about 60000 bucks a year at NYU is way up there in terms of tuition costs and colonel -- If I'm paying 60000 dollars.
I want to know who's -- that money.
Where it's going on I do want transparency I think -- -- -- exactly but how far would you go would you ban any of these payments to people leaving the faculty.
And how about you for example you -- name if you were to leave would you like -- -- chunk of money.
Wouldn't shift that could cut off professor I got you know what -- -- -- -- -- -- -- giving -- lump sum payments for leaving -- and I can assure you that.
Nothing I have I have to that's what can they give you -- some -- to get the health quite possibly quite possibly.
Has since their falling asleep and my classroom.
Because I mean not.
Some of them flawlessly because I'm boring teacher but most of them are following -- -- because.
There working -- three jobs just to pay the bills.
And for them to look at these multimillion dollar.
The salaries multimillion dollar home purchases on behalf of administrators.
-- -- the lump sum cash payments -- they're not severance payments these -- payments that were made.
To employees who -- Voluntarily leaving.
-- -- when they find this obscene and unfathomable.
What you just used to blind extort and -- -- scene and unfathomable what's going to be the reaction to you when you -- back into the faculty lounge this morning.
Well -- my colleagues most of my colleague Phil was saying why didn't really yes of course that -- a week in the faculty -- and -- -- well this week actually there's a vote of no confidence being conducted in the president.
Interest please give us up to date on that wants professor pleasure having -- thank you think in a.
