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November 6, 2008
The Smithsonian Cuts Salaries
Well, read the following - it's not like they've reduced the new director to a starvation wage!
About the new guy:
Hundreds of thousands of dollars were shaved off the secretary's pay -- Clough's base pay is $490,000 -- and other executives will have their compensation set in line with government salaries. Fearing a rapid exodus, the museum won't put the reductions into effect for five years."We decided to change the compensation philosophy," said spokeswoman Linda St. Thomas. "Instead of basing it on the private-sector market, we'll base it on federal salaries."
Funny, the old guy's job before he took over at the Smithsonian was as president of Fannie May. Guess that's a private-sector model? We've all certainly read more about Fannie and Freddie lately than we thought we wanted to know.
About the old guy:
Small, 67, still sits on the boards of Marriott International Inc. and Chubb Corp. By the time he left, his annual salary was $916,000 and he earned millions more on outside work during his seven years at the helm, according to the independent panel's report.A separate report by the museum's inspector general found "no evidence of fraud or abuse,'' though it said some expenses "might be considered lavish and extravagant."
Read the article to be reminded about lavish and extravagant expenses.
Posted by CrankyProfessor at November 6, 2008 6:31 AM
Comments
too bad this is not unbelievable
Posted by: just another prof at November 9, 2008 11:24 AM