Re: £53,000,000 on nothing
It goes on in education too , fat cats everywhere in modern Britain
DOMINIC SANDBROOK on university boss fat cat salaries
https://mol.im/a/6702665
It is, sadly, a familiar story. Of 133 higher education institutions, only four pay their bosses £150,000 or less. Yet at the same time, the vice chancellors’ addiction to showy empire-building has left some of their institutions on the brink of catastrophe.
Cardiff, which posted a £21 million deficit in the last financial year, plans to cut 350 jobs over the next five years.
Reading University has an operating deficit of £40 million over the past two years, and has just reported itself to the regulator over concerns that it ‘improperly benefited’ — to the tune of £121 million — from the sale of land belonging to the National Institute for Research in Dairying trust.
On top of that, Reading already owes £180 million to creditors, including Barclays and HSBC, and recently wrote off almost £28 million after a disastrous partnership in Malaysia. Incidentally, the man who ran Reading until recently, Sir David Bell, earned a whopping £329,000.
His reward for their financial calamities was a transfer to Sunderland, where he takes home a mere £260,000.