EDITORIAL ACADEMIC FAT CATS UC'S (OVER)COMPENSATION SYSTEM RAISES SERIOUS QUESTIONS.THE executive-compensation scandal at the University of California The University of California has a combined student body of more than 191,000 students, over 1,340,000 living alumni, and a combined systemwide and campus endowment of just over $7.3 billion (8th largest in the United States). just keeps getting worse. Last year, it was revealed that in 2004, UC spent $871 million on bonuses and perks perk 1 v. perked, perk·ing, perks v.intr. 1. To stick up or jut out: dogs' ears that perk. 2. To carry oneself in a lively and jaunty manner. for its top employees. But not wanting to arouse taxpayer suspicion -- or the ire of students and parents who have been socked, year after year, with rising fees -- the system used clever accounting to conceal conceal, v to hide; secrete; withhold from the knowledge of others. the full costs. Now a state audit confirms just how far the deception went. The investigation has found that administrators have bypassed their own rules for setting compensation, giving senior managers and others millions of dollars more than publicly reported. University officials claim that the exorbitant pay is necessary to attract the best in the business. That may or may not be true, but it's no excuse for the deception. The UC is not a universe unto un·to prep. 1. To. 2. Until: a fast unto death. 3. By: a place unto itself, quite unlike its surroundings. itself, but a public system, answerable an·swer·a·ble adj. 1. Subject to being called to answer; accountable. See Synonyms at responsible. 2. That can be answered or refuted: an answerable charge. 3. to the taxpayers and our elected officials. It has an obligation to spend the public's money wisely -- and honestly. |
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