From the NYU Local (3/11/13):
NYU has taken significant heat lately over the news of large exit bonuses and other financial perks doled out to Jack Lew, NYU’s former VP of Operations, and a select group of other “star” NYU employees. In an email sent Friday and acquired by NYU Local, university administration attempted to address the controversy with the population for whom it hits closest to home: NYU’s faculty members.
When Lew worked at NYU from 2001 to 2006, he received a $840,000 salary and $1.4 million home loan, much of which was forgiven. When he left, Lew got a $685,000 severance bonus. A select group of other faculty have received similarly lavish rewards, and NYU maintains that these deal-sweeteners are what it takes to attract and retain top staff. But for the vast majority of professors who make a fraction of that money, those figures are unsettling.