The cult of the CEO pervades American higher education as it does all else in the U.S.

The average salary of a public-university president is nearly half a million.  PennState's prez leads the pack at $1.5 million; even so, he trails his predecessor, who reportedly made more than $2 million at his peak.
http://chronicle.com/article/Rising-Pay-for-Presidents/230703/?cid=at&utm_source=at&utm_medium=en

Ah, but how far the mighty can fall.  Sandusky took Spanier down with him.  Since then it's been lawyers and lawsuits for the former titan of PSU.

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