… And while one could argue that it’s not in the long run a very good model — Howard University has so little money that it has now earned Moody’s lowest investment-grade rating — there’s no denying that it can be, personally, enormously rewarding.

Take Howard’s latest interim president. At his last job, as a high-ranking administrator at the university’s hospital, which runs huge operating losses, Wayne Frederick was amply rewarded:

Wayne Frederick, … then director of the cancer center at the university hospital, received [in 2010] a $97,006 bonus on top of his $586,335 base salary.

Naturally you’re going to have to increase tuition sharply, cut programs, and furlough staff to pay for those sorts of salaries and bonuses.

I mean, eventually, as one Howard trustee has noted, the school will have to close. But until then, there’s money to be made.

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