Weingarten to get $4.75M pension

[dimi]

http://www.calgaryherald.com/busines...734/story.html

The numbers were left off the books for six years, beginning in 2002.

The university's board of governors said it was an unfortunate mistake.

Oh yea! A small 4.75 million communication error, of course. This university is fucked!

[scat19]

I don't understand your signature.

[Hakkola]

"It's not some onerous, lump-sum payment," he said, adding the contract was reasonable in 2001, when Weingarten was first hired. "That's what was needed in order to get the right person in that position at that time."

I thought "wtf" before reading the article, but it seems pretty standard for the position.

[natejj]

Yeah I dont understand why people are freaking out. This is a 30 year pension... and considering Universities are billion dollar institutions... seems kinda low to me.

[Marsh]

Originally posted by scat19
I don't understand your signature.

I agree

[dimi]

Originally posted by natejj
Yeah I dont understand why people are freaking out. This is a 30 year pension... and considering Universities are billion dollar institutions... seems kinda low to me.

Although Weingarten will have only spent nine years in Calgary by the time he retires, the pension figure also reflects his time at McMaster --even though the eastern university didn't pay any funds to U of C.

It's not about the pension itself, its in line with the standard. I'm in accounting so I'm simply amazed at how you just "forget" about a 4.75 million liability for 6 years straight.

"It was simply a communication error within the institution and it didn't get to the financial people,"

[mr2mike]

Ya basically they kept it off the books and quiet.

I don't care what they say about they needed to do this to get the right person in the role. The right person doesn't give themselves 150% raises??!?

"Last academic year, the U of C paid $2.15 million in salaries to Weingarten and six vice-presidents, compared to $859,000 for the president and four VPs in 2002-2003, his first full year in Calgary.

Those figures do not include benefits such as the president's housing and car allowances, expenses or pensions, including the $4.75 million Weingarten will begin collecting when he retires next June.

The increase in executive pay is well beyond the proportional rise of the school's total expenses, which went from $628 million in 2002 to $950 million this year."

http://www.globallethbridge.com/mone...tml?id=2018959

[Vagabond142]

$4.5 million over another 20 or so years is a sneeze. If it was a lump sum, then yeah, grr arr angry mob rabble rabble... but it's not... it's $225k per year before any taxables, which for 30 years in management of huge institutions is a very VERY small pension... think about the oil executives making multiple millions in pension PER YEAR... yeah

[mr2mike]

That's private sector vs. public sector.

He made $441K salary plus home and car allowances plus his pension of what you calc to be $225K/yr.

Not too bad for someone who didn't better UofC's repuatation and never addressed undergrad's complaints. He was focused on getting research grants and using the undergrad money to line his pockets and finance the research. Thus leaving undergrads with less than desireable times at University.

The place sucks and I recommend people to go elsewhere. Never will I donate to UofC being an alumni, I get calls every year to donate.

[menzel]

Why the hell does he get to collect right away? Pensions that are funded by taxpayers should start when you reach RETIREMENT AGE. He's still probably got a good 15 years of working life left.

[speedracer]

Originally posted by mr2mike
That's private sector vs. public sector.

He made $441K salary plus home and car allowances plus his pension of what you calc to be $225K/yr.

Not too bad for someone who didn't better UofC's repuatation and never addressed undergrad's complaints. He was focused on getting research grants and using the undergrad money to line his pockets and finance the research. Thus leaving undergrads with less than desireable times at University.

The place sucks and I recommend people to go elsewhere. Never will I donate to UofC being an alumni, I get calls every year to donate.

A wonderful job he did with Tax paying money. One of the lowest ranked Universities but one of the highest cost in tuition.

Don't forget the new buildings that are 2X over budget and still incomplete or failing...

[mr2mike]

Exactly. Private sector Presidents have to show results to shareholders, etc. If they don't show results, they're usually gone like in Lehmann brothers, Citi Group, etc.
Harvey could do whatever at will with no course of being reprimanded. His buddies on the board are also looking to get a chunk of change so of course they're going to say it was money well spent.
The pension is the UofC's fault for taking on that contract but the raises, etc are very uncalled for and should be reviewed.

[toastgremlin]

What a shitty contract - he can't possibly have been worth 22 years of pension at hiring time considering his atrocious performance in office. Remember a few years ago when he wanted to have weekly (monthly?) lunches with undergrads to hear their concerns and then never bothered showing up after the first few?

The next guy will probably be even worse - the headhunting company hired by the university sent out a survey for what kind of person you'd like to see as the next president, and all I could think of is how many angry responses some poor temp is going to have to read through.

I noticed a nice new Lotus Elise in the admin lot yesterday, maybe he's moved up from that Legacy GT with all the parking lot damage.

[lexw]

Weingarten Blows.

[Eleanor]

$4.75 Million is a small price to pay to get rid of this asshat.

[brown911]

Originally posted by Eleanor
$4.75 Million is a small price to pay to get rid of this asshat.

Well put.

[BerserkerCatSplat]

http://thegauntlet.ca/story/7185

Read the first and only comment.

[Trini]

Originally posted by BerserkerCatSplat
http://thegauntlet.ca/story/7185

Read the first and only comment.

love this line

I will never let the warmth fade from my heart from the time you made off like a bandit with all the money, leaving myself and my colleagues to die like dogs in the employment slaughterhouse you built.

[mr2mike]

Well written letter! Now is there anything that can be done or is he home free?

Here's the letter just in case they remove the comment: You know, Harvey could hire Macleod Dixon to send the Gauntlet a letter to remove the defamatory comment. But I think Harvey's got the money to retain and keep council.

"Posted: 2009-09-29 22:02:38
#1 - Kind Sir Harvey.

Sadly, it appears you forgot to address all of these concerns, bankrupted the University AND walked off with almost $5,000,000 in pension money AT THE SAME TIME AS a third of the University's staff were being laid off for budget concerns.

Nice work, selling off half the buildings on campus. That is a super-sustainable practice, considering when the building falls to pieces you can't re-sell it to another investor. I am proud of you for pocketing money while trashing campus green space for the new Taylor Family Digital Landfill and the new residence. I won't forget to mention your participation in letting three residence buildings fall into such disrepair that they will need to be demolished for a cost-effective solution to come about. You really have campus real-estate under wraps!

Furthermore, props to you for building a residence to stuff all the international students into. Sequestering foreigners into their own building with a couple of locals to help them "develop a global conscience" shows dedication to humanity. The importance of being able to communicate, rather than just pay double tuition and fail all your English-taught classes, has clearly been lost on you. I suppose I am somewhat resentful that the goals of this endeavor do not include the "Learn English" initiative, a venture which I strongly support.

In short, excellent work in destroying my University. I will forever respect you for making my degree appear worthless next the thousands of new graduates' from the U of C, which now offers even lower admission requirements and classes too large to properly teach students! I will never let the warmth fade from my heart from the time you made off like a bandit with all the money, leaving myself and my colleagues to die like dogs in the employment slaughterhouse you built.

You, sir, should be running NASA. They could use an economically-minded genius such as yourself in these trying times.

Sincerely,
The rest of the University.

–The U of C, Former Employees, Students"

[toastgremlin]

Originally posted by mr2mike
Furthermore, props to you for building a residence to stuff all the international students into. Sequestering foreigners into their own building with a couple of locals to help them "develop a global conscience" shows dedication to humanity. The importance of being able to communicate, rather than just pay double tuition and fail all your English-taught classes, has clearly been lost on you. I suppose I am somewhat resentful that the goals of this endeavor do not include the "Learn English" initiative, a venture which I strongly support.

In short, excellent work in destroying my University. I will forever respect you for making my degree appear worthless next the thousands of new graduates' from the U of C, which now offers even lower admission requirements and classes too large to properly teach students! I will never let the warmth fade from my heart from the time you made off like a bandit with all the money, leaving myself and my colleagues to die like dogs in the employment slaughterhouse you built.

Brilliant. They should run it straight-up as an article in the next issue.