How are faculty members like AIG executives?

Find out in this excerpt over at TaxProf Blog.

There’s another similarity.  One of the problems with organizations is that they tend to be run for the benefit of those who run them.  Witness AIG, where execs ran the place for their own financial benefit with relatively little regard for shareholders (who paid the bills) and customers (whose investments were imperiled.)

American law schools are by and large run for the benefit of those who control them — namely faculty and administrators.  This helps explain why teaching loads have dropped while costs for our students have skyrocketed.  Fortunately, we’ve got the ABA cartel to keep us protected

For a while, anyway.

[Frank Snyder]