I don't think the article went far enough in hammering the shyster Richard "Tricky Dick" Matasar.
First of all, he served for many years as chairmen of Access Group, a private student lender. Access Group loans were shopped/sold by the Fin. Aid office to many NYLS students, and Richard "Tricky Dick" Matasar personally profited from said loans. It was a textbook conflict of interest.
His salary was/is astronomical: he brought home a whopping $519,238 in total compensation from NY LAW in 2009: http://www.guidestar.org/FinDocuments/2 ... 8d39-9.pdf
The Guidestar reports which feature the Form 990 for all the law schools are a real eye-opener. The salaries paid to deans, admins, and professors are all above and beyond reason. Most law school deans earn 350 K to 600 K a year, assistant deans usually 250 K or more, and many tenured profs are raking in 200-300 K for "teaching" 6 hours a week for 40 weeks a year (when they can even be bothered to show up, since many also have side practices (or serve as expert witnesses) and make another 200 K or so from these revenue streams.
I hate to make this political (and in fact generally support left-wing causes), but the Dems spend a lot of time whining and complaining about CEO pay and corporate largess, but NEVER say a peep about the wheelbarrows of Federal taxpayer loot that flows from Sallie Mae into people like Matasar's pockets! Remember, even at private schools the salaries of admins and profs are largely paid for by taxpayer-subsidized student loans.
This system cannot last, and in fact is in the early stages of implosion. Robot is right that it's essentially a pyramid scheme, dependant upon never-ending influxes of fresh suckers paying full boat to finance the absurd salaries of these hogs.
Get the ABA out of the accredation business altogether, and let state community colleges and other low-cost schools have law programs that, upon completion, allow kids to sit the states' bars. Staff these schools with local practicing (or retired/semi retired) lawyers, who could share a wealth of practical experience with students and would do so for a modest salary (like 30 K a year, since the job only takes 6 or 8 hours a week of time). Get rid of all the deans and assistant deans and assistant to the assitant deans and other assorted system-milkers, swindlers, and con artists.
Of course, change will have to come from outside the system. Only when the bonds default b/c the lines of suckers have dried up will the current system collapse, and the toilets like NYLS, 'Bozo, Brooklyn and other over-priced also rans close their doors for good.