James Lintzenich was "part time" CEO of USA Group Loan Services, Inc. from 1996-2000. This non-profit, tax exempt organization's mission was to "provide data processing, collection, and other loan servicing for students and their parents, in compliance with the regulations as established by Congress under the Higher Education Act of 1965, as amended". Like Sallie Mae, This organization spent millions lobbying congress, and its "part time" executives donated large amounts to Politicians and PACS. And the payoff was huge. Below is a table of executive compensation for this organization:

 

The "non-profit" USA Group was bought by Sallie Mae in 2000. Shortly thereafter, Sallie Mae paid off "key employees" of the USA Group $50 million dollars. Lintzenich resigned 9 months after the acquisition, as did other USA Group Execs. Mr. Lintzenich received $21 million in stock after the buyout, a salary increase to well over $4 million, and also received an "early exit" payoff of $5 million from Sallie Mae, who wrote this into his contract in the event that he leave Sallie Mae within one year of the buyout. He also received a $500,000/year retirement package. ALL THIS FOR A "PART TIME" CEO.

According to Lintzenich in a Ball State Alumni Association interview, "...So far I haven't been bored, but that day may come," he says. "In fact, lately I've been thinking that I need to find something to do on a part-time basis."

HOW CAN THIS POSSIBLY BE LEGAL?