Even presidents who leave their campuses awash in red ink walk away with big payouts. …. Often hammered out in secret, and seldom brought to public attention except when they explode into controversy, these kinds of golden parachutes for university and college presidents are not unique to Northern Illinois. And while anger often flares up when presidents’ salaries are publicized, salary totals alone don’t come close to exposing the universities’ true financial obligations to their chief executives. It’s these hidden severance deals that increasingly obligate higher education institutions to continue paying long-departed presidents large amounts for years, further thinning already stretched finances…..