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Guggenheim Museum in Dire Financial Straits. Guggenheim Museum Director, Not So Much

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THE ART OF THE STEAL
DailyFeed
In reviewing the Solomon R. Guggenheim Foundation's latest tax filings, the New York Times has discovered that, "despite a round of layoffs (completed midyear), expenses exceeded revenue by more than $12 million. Contributions were down from the previous year, to $20 million. The foundation’s endowment decreased slightly, to $62.5 million from $64.4 million."

But I guess that's what happens when you pay guys like Richard Armstrong, the director of the Guggenheim, $612,550 a year.

However, at least it was less the $1 million the Guggenheim paid Thomas Krens, Armstrong's predecessor, after he was let go. Krens then got another installment of a million bucks, though the museum must not have wanted to see him go too badly, because the Guggenheim paid him $816,295 in consulting fees to help with the planned new Guggenheim in Abu Dhabi.

As one commenter on NYT.com wrote:

"Come on New Yorkers, we should not let the Guggenheim feel pinched. If we would all contribute just $100, it would only take 28,160 of us to pay Mr. Krebs severance and fees, and just another 6,000 of us to pay most of Mr. Armstrong's salary."

My check's in the mail.
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