The Guggenheim Museum had to reduce it’s budget by $6 million because of the recession. To make that number, 25 positions were eliminated during 2009. Erica Orden reveals in the Wall Street Journal that at the same time former director Thomas Krens was getting severance payments:
Mr. Krens’s package was delivered in two portions, according to the foundation’s 2008 tax returns. Mr. Krens received a $1 million payment in 2008, and the documents describe a second $1 million payment due in 2009. A spokeswoman for the Guggenheim confirmed that the second payment was delivered last year.
Guggenheim Hit by Payout (Wall Street Journal)