Able, hard-working James Herbert Case Jr., Wall Streeter turned educator, left the presidency of Washington and Jefferson College nine years ago to take over a lively problem school: tiny (295 students) Bard College in Annandale-on-Hudson, N.Y. Bard was broke; a onetime experimental affiliate of Columbia University, it was left with more teachers than it could adequately pay. Case moved in with a sure hand. His 47 teachers have seen their paychecks increase an average of 60%. A full professor who used to get $6,000 yearly can now expect $9,000.
It was still not enough, and Case agreed. But when the teachers...