Fear and pride
They certainly aren't stupid. They have deliberately lied to protect their butts.
Why do that? What do they have to save? I may not know anyone in the Ivory towers, but I have met a number of people working up there and it has not struck me that any of them are making enough cash for a posh pad.
So I don't think it's the money.
I think that were they to truly consider that they have made a grave error, they would have to face some very harsh judgement. Further, to admit, at that point, how very, very wrong you are, takes a great deal of humility.
I don't think of them as evil. I think slaves is probably accurate. They are slaves to themselves and sense of pride. That is how I see them.
It's sad, but what is more sad, is that so many people fall into believing the junk and therefore make themselves slaves to other slaves. The blind leading the blind.....