This is a tough one for me. I work at a small private college in Iowa, and if my president was caught doing something like this, I would want him to resign. I can understand that you should be allowed to do as you please (within the law) on your own time, but there is no way to seperate yourself from your institution when you are the president.
As far as the parallel with what is happening at
EIU, I totally agree. I am sick and tired of smaller fish getting fired while the big ones always get away.