There is a widespread (and well-founded) perception that the top university endowments are approaching irrational levels—Yale’s chief Ivy League rival has been called a large hedge fund with a small research institute attached to it.
Meanwhile, desperate cities and states—caught between the unplayable pension promises created by decades of irresponsible governance, bloated workforces organized into unions that keep asking for more, poor residents wanting and needing more basic services, and rich residents threatening to flounce out of town unless they get more ‘amenities’—have no choice but to scrounge under the couch cushions for extra cash. And university endowments are a prime target. . . .
Once Henry VIII discovered that you could squeeze gold coins from wealthy monastic foundations, he decided to squeeze harder. American politicians are no stupider than he was, and the need for revenue to feed Big Blue Machine is continuing to grow. The people who rule the Ivory Tower should start to take note.Watch out, Fairfield County churches. You're next.