← Previous Post: | Next Post:

 

Because when you’ve got thirty billion dollars for a campus of fewer than 13,000 students, you need a rainy day fund.

“Notwithstanding their rhetoric about meritocracy, admissions offices already make the pragmatic compromises necessary to cultivate — and pay for — good scholarship.”

But it’s all falling apart! What will happen to Yale without that money?

Margaret Soltan, March 26, 2019 9:58AM
Posted in: merchandise

Trackback URL for this post:
https://www.margaretsoltan.com/wp-trackback.php?p=61045

4 Responses to “Because when you’ve got thirty billion dollars for a campus of fewer than 13,000 students, you need a rainy day fund.”

  1. Ravi Narasimhan Says:

    “According to the Faculty of Arts and Sciences Senate Research and Scholarly Excellence Report published in November, more than 40 percent of tenured faculty said they “had no idea how admissions are done.”

    Is shared governance the culture at Yale? That’s hard to establish, harder to defend, and once it is gone it doesn’t come back. The checks and balances are at risk even at the few schools that have them. It will only get worse as the percentage of administrators continues to rise and more departments and professional schools become distinct and separate entities under some notional non-profit umbrella.

  2. Margaret Soltan Says:

    Ravi: Yes – though I’d add that having some knowledge of how admissions functions is probably important at not that many schools. Most universities aren’t selective, and have clear public mandates; most universities aren’t that important symbolically and practically in the larger culture. Because places like Yale are the exception, it’s terribly important that their communities (including at least some of their faculty) have a reasonably good sense of who they admit and why. In particular, they need to keep an eye on how much “legacy” admission happens year to year. As my point in this post indicates, there’s no reason for Harvard or Yale or Princeton to care about cold hard cash anymore; they’re already, as one wit puts it, tax free hedge funds with universities attached. When you pay your endowment managers tens of millions of dollars a year (which Harvard did until there was an outcry), you are really announcing to the world that you have so much money you don’t know what to do with it. Rather, they need to care about how much they’re diluting the intellectual energy/legitimacy of their student body.

  3. Ravi Narasimhan Says:

    I think I agree with you on points about Yale faculty needing to take an interest and about Hedge Fund Us; perhaps I should have asked “Isn’t shared governance the culture at Yale?” Faculty representation in undergraduate admissions would be part of that – assuming that faculty in a prestigious research institution have the time or interest to do it.

    I don’t think I agree with the other point about non-selective schools/universities with mandates/etc. The prestigious schools will have little variability in their applicant and admit pools. They’ll always get the high-end applicants with parental dollars to match. The other schools bear the brunt of reductions in public education spending, elimination of arts, overemphasis on sports, and other systemic changes that affect their applicant/mandatory admit pools. I hope the faculty there have a voice. If those schools “aren’t that important symbolically and practically in the larger culture,” I think our society is toast.

  4. charlie Says:

    The question of whether any university is toast will probably be found in their bond ratings. In other words, what are Wall Street bond palace’s assessment of a uni’s business model? From what I’m seeing, big money doesn’t think much of much of USAAmerican university administration. Bond ratings have decreased for quite a number of institutions. Moody’s warned about this problem a few years ago. Didn’t seem to stop the campus building frenzy, which larded up college balance sheets with long term debt. When the tide rolls out, we’ll see who was swimming naked…

Comment on this Entry

UD REVIEWED

Dr. Bernard Carroll, known as the "conscience of psychiatry," contributed to various blogs, including Margaret Soltan's University Diaries, for which he sometimes wrote limericks under the name Adam.
New York Times

George Washington University English professor Margaret Soltan writes a blog called University Diaries, in which she decries the Twilight Zone-ish state our holy land’s institutes of higher ed find themselves in these days.
The Electron Pencil

It’s [UD's] intellectual honesty that makes her blog required reading.
Professor Mondo

There's always something delightful and thought intriguing to be found at Margaret Soltan's no-holds-barred, firebrand tinged blog about university life.
AcademicPub

You can get your RDA of academic liars, cheats, and greedy frauds at University Diaries. All disciplines, plus athletics.
truffula, commenting at Historiann

Margaret Soltan at University Diaries blogs superbly and tirelessly about [university sports] corruption.
Dagblog

University Diaries. Hosted by Margaret Soltan, professor of English at George Washington University. Boy is she pissed — mostly about athletics and funding, the usual scandals — but also about distance learning and diploma mills. She likes poems too. And she sings.
Dissent: The Blog

[UD belittles] Mrs. Palin's degree in communications from the University of Idaho...
The Wall Street Journal

Professor Margaret Soltan, blogging at University Diaries... provide[s] an important voice that challenges the status quo.
Lee Skallerup Bessette, Inside Higher Education

[University Diaries offers] the kind of attention to detail in the use of language that makes reading worthwhile.
Sean Dorrance Kelly, Harvard University

Margaret Soltan's ire is a national treasure.
Roland Greene, Stanford University

The irrepressibly to-the-point Margaret Soltan...
Carlat Psychiatry Blog

Margaret Soltan, whose blog lords it over the rest of ours like a benevolent tyrant...
Perplexed with Narrow Passages

Margaret Soltan is no fan of college sports and her diatribes on the subject can be condescending and annoying. But she makes a good point here...
Outside the Beltway

From Margaret Soltan's excellent coverage of the Bernard Madoff scandal comes this tip...
Money Law

University Diaries offers a long-running, focused, and extremely effective critique of the university as we know it.
Anthony Grafton, American Historical Association

The inimitable Margaret Soltan is, as usual, worth reading. ...
Medical Humanities Blog

I awake this morning to find that the excellent Margaret Soltan has linked here and thereby singlehandedly given [this blog] its heaviest traffic...
Ducks and Drakes

As Margaret Soltan, one of the best academic bloggers, points out, pressure is mounting ...
The Bitch Girls

Many of us bloggers worry that we don’t post enough to keep people’s interest: Margaret Soltan posts every day, and I more or less thought she was the gold standard.
Tenured Radical

University Diaries by Margaret Soltan is one of the best windows onto US university life that I know.
Mary Beard, A Don's Life

[University Diaries offers] a broad sense of what's going on in education today, framed by a passionate and knowledgeable reporter.
More magazine, Canada

If deity were an elected office, I would quit my job to get her on the ballot.
Notes of a Neophyte

Archives

Categories