Universities' endowment management practices have come under scrutiny by politicians and commentators who note that universities are tax-exempt, and do not want taxpayers subsidizing institutions only to have them accumulate wealth without advancing the public good. Defenders of university endowment policies argue that, to the contrary, managers…

The State of Washington prides itself on having a relatively vibrant economy that centers on high technology businesses that depends on a relatively highly educated labor force. The state has been lavish in its support of higher education, and probably most citizens would agree that the state has a pretty good system of schools to serve the…