John noted criticism of elite campuses such as Harvard, which is the wealthiest campus in the world and whose massive endowment is down $8 billion this year, for not having used more of their wealth to providing free education for students.

Now we learn from the Financial Times that Harvard paid six senior-investment officers a combined $27 million this year to manage its endowment — a tidy reward for having led the university to join in the nation’s orgy of risk-taking.