QUESTIONS POSED by big universities with bigger endowments: “In the present circumstances, the administration and boards of these schools now control the money because the endowment is managed by internally controlled entities. Accordingly, the most important voice at Yale would have to be the estimable and much-respected David Swenson, who has managed the Yale endowment to astonishing annual returns of over 20% for 10 years. Yale’s endowment is about $22.5 billion. What does this mean for the future of governance at Yale? I wonder.”