HIGHER EDUCATION BUBBLE UPDATE: “The impulse to impose Sarbanes-Oxley on universities is tempting. . . . It has traditionally has been assumed that universities, as ostensibly charitable organizations, would be run with an eye on the public good, thus formal restraints on self-dealing, conflicts of interest, and rules that apply to private corporations would not be necessary. Today, however, universities are big businesses riven with self-interest. And there is little evidence that charitable purpose plays any role in their behavior.”

The entire nonprofit sector — not just higher-ed — is ripe for much more scrutiny. There’s lots of money sloshing around, and not much accountability.