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Prudent Management or Outright Greed? Critics Ask How Big Endowments Should Be
By BEN GOSEHarvard University is sitting on nearly $20-billion in cash and wants much more. Guide Dogs for the Blind has cash reserves of roughly $260-million, nearly 10 times its annual budget. And Shriners Hospitals for Children maintains an endowment of more than $7-billion, a sum so vast that it covers 90 percent of the annual operating...