That's definitely false. Most universities tie annual endowment spending to total endowment size. Just because you can't directly tie the dollars to a specific project, doesn't mean it didn't contribute to the general student body's quality of education.
Yes, it would. That wouldn't make it ethical or legal of course.
Source: https://finaid.yale.edu/costs-affordability/affordability
As for a "license to do anything", it's not clear what exactly you're complaining about here? They get some money through non-merit based admissions, sure, and then use the money to build nice things for students, and to help cover most students' tuitions. The point of this thread is that there's a difference between private schools accepting donations for this purpose, vs. corrupt individuals accepting bribes. The latter case benefits only the unmeritious student and the corrupt individual, and not the university has a whole.
No names, no race, no age, etc. Just raw test scores. Test them against problem solving skills objectively, etc.
Besides what employer wants to hire someone based just on their intelligence scores? If someone is an uncooperative egoist prick I don't think many companies will want to hire them no matter their test scores.
People want the prestige and connections of a legacy/endowment driven school, but don't seem to realize that it comes with legacy admissions.
You're get a roll number, you write a test, a list gets published that ranks all the roll numbers, sometimes with scores. Colleges offer admissions to anyone who scored between ranks 1-N. At more elite schools N is small (e.g. 100), but in lower ranking schools N is large (e.g. 100000+).
Affirmative action is practiced by having different Ns for different disadvantaged groups (i.e if you are a lower caste, N=1000, but for general admissions, N=100)
The downsides of this system are that it still fails to eliminate economic biases (i.e a student from a well to do family can hire tutors who help them test prep better) and that it's impossible for the school to control the makeup of a class - e.g in a year I was in school, a new test prep school opened up in a city and students from that school scored significantly higher than others in the admissions test. So, about 50% of the incoming class were students who went to that test prep school.