Universities became giant piggy banks for hedge-fund billionaires

> In the three decades since that fateful Harvard-Yale game, colleges have been starved of funding

And yet somehow they have managed to drastically increase their administrative staff headcount (with commensurate increases in spending), to the point where some schools have more administrators than faculty, and nearly more administrators than undergraduate students.

Stanford University has so many administrators that they built a separate campus for them (a "center for excellence in critical administrative areas" according to the web site.)

It's something of a cliché to point out that Stanford et al. have so many employees (including faculty) that they could assign each undergraduate and graduate student a personal assistant and still have employees to spare. I imagine that's part of why the recommended student budget[1] is approaching $10K per month of the academic year.

[1] https://financialaid.stanford.edu/undergrad/budget/

do European schools similarly invest endowments and use the gains on non-academic pursuits such as medical centers and sports facilities ?