Through unlimited federal student loans, the intricate and expansive network of federal patronage, rent seeking, and the tax benefits of nonprofit status, the U.S. government has built a cushy nest for the modern American university. The endowments of the biggest elite schools are, in effect, tax-preferred hedge funds.

Sitting on all this cash and privilege, America’s elite universities were bound to become bullies. Power corrupts. And in the case of Harvard, power fueled by moral superiority corrodes.