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The Dangerous Wealth of the Ivy League

Higher education is increasingly a tale of two worlds, with elite schools getting richer and buying up all the talent

Read Harvard President Drew Gilpin Faust's Letter to the Editor in response to the article and BusinessWeek's Editor's Note.

It's only fitting that Whitman College, Princeton's new student residence, is named for eBay (EBAY) CEO Meg Whitman, because it's a billionaire's mansion in the form of a dorm. After Whitman (Class of '77) pledged $30 million, administrators tore up their budget and gave architect Demetri Porphyrios virtual carte blanche. Each student room has triple-glazed mahogany casement windows made of leaded glass. The dining hall boasts a 35-foot ceiling gabled in oak and a "state of the art servery." By the time the 10-building complex in the Collegiate Gothic style opened in August, it had cost Princeton $136 million, or $272,000 for each of the 500 undergraduates who will live there.