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like trinity college cambridge (a constituent college of cambridge university) has an endowment more than the actual universities of oxford and cambridge put together. and madalen (sp) college oxford is wealthier than some countries (i heard)!
Seriously, you seem to have a problem making deductions from even the simplest things.
Of course, there is some devaluation of degrees. So Mr X who got a degree in crap studies at crap university will still end up being a janitor. In which case...what's the harm in having an educated janitor?