<p>So some people are arguing for transparency (i.e., auctioning) on the basis of pure principle. Unfortunately, an institution which is both a business as a category, and a nonprofit as a subsection of that category, will choose on pragmatic grounds not to operate so crassly: it will change the character of the students and the donors interested in being associated with that institution. What some people call secrecy others perceive as discretion.</p>
<p>Those offended by that system need not participate in it. Are such private institutions taking significant amounts of your personal tax dollars? There are an awful lot of people who like even less, poliices like AA, athetic recruitment, etc. at those same institutions. Many such objectors specifically avoid privates for some of these very policy reasons, applying to publics which mandate & watch-dog transparency.</p>