" I am sure if the person who just donated $250 million toward the two new residential colleges at Yale had a kid who was applying, I am sure they would get in (disclaimer - I don’t even know who this person is or if they have kids). It would not bother me one bit to have this kid, however smart or talented they might be, sitting next to mine in class. "
The point is really that if someone donates $250mm, their family members are getting in - and it is completely irrelevant whether the donor himself or herself actually went to that particular school.
As I think they should. I think there’s a certain level of “payback” that’s appropriate. I have an acquaintance from college who, with her husband (also an alum) donated $40mm. He owns a major league sports team. I’ve got no problem if their currently-middle-school-age daughter is “guaranteed” a spot in. That $40mm does so much for the school.