The Real Work of ‘Saving’ 2 Colleges Has Yet to Be Done

Lawrence S. Bacow,  president emeritus of Tufts University, and William G. Bowen, president emeritus of Princeton University, write:  What does a small, private women’s liberal-arts college in rural Virginia have in common with a highly selective, private engineering, art, and architecture school in New York City? The answer is that the attorneys general of each state recently intervened to completely restructure the governance of both institutions — in the face of severe financial problems.