Alms for the Press?

We’ve finally reached the point at which some of the finest minds doing the biggest thinking about the battered news business believe the best eraser for red ink is… charity.

Although they weren’t the first to make the pitch for newspapers on the dole, financial pros David Swensen, the chief investment officer at Yale, and his colleague Michael Schmidt gave the idea a boost last week in a New York Times op-ed. They posit that the best way to maintain the quality journalism of, say, the New York Times, would be to retool it as a nonprofit and run it from the proceeds of a $5 billion endowment.

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