[8bitsrule]

"If a donation is anonymous, the theory goes — that is, anonymous to the public — the giver cannot accrue any prestige or social capital from it."

OTOH, it at least helps the anonymous 'givers' to feel a bit consecrated about their nefarious actions. Also it helps the prestigious 'takers', capable of ignoring the smell of it, to cloak their taint.

The rationalization that 'it's okay if noone knows' seems more like something for, say, a bank than for an academic institution. And the smell hangs around. It might lead to things like, say, rigged admissions standards. Or the unfortunate suicides of bright young stars.