You won't solve the problem as a software developer. It's not a software problem. Try to climb the ranks into management and weed out corruption as you see it.
Me and other good devs will solve software side of problems, and other good people will fix managerial one :)
Are you saying that everyone in management and engineering had been replaced and Blackboard is essentially a startup which happens to have inherited all the exciting contracts? If so, then maybe you stand a chance.
Otherwise, I'm sure you'll learn a lot from the attempt.
There is a lot of new people indeed (both managers and tech.) Quite a few startups were acquihired too. But I think most important factor - management openly concerned about competition and tries to push toward better product. And it appears to be much better timing too - institutions are more open to "cloud" today, than they were 10 years ago.
"Cloud" in the hands of a corrupt company... will not be good.