The Rich Get Richer

Here’s another news story about a fabulously wealthy donor giving a ton of money to a fabulously wealthy institution. A Wall Street titan and alumnus of Yale University, Stephen A. Schwarzman, contributed $150 million for a performing arts center that will be fashioned out of a set of extraordinary buildings on the campus. In reporting this gift, the New York Times mentioned that a collateral benefit will be gained by Yale’s host city, New Haven, Conn., which is dealing with a lot of the same urban challenges as other small cities in the northeast. According to the Yale News, Sept. 24, 2014, the Yale University Endowment was valued at $23.9 billion as of June 30, 2014. $23.9 billion. I’m happy for Yale that Mr. Schwarzman was moved to be so generous to his alma mater. Wouldn’t it be nice if the New York Times wrote about $150 million going to UMass Lowell or the City of Lowell from a prosperous and visionary person. $150 million. That is a lot of bread. We would do good things, big things, with that kind of money. Wouldn’t it be special to get a lump sum like that? Maybe the next guy or woman will spread the wealth around.

Read the full story here, and get the NYTimes if you want more reporting like this.

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