25 May 2015

For the love of God, rich people, stop giving Ivy League colleges money

"The New York Times' Robin Pogrebin describes Schwarzman's contribution as an "act of philanthropy." It is not. Sure, it's not the absolute worst thing one could do with one's money. I suppose it's a bit better than literally piling $150 million in dollar bills together in one location and then setting them on fire, insofar as building performing arts center employs more people than assembling a massive money pile would. It's definitely better than using the money to set up a private island upon which to hunt man for sport."
"But it's not philanthropy. It's not helping people who need help, and it's obscene that Schwarzman is getting a massive tax write-off for it. Giving to Yale is not an act of altruism. It's a gigantic, immoral waste of money and it's long past time we started treating it as such."