Comment on Giving and getting grief: For the rich, increasingly common

By MICHAEL HILL, Associated Press, San Antonio Express-News: Business
Mon, 11/30/2015 - 8:18am

Giving and getting grief: For the rich, increasingly common

In recent months, a hedge fund billionaire was denounced for his $400 million gift to the already wealthy Harvard University, David Geffen took flak for gifts that plaster his name on a Manhattan concert hall and a Los Angeles school, and the wife of a Wall Street banker was roasted for trying to put her name on a small Adirondacks college. Scorn for the rich and powerful dates at least to the Gilded Age heyday of Rockefeller and Carnegie, but experts who track philanthropy say the spate of indignation this year makes sense when even academics and presidential candidates rail against the privileges of the so-called 1 percent. Media mogul Geffen, a prolific philanthropist, has been accused of a bit of each after two recent gifts, including $100 million this month to create the Geffen Academy at UCLA to serve the children of faculty, among others. The gift — aimed in part at attracting top talent to the college and its medical school, which is named for Geffen — has generated critical headlines like this one in L.A.

 

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