This is an unusually forthright piece:
On April 11, the president of Columbia University announced that it had received a $400 million pledge from alumnus John W. Kluge, who in 2006 was 52nd on the Forbes list of the wealthiest people, earning his fortune through the buying and selling of television and radio stations. This gift, payable upon the 92-year-old’s death, will be the fourth largest ever given to a single institution of higher education.
With such a massive transfer of wealth, the accolades poured in, justifying such a gift to an Ivy League university. Columbia’s president, Lee Bollinger, said: “The essence of America’s greatness lies, in no small measure, in our collective commitment to giving all people the opportunity to improve their lives… [Kluge] has chosen to direct his amazing generosity to ensuring that young people will have the chance to benefit from a Columbia education regardless of their wealth or family income.” Mayor Michael Bloomberg indicated that investing in education produces returns that can’t be matched. Rep. Charles Rangel said the gift would ensure greater numbers of students can afford a first-class education.
Oh please!
I am becoming less and less tolerant of people who pass wealth on to the privileged and masquerade it as philanthropy. Philanthropy is the voluntary act of donating money, goods or services to a charitable cause, intended to promote good or improve human well being. When a billionaire gives money that will benefit people who are more than likely already well off or who already have access to huge sums of money, attending the ninth richest university by endowment, this is not philanthropy. This simply extends the gross inequities that exist in our country — inequities that one day will come home to roost.
Almost 40 percent of all college students nationally earned a Pell Grant, which in general represents students from families earning less than $35,000 a year. Yes, almost 40 percent of students in college today are from low income families. At Columbia, where tuition and fees alone tops $31,000, only 16 percent of students are Pell Grant eligible. In fact, over 60 percent of Columbia students don’t even bother to apply for federal financial aid. They can pay the bill — no problem (see the Economic Diversity of Colleges Web site). Columbia is not alone. A recent New York Times article, which provided a great story on a recent Amherst College graduate, indicated that 75 percent of students attending elite colleges come from the top socioeconomic quartile, while only 10 percent come from the bottom half, and just 3 percent from the bottom quartile.
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