Jim Sleeper writes here about Yale University’s intention to name a building in honor of Steven Schwarzman, to acknowledge his gift of $150 million.
When Yale announced a $150 million donation from alumnus and plutocrat Stephen Schwarzman last year to convert its historic Commons and Memorial Hall into the “state of the art” Stephen A. Schwarzman Student Center, an undergraduate, Nathan Kohrman, penned a deft summary of the man’s arrogant blundering through the American public sphere that the college has long cherished and nourished:
“What about Schwarzman —other than his estimated $10 billion fortune — does Yale find appealing? Surely not his belief, as of October 2015, that Donald Trump’s ‘political incorrectness’ makes him ‘good for democracy.’ Surely not his 2011 suggestion to raise taxes on the working poor because ‘skin in the game’ might make them work harder. Surely not his view that a 2010 bipartisan effort to close a private equity tax loophole — from which Schwarzman personally profits — was ‘like when Hitler invaded Poland in 1939.’ Surely it is not his prominence at the Koch brothers’ donor summits, where he’s donated undisclosed millions to political organizations that have cannibalized the GOP establishment and paralyzed the Obama administration.”
Kohrman’s remonstrance received only passing attention, but it merits urgent re-reading and distribution now that Schwarzman is chairing President Trump’s business advisory council. Fellow billionaire Michael Moritz’s characterization of him last week in The New York Times as one of Trump’s “Goodfellas” is only one of the reasons.
Schwarzman’s personal piggishness aside, the very premises, protocols, and practices through which he’s accumulated his $10 billion personal fortune and more than $360 billion for his private-equity Blackstone Group do far more damage to our economy, society and republic than he and other private-equity adventurers and hedge-fund heroes can ever repair through self-cleansing, self-celebrating philanthropy.
Sleeper says that major institutions should not name buildings for living figures. A good idea. But apparently Schwarzman’s gifts depend on the naming rights. When he gave $100 million to the New York Public Library, he insisted that its main building be renamed for him and that his name be engraved prominently on the building’s facade.
This is what happens when a society doesn’t support its cultural treasures. But what is Yale’s excuse?
Diane Ravitch's blog 
Diane: Interesting note: Like crooks launder money through legitimate businesses, oligarchs re-institute their missing integrity and launder their dirtied reputations through engraving their names on buildings in legitimate institutions.
What better example of badly-arranged zero-sum-game capitalism can we get? Plaster away–when everyone knows what it means, everyone will know what it means. (It’s the pig on the lipstick?)
Like Michael Milken, who served jail time, now making money in the charter industry and handing out awards of cash to teachers.
And in medical research and “think tanks” on a variety of issues where there is money to be made.
Among many of the uber wealthy in LA, Milken is looked on as a hero. All is forgiven for manipulating the stock and bond markets while running Drexel Burnham. Money does talk…loudly.
Better yet he gets a tax deduction and an edifice named after him.
Catherine and Diane…Yale is a private university, and as egregious as this is, naming a building after a major donor, it is far worse at UCLA which is a public university paid for by taxpayers, and where a number of buildings, and programs, are named after the notorious privateer, Eli Broad, and also major donor Meyer Luskin and his wife Renee, founder of Alliance Charter Schools.
At least Luskin was a poor boy from Boyle Heights who worked his way through UCLA undergrad before attending Stanford for his Masters degree in Business, and thereafter becoming a billionaire. He has donated a fortune to UCLA for the public policy department, a new faculty center, and medical centers, all directed at helping the community….whereas Broad uses his billions to tear down public schools for charter profiteering, and loves to see his name on museums, theaters, and university buildings where he wields his power.
Isn’t Yale’s excuse the same as the NYPL’s? That it wants the money?
But, who is ‘Yale’? And, what are those people that constitute the directors of ‘Yale’ interested in (as opposed to the students)? They have plenty of money in the hold, however the wealthy never seem to have enough.
Yale was begun as an exclusive institution (religious) and only ‘opened up’ when it became apparent that the sons (and, later, daughters) of the ‘establishment’ were somewhat defective and needed a bit of ‘new blood’ to help them along.
“Sainted Taints”
His money may be tainted
But Yale can not refuse
So Schwarzman will be sainted
Cuz Yale will never lose
SomeDAM Poet: Money IS a fungible thing . . . ? And generosity is, well, . . a generous thing. Who would deny someone’s generosity?
On the other hand, it’s really not the main issue–which is: what kind of persons do we want to explicitly honor in our institutions of education by naming buildings after them? Is that honor for sale? And isn’t that the ultimate “deal”? Ivy is known to grow fast–maybe they could grow ivy over the name.
What kind of supposedly stellar university would welcome back war criminals? Stanford did so with Condoleezza Rice, University of Berkeley Law School did so with John Yoo.
A big thank you, Zorba, for a most important comment and reminder. Stanford and the Hoover Institute still love Condie Rice and she still specializes in the teaching about Russia…wonder if she will eventually be called as a witness in the Trumpsters Russian/Putin debacle?
And the LA Times continues to print John Yoo on the Oped section….which both galls and disgusts me. Yoo is still on the faculty at Berkeley (which is counter point to Robert Reich who teaches there),
Yes, well, Ellen, unfortunately, universities hire (or welcome back) very famous (or even infamous) faculty members who should not be welcome there, just as universities want the money from the very wealthy who pay for monuments to their wealth.
I just wonder what the various activists at UC Berkeley in the mid-1960’s (the free speech activists, anti-war activists, etc, like Mario Savio and Jack Weinberg, among many others, and there were a lot of them) would be doing now. Mario died some years ago, Jack is still consulting on environmental pollution, although he’s in his late 70’s.
If they had some such activists now at Berkeley, I’m sure they would have had something to protest about when Yoo came back there.
Zorba,
There is a whole new generation of young activists. I wouldn’t bet on Schwarzman’s name remaining in place forever.
I certainly hope so, Diane.
I used to be active in the anti-Vietnam War movement, the feminist movement, the civil rights movement, back when I was much, much younger. I am older and disabled now, and cannot do what I used to do, but I still call and mail and email politicians, give money to causes I believe in, and talk, talk, talk to people I know to try and educate them.
I wish I could do more, but I feel like the torch has been passed to a new generation.
Knowing the persons or entities funding their endowed chairs would likely answer your questions.
Greg…about 25 years ago the Political Science Dept. at UCSB was given an Endowed Chair for Middle Eastern Studies by the Saudis, called The ibn Saud Chair. There was much community and university angst about accepting that money in the name of this despot.
They took the money….and some of those teaching Middle Eastern Studies actually used the very old map of the region which did not show Israel. Don’t know it was quid pro quo, or if that is still the case, but it was a big surprise to me at the time, and caused much consternation, and colored my opinion of universities which take tainted cash.
Buildings have been ‘for sale’ for many years. But, have your read ‘Infinite Jest’ by David Foster Wallace? It was written 20 years ago, but appears (in many ways) to be the sadly accurate predictor of our present society. It’s almost the “1984” of our times.
John Wund: No–haven’t heard of “Infinite Jest,” but thank you for the reference. I know it’s not a new thing, by any means, but it still makes me want to grin at him like a chessy cat–something about praying in a closet?
I’m sure Schwarzman probably has an “ivy trimming” clause in the donor agreement.
Either that or an agreement to spray the sign with Agent Orange every week.
To these billionaires, having everyone know how magnanimous they are is almost (but not quite) as important as having billions.
Let me just post a personal note…. I REALLY like your use of poetry. It adds a bit of fun to these so often stodgy postings (my own included). Please keep up the good work!
Carl Icahn, unofficial advisor to Trump, has his name plastered on some buildings in Princeton University.
Maybe we should start calling it the Poison Ivy League.
Good one.
^^Like!^^
SDP,
“Poison Ivy League” is already taken by colleges a tier below Ivy League schools in terms of selectivity. We use the phrase affectionately.
I thought that was the Wannabe Ivy League.
SDP,
Or Preppie Reject Haven. Ask a student why he picked the school and the reply is, “I didn’t get into Princeton.”
Or the Mean Green League (apologies to the O’Jays).
I like that! Poison Ivy League is appropriate.
Interesting: Schwarzmann apparently gratifies his ego by plastering his name on buildings. I recently read Scott Sherman’s “Patience and Fortitude: Power, Real Estate, and the Fight to Save a Public Library.” Mr. Sherman details the events that transpired while Anthony Marx was president of the New York Public Library: this was a project to move most of the books in the library to an offsite warehouse in Princeton–thereby defeating the purpose of this leading research library–and to turn the historic building at 42nd Street and Fifth Avenue into something resembling an internet cafe. Schwarzmann was on the Library’s board at the time, and gave his $100 million dollar gift then as well. In exchange his name was placed on the building nine times, occasioning remark and ire from historic preservationists, who apparently thought it redundant and crass.
Come to think of it, aren’t those those the salient characteristics of today’s global plutocracy–redundancy and crassness?
I once knew of a very wealthy man who funded a very expensive building at the school where his son was a student. He insisted that he remain in the background and someone else’s name be on the building. Some people are secure in their position, others are anxious and need to plaster their name everywhere.
Hey, Trump… Ring a bell?
I just saw this and thought it shows what type of President we have. Hope this is not too off topic. How could anyone believe Trump cares about anyone except himself?
……..
Someone plastered posters of Donald Trump’s sexual assault monologue all over the East Village in NY
By Walter Einenkel
The posters read:
“I did try and fuck her. She was married.
I moved on her like a bitch,
But I couldn’t get there.
And she was married.
You know I’m automatically attracted to beautiful.
I just start kissing them. It’s like a magnet. Just kiss.
I don’t even wait.
You can do anything…
Grab them by the pussy.
You can do anything.”
The President of the United States of America
Carol Malaysia,
Since this is a direct quote from President, I won’t edit the language.
I just heard that Edward R. Murrow condemned McCarthy by using his own words. Trump will probably take your lack of censoring him as a sign of respect.
Ranks right up there with the Gettysburg Address.
To someday be inscribed on the Trump Memorial in Washington, DC, no doubt.
Exactly, SomeDAM Poet: Trevor Noah made the point on “The Daily Show” that now that he is president, Trump’s Tweets are part of the official governmental record of his presidency. So, alongside the Gettysburg Address, and various inspiring inaugural addresses, we have his bellicose, self-pitying Tweets.
Classy!
Along with the Gettysburg Address, we will have the Tweetybird Address.
The Dump is more than DISGUSTING.
These named buildings are our modern-day pyramids.
Which is apt, since in many cases the money was made from slave labor and/or pyramid schemes.
Good point!
And Jewish slave labor for building the pyramids, at that. Wonder how Moses would look at all this?
Assuming the figures on his wealth and donation are about right, he’s giving Yale about 1.5% of his wealth. Given the tax advantages he gets from all that wealth being taxed as carried interest and the question of how much of that would have been paid in taxes if he was taxed like regular Americans instead of an oligarch, he seems rather a cheapskate for only forking over what he did. If I gave 1.5% of my wealth (which is mostly my defined benefit pension fund), would Yale name a building after me? Probably not but maybe a chair in the library. My donation would mean more, however, because I’d be giving away money I need to live on in my old age. $100 million is nothing to Schwartzman other than a way to buy a bauble for his ego to wear like another crown for Louis XIV. When will the aristocracy realize they are just building resentment among the people, resentment that will one day come back to devour the aristocracy as it has again and again over the centuries? With his name etched on the facade of so many buildings, the Jacobins/Bolshevics/peasants/proletariat/huddled masses will know exactly who to look for when they’ve nothing left to lose and decide it’s time to revolt.
Insightful comment, Diane…thanks. Yes, even if we educators combine our giving of 1.5% (which is needed to pay for our prescriptions) we could not finance a Dept. Chair, but maybe could pay for a few free meals for poverty stricken students or a real chair in the library if it is not leather.
Diane B.,
When Schearzman dies, his name will be chiseled off, just like they chiseled off Calhoun.
Maybe before he dies.
“chiseled”: most appropriate word of the day.
Save me! Puke.
Tangential- Universities that have legacy admission policies should be denied federal funds.
YES
There is something about demanding that your name be chiseled on building for giving large sums of money that makes my skin crawl.
There is something about Yale that makes my skin crawl.
See “This is getting weird”
http://www.newhavenindependent.org/index.php/archives/entry/this_is_getting_weird/
Lloyd, respond to this Yale article, please. While my automatic reaction is tinged with repugnance, I can see the importance of reliable intelligence to troops with limited cultural understanding serving in war zones where misreading social cues could be extremely important to saving lives, both civilian and military. It is obvious that there are numerous ways for such data to be misused. In today’s climate, I’m sure immigration officials would be very interested in enhancing their interrogation techniques.