Thursday, December 11, 2008
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Los Angeles Times - Financial giants and other large firms now being bailed out by the government spent millions underwriting the Democratic and Republican conventions last summer, just weeks before coming to Washington seeking multibillion-dollar handouts.
The big donors included AIG, Ford Motor Co., Citigroup, Goldman Sachs and Freddie Mac.
In all, major corporations, labor unions and individual millionaires poured $118 million into the nominating conventions for Barack Obama and John McCain, according to reports from the Campaign Finance Institute and the Center for Responsive Politics. The nonpartisan private groups compiled the numbers from filings required under federal law.
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Tuesday, September 2, 2008
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Financial Times - The soaring egos of the very wealthy seem to be contaminating the spirit of philanthropy. Increasingly, public buildings, or parts of them, are being renamed after big donors whose gifts are made on condition that their names adorn the objects of their largesse. Whatever happened to anonymous giving?
The selling of New York City appears to be under way. A few months ago some of us were shocked to hear that the New York Public Library’s beautiful flagship building on Fifth Avenue was to become the Stephen A. Schwartzman Building, in honour of a manager of hedge funds who is contributing $100m towards a $1bn renovation of the library system.
The Stephen A. Schwartzman Building? You’ve got to be kidding. Unfortunately not.
Both the board of the New York Public Library and the city’s Landmark Preservation Commission hardly debated the issue. Money trumped tradition and the dignity of the building. The president of the library, Paul LeClerc, did offer some comfort to those disappointed by the name change. He promised the commission no other name wouldbe attached to the building.
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