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> Where did $8 billion go: health, science, education, and social action Other than science, those are some very bloated and inefficient causes. $1 billion to
by cantrevealname 6y ago
> Where did $8 billion go: health, science, education, and social action
Other than science, those are some very bloated and inefficient causes. $1 billion to Cornell? Aren't most of the prestigious universities already swimming in billions of dollars of endowments? He can do what he wants of course, but it would have been nicer if the money was targeted to long shot bets--that only a super rich person could fund--rather than normal things are already well funded through taxes.
- leesec 6y agoSigh, I love hackernews.
- TheAdamAndChe 6y agoPerfect is the enemy of good.
- colinmhayes 6y agoDisagree. There are more than enough resources on effective NGO's. There is no reason to give cornell a billion dollars when that money could save hundreds of thousands of lives in the developing world.
- deleted 6y ago[deleted]
- hamburglar 6y agoIt's possible the guy giving away the money sees something about this organization that you don't.
- colinmhayes 6y agoOr, more likely, he's not maximizing the impact of his donation.
- hamburglar 6y agoNot only is whether or not he's maximizing the impact of his donation a call he gets to make, whether or not he even wants to maximize the impact of his donation at the cost of other considerations is a call he gets to make.
- colinmhayes 6y agoAnd I get to judge him for making the wrong call.
- hamburglar 6y agoIt's turtles all the way down.
- MisterBastahrd 6y agoMaking the rich richer isn't charity.
- longtimegoogler 6y agoYeah. I also think these large contributions to college endowments are of questionable social value. They clearly help the people who go there to get an education but do they really address the issues that people who can't go to an Ivy League school face.
- Axsuul 6y agoIt could have been seen as a force multiplier. If Feeney was educated at Cornell, then that $$ to Cornell could possibly contribute to more Feeneys in the future who could also follow in the footsteps of philanthropy.
- Vervious 6y agoFunding top research institutions are in fact long shot bets. Where else does research get done? Who pays for the buildings, where each one costs hundreds of millions of dollars? Scholarships? Who pays for new tenured positions? Yes, administrative costs could be cut (I think substantially). But there's this long-going misunderstanding about the roles of endowments at American universities. These endowments have been budged into the next century of operation -- each year they are expected to generate some income to cover operating expenses. These expenses include salaries, financial aid, etc. The larger the endowment, the more income. They can't just drain the whole thing to pay for a building, because then they auction off the future for the present.
- fourseventy 6y agoHe gives away 8 billion dollars and you bitch and moan about it, what a joke
- zzapplezz 6y agoOn the face it's certainly selfless, but the causes and recipients of the massive sum are important. Certainly you'd think differently if the recipients were foreign militants, no?