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Subscribe to RSSSTONY BROOK, N.Y. -- A billionaire former professor and his wife are donating $150 million to Stonybrook University, the largest gift ever to any school in the State University of New York system.
The gift announced Wednesday comes from James Simons, a hedge fund manager who taught math at Stony Brook, and Marilyn Simons, an alumna of the school.
“This gift represents a milestone moment – a transformational moment – in the history of our young institution,” Stony Brook University President Samuel L. Stanley Jr. said. “Everyone has a reason to celebrate and an opportunity to excel. It provides Stony Brook with infinite possibilities…the financial capacity to fulfill our potential and reach unparalleled heights in the areas of research, education and discovery.”
The money is targeted at three priorities: research excellence in the School of Medicine, faculty hires through new endowed professorships and recruitment of top-level graduate and undergraduate students.
"Stony Brook gave me a wonderful chance in 1968 when I was hired as chair to build up the Department of Mathematics,” said Jim Simons in a statement. “That worked out remarkably well, and ever since, the university has had a special place in my heart."
Added his wife: "My Stony Brook education and the friendships I developed there as an undergrad and as a graduate student opened so many possibilities to me. We're deeply grateful for all Stony Brook has given to us and very glad to be able to give back to such a great institution."
Jim Simons is founder of Renaissance Technologies, a hedge fund management company, and chair of the Simons Foundation. Marilyn Simons is president of the Simons Foundation.
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Leave a Comment:
The school should immediately reject this "greedy wall street" money!!
Otherwise they're going against the OWS movement!
Stand up for your principles, liberals!!
Steven B
What a monumentally silly statement. The OWS protesters are demonstrating against a system that is unfair to the majority of Americans, not against all rich people, and not even against Wall Street in general. The current system allows wealthy individuals and corporations to influence laws and regulations to their own benefit through lobbying activities and political contributions.
This wealthy donor is a hero, and the 99%er's will all agree.
You seem to oppose that which you do not understand.
Greed is bad only when liberals can't get rich. Good post, the hypocrisy is more apparent everyday.
Dasvet
The rich can buy the government they want. The OWS movement is for people who must stand out in the cold to make their voices heard. It's clear which side you are on, but I don't know why other than you have decided that those who want a voice in their government must be "liberals." So, as a conservative, are you just content to allow those who are buying the government they want to continue to do so?
Funny, it's not called the "we don't like the system occupation", is it?
Most of the rhetoric I have heard is about the 'rich' taking advantage of the '99%'.
Well, this guy must be phenomenally wealthy, yes?
So, is it because he's taking advantage of the '99%' by being a part of the 'system'?
Or, is it because college tuition is ridiculously expensive, and unjust?
I do love watching the OWS supporters justify being 'rich' if the 'rich' are liberals.
This just in. Stoney Brook announces a 10% hike in tuition effective next semester.
Do you think most of the students care? I mean, none of the money is slated to help curb skyrocketing tuition. It is a bunch of money that goes to helping get more highly paid doctors and professors.
Steven B
This story has nothing to do with corporate greed, corrupt bankers, or wealthy lobbyists, so why do you insist on making it one? So you can insult a movement? Your rhetoric is getting old...
You don't become a billionaire by Honest means. I don't care who you are.
Yeah, but you're not particularly smart, talented or ambitious, so of course it's natural for you to be incapable of imagining what it's like to be somebody who is.
unknown believes that Warren Buffet is dishonest. l believe that unknown will remain unknown forever.
That is exactly right, I am not unknown and I am sure you don't get rich by being honest and working hard.
I've known a couple of billionaires in my time and they did get there honestly. People may not like some tactics but they were honest.
If someone singlehandedly produced a cure for cancer and got rich, you'd think they were a crook?
Nigel, if any person gets rich, they had to steal it from a man who has nothing. Their whole dam argument doesn't make sense. EVERY rich man this country ever had is a murderer, thief, and hates the poor that he donates billions to their free loading. Henry Ford/Bill Gates/Edison, etc all had the gall to become the enemy of liberals, it seems.
Somebody just needs to say, "Thank you".
And somebody else needs to follow suit of this couple.
P.S. People bitch that the rich don't give anything...and the ones who do are called 'bad guys'.
Make up your minds, people.
This appears to have been a very 'good deed'. As I said above, "Somebody just needs to say, 'Thank you'. "....(Don't really know what the heck to do with the punctuation anymore...guess I'd better find a site and look it up.)
Nice way to right off on taxes, great timing and all, you know since it's at the end of the year! Hedge Fund manager HA!! Legal gangster!
Bingo! Give the man a cigar!
Yes, I'm sure he was about to get a $150,000,000 tax bill and decided "ah, hell no, I'm gonna donate that instead".
You obviously don't understand the tax code. Giving away $150M doesn't mean saving that much in taxes, you just don't get taxed on that amount at whatever rate you would have paid.
He gave away $150 million merely to save, at most, $50 million in taxes. Come on, Country Boy and Steven B, do you really think this guy became rich and did not understand math? Wait, as a hedge fund manager he is only taxed at a maximum rate of 15% (who knows why except that hedge fund managers managed to buy their way to prosperity with political contributions and lobbying activity) so he saved a maximum of $22.5 million with the donation.
Wow, what a nice gift for the university, hope he inspires other billionaires to donate to their alma mater as well.
Hot-in-Miami, If that pic is really you, you are TOO DAMN HOT!!!
How many monsters will this gift create? You people think that money is a good thing but It is Evil and breeds evil in men. Too much or too little is poison to the soul.
Oh, I see, you're a silly little fundamentalist.
I really hope somebody is working on a vaccine to combat the virus which provides mediocre minds with moral high-ground to demonize the exceptional.
You and countryboy would do the nation a service by just administering a self-vaccination. I hear taking a bath with a plugged in toaster can still be effective if you disengage the circuit breakers.
Raisa - I doubt that unknown is a fundamentalist. Religion and philosophy are two different things
Raisa, can we get a face to go with that ass?
Chad, I thought the same thing in a post a couple weeks ago so I looked her up on Face Book. She's HOT!
It really makes me feel warm all over to know, that a college professor and his wife have 1 1/2 million dollars extra. No wonder tuition is so exorbitantly priced. Rich socialists are the worst socialists.
It says he WAS a professor. His wealth comes from private enterprise. Notice that a significant part of that gift will go to providing scholarships, and probably to some that could really use it. Some people (above), I tell ya.
It is 150 million, not one and a half.....
the donor was a professor many years ago...
Why not try reading the story before making dumb comments that are off base?
His donation is generous. However he is a hedge fund manager so I DO have to wonder how ethical he was in making his money.
What a terrible waste of money. NY and other progressive/socialist states are bankrupt and these idiots give them money. FOOLS!
You really should drop the word 'socialist' from your vocabulary, you really have no idea what it means....
I'm sure SUNY students are facing ANOTHER tuition hike. NY helps balance their bloated budget on the backs of STUDENTS - outrageous. The comments about money going to 'doctors and professors'. At SUNY Buffalo, untenured professors earn - ballpark - less than $40K. Research students on a stipend receive less than $25K. UB received a similar huge gift from an alumnus this year - I think the majority of it will go to capital improvements, medical center etc. HOW ABOUT SOME SCHOLARSHIPS!!!!!
"UB" is SUNY at Buffalo.
Why are people being negative about a positive story? They gave back to the community in a MAJOR way that will make a lot of difference in a lot of lives. This sort of behavior should be embraced not ridiculed.
The money is targeted at three priorities: research excellence in the School of Medicine, faculty hires through new endowed professorships and recruitment of top-level graduate and undergraduate students.
A fine example of hypocrisy on the part of a university: faculty hires....overpaid, underworked liberals teaching BS courses.
This is a test. My comment didn't get posted.