E-mail updates
Follow on Twitter
Subscribe to RSS
Frank Franklin Ii / AP
New York City Mayor Michael Bloomberg is giving $350 million to his alma mater Johns Hopkins University, making him the school's largest-ever philanthropic benefactor.
New York Mayor Michael Bloomberg is giving $350 million of his multibillion-dollar fortune to his alma mater, Johns Hopkins University, in a gift that will bring his total lifetime donations to the institution to over $1 billion, the school said on Saturday.
Bloomberg's giving to the university over the years makes him its largest-ever philanthropic benefactor, the school said in a statement.
Of the new gift, $250 million will go toward the university's work to tackle global challenges such as the preservation of water resources, while the other $100 million will provide financial aid to undergraduate students, according to the school.
When he was an undergraduate at the Baltimore university, Bloomberg paid for his tuition by taking loans and working as a parking lot attendant. His first Johns Hopkins gift was $5 in 1965, a year after he received his bachelor's degree in engineering.
"Johns Hopkins University has been an important part of my life since I first set foot on campus more than five decades ago," Bloomberg said in a statement. "Each dollar I have given has been well-spent improving the institution and, just as importantly, making its education available to students who might otherwise not be able to afford it."
Bloomberg, now 70, went on to found financial news and information company Bloomberg LP and amassed a fortune estimated by Forbes magazine at $25 billion.
Bloomberg, who was elected mayor of New York in 2001, has said he will give away his fortune before he dies and has set up Bloomberg Philanthropies to distribute gifts. Besides education, his donations have targeted public health initiatives, the environment and the arts.
Bloomberg, chairman of the university's board of trustees from 1996 to 2002, has given the school a total of $1.118 billion, it said.
Related:
NYC Mayor Bloomberg launches campaign against gun violence
Bloomberg endorses Obama, citing Sandy and climate change
Copyright 2013 Thomson Reuters. Click for restrictions.
Leave a Comment:
Thank your god, and there he is!!
And just think this A--hole didn't have $.50 cents for the poor dolphin trapped in one of his sewers. Don't inpress me one bit.
Does anyone smell garlic?
Being mayor of NY must be very profitable.
Dear jasper. He made his money long before he became a politician. Politics had nothing to do with his wealth.
Thank you, Mayor Bloomberg but have you asked the John's Hopkins hospital authorities why their hospital to me is the dirtiest I have ever seen. Johns Hopkins university and hospital may be good in research but the hospital environment is extremely dirty. Their outpatient clinics rest rooms as appalling.I was a patient on the eight floor (the new labor and delivery) and their supposed clean room had blood stains on the toilets. Trash was emptied once a day at 11 pm. Johns Hopkins may have a name in medical research but their hospital in Baltimore is very dirty. Mayor Bloomberg since you are for a clean environment, please tell JH Hospital to make its environment clean by hiring proper cleaners and a more qualified environmental services manager who can make sure the facilities in the hospital and outpatient clinics are clean.
That's the Medicaid floor. The rest of the hospital is super clean!
I wonder how much Mittens has donated during his life.
Politics = wealth
Why else would they spend so much of special interest group money to be elected...
Listening to all of the spite and hatred being spewed here is just astonishing. I probably wouldn't choose to donate to Johns Hopkins because there are other causes nearer and dearer to my heart. But providing millions for scholarships and student aid is a good cause. There are a substantial number of people who will get an education because of his contribution. Educating people is always a good thing. Reading vines has proven to me that many, many people could use a better education.
If you really want to be offended, you might begin by looking at what the Walton family recently donated. They built a museum that no one will visit so that they can put their name on a building. Meanwhile, their employees at Walmart work for minimum wage and have to use taxpayer dollars on medicaid and food stamps. At least the taxpayers don't have to subsidize tens of thousands of Bloomberg's employees just so he can amass still more billions.
Any time a billionaire puts some of his money back in the system we all benefit in one way or another, with the possible exception of some obscure museum! Most of the time, any one of us would have chosen a different beneficiary, but that doesn't mean that the chosen cause isn't a good one.
With the cost of a college education rapidly becoming too expensive for most middle class students, scholarships and student aid are a wonderful idea. It is a gift that will keep on giving, too, because educated people make better citizens and pay more taxes into the system.
I would give $100. to be a millionaire
After reading most of these posts, sure does sound like a lot of whining, hateful, ignorant and jealous people!!!! You do not know what Mayor B has done for the hurricane victims - yet you assume he has done nothing! What have you done? Has anyone of you sent even a $5 check to the relief funds; gone to physically help and support one of the victims; packed up some clothing and blankets? Nice if you did - hypocritical if you did not.
The man is worth more than 10 billion dollars, so I would suspect $350 million is like $250 to us middle-class people. How many of you have donated $250 to you alma maters? Critizing when you don't have all, if any, of the facts seems to be the norm in America today - and how patehtic is that! It must be very scary to be that hateful and ignorant . . .
Isn't it funny that when a liberal donates to a cause they believe in it is okay with the left but if a conservative does, they are only doing it for ulterior motives or they should give that money to the government because they aren't paying their "fair share"? Yes people will whine about this because this society has created a rich against poor mentality. The problem is society has also created a left against right with no compromise attitude, therefore, it's all right for the rich of one side to do no wrong in the eyes of the poor from that same political view. As long as the politicians keep the country divided like this, nothing will change and they will stay in office with the votes of the lower class that are to lazy to inform themselves and just follow their party lines.
Love his politics, talents, civic contributions and priorities. Way to go!!!
What really ticks me off is that that a man like this has so much influence because of his money that he can in all reality, buy votes. Whether it be Gun rights, Health care, taxes, etc.
Wow people. A rich man does something good for others and all most of you can come up with is dirt. Try being positive. Really, you'll feel better. Would you prefer he bought a couple of yachts?
eff you! The mother effer is a puke commie mother effer that needs punched in his effen head! Trying to control the lives of his heard to create his Utopia!
Eff this puke mother effer! changed law so he could get re-elected beyond his term limit! Mother effen puke!
The rich only help the rich. He helps the poor by restricting what they can eat and drink; just like a concentration camp overseerer.
First of all, Bloomberg should never have been elected to any public office, he bought his way in. Like so many others befor him. That is whats wrong with our political system, too many rich people looking out for rich people, and screw everyone else! I heard on the news once that, a 17 year old kid was elected as mayor. I'm not sure that was a good idea? But, it is a better idea than, say hiring a rich guy to look out for you!
We need to clean out our government, and start over with normal people!!!
His donation takes away about $100 milion from the federal budget.
It also corrupts the academia. Many problems in science cannot be solved by throwing money at them. Too much money for one field and too little for another, is demoralizing; and in a long term, harmful for science.
Peter,
That is an incredible piece of tripe. Scientific research is underfunded. Most civilized countries support the sciences to a far greater degree than we do. Our scientific knowledge and research creates jobs. Do you think that our IT programs just came into being without subsidies? Do you realize how many people are employed by the IT industry? Yes, throwing money at scientific research enhances the possibility that problems will be resolved. Should only one university be doing research into possible cancer cures? The more people who are working at a scientific problem the more likely it is that one of them will find a resolution. Science isn't a straight line. A scientist explores many possibilities before discovering one that actually works.
How does money corrupt academia? Do you prefer that scientists and researchers struggle to find solutions in dirty labs without proper equipment? Do you think that is in some way beneficial? Your premise is absurd.
Most civilized countries support the sciences to a far greater degree than we do.
Wrong. See wikipedia.
Yes, throwing money at scientific research enhances the possibility that problems will be resolved.
This does not contradict what I said. And some problems cannot be solved with a lot of money, like inventing perpetuum mobile, or curing cancer.
How does money corrupt academia?
I explained it already. This is like giving Oscars to horror movies only, for examples, and paying the actors there much more than actors in other genres. Good for the movie industry, right?
By the way, I am a research professor. Not at John Hopkins, so I do not have a horse in this race. You somehow assumed that I was against funding for science. No, I am not. But if done in bad way, it can be counterproductive.
Figures he's an engineer! Effen puke terrorist! Most Terrorist are engineers! Mother effen puke commie terrorist mother effer trying to engineer his idea of a Utopia!
I hope that mother effer gets hit by an effen bus!
It's disturbing that the guy gives a large sum of money to a good cause and he has all these people who won't acknowledge it being a good thing. I will bet that M. Bloomberg knows how many different places he could put that money and he made his decision to give it to his school. He is unconcerned with what those people who will choose to criticize ANYTHING will think. I am sorry to offend all of you snipers but HE IS BETTER THAN THOSE WHO CHOOSE TO CRITICIZE HIM. His money, his choice, its really very simple.
Again,
Go eff yourself! These priacks are using their money to control the masses of stupid sheep, like yourself, in this shiethole of a country we are now creating.
Really mother effer? You really think it is okay for the gov't to make it illegal to sell a large soda? For the better good of society? Really?
If so, then you need punched in your effen face as well and I hope you get run the eff over by an effen bus too!
You mother effers make me want to effen puke!
Not really. About 1/3 of this money were ours (in taxes) but not anymore.
Mayor Blumberg is a billionaire, not once has he b$tched about paying more taxes. But hsi donates 350 mil, to John Hopkins Universiy. Now this is going to be a huge tax deduction where Mayor Blumberg will not pay any taxes. But he wants to ban people from drinking soft drinks larger than 16oz. Mayor Blumberg is a hypocrite his thinking is "do as I say not as I do". So when Mayor Blumberg becomes a private citizen in New York let's see how much he will help the New Yorkers. I don't think he'll help anyone because he feels he made his billions and he's not going to share. He's going to use his billions to run for President which is not going to happen. Mayor Blumber is old and is just going to fade away.
I think this guy should run for President - he could be the first Jewish guy to hold the high office.
I love how the article paints it as an act of pure altruism. Funny stuff.
Classy move. Haters will hate!
Classy would be if he gained nothing from the donation. That's clearly not the case here. Pointing out that it wasn't pure altruism doesn't make me a hater - it makes me an adult. Fluttering one's eyes all agog at how sweet and generous Michael Bloomberg is strikes me as inaccurate and a waste of time.
Its frustrating when I listen to an Obozo supporter, I will ask them a question about what is going on with Obozo's agenda's, and they are clueless. I ask them, don't you watch the news or read? obviously not.
He's a big supporter of the "redistribution of wealth". Why doesn't he just walk down the streets of his city and hand out Franklins instead of giving it to an institution where the "have nots" will never walk the halls?
Nice gesture but still a tax write-off from a fellow who isn't well liked but does manage to get re-elected. Must promise a lot of entitlements.