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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.
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Great tax loophole for the Mayor and also a very nice pay raise and bonus's for school admin.. Away with the money we go.
Is the Mayor giving the money at a highly-inflated rate when he claim his charity deduction? If not, I don't believe he's using any tax "loophole". Is there any non-cash donation involved?
His city was devastated by Sandy, Help is very slow coming, many in staten Island and Brooklyn are still suffering, and he found it more useful to give $350 mil to a university instead. The sad part is that New Yorkers may re-elect him.
Let us all hope not........Between him and Cuomo the State of New York is going right into the toilet.
another rich old man buying his way into heaven--while telling the rest of us what to do. I really don't need him to tell me what size soft drink to buy or that I shouldn't own a gun. As far as I'm concerned he's nothing more than yet another rich old man who has great wealth and great wisdom mixed up.
Truly They should refuse it and Help the victims of Sandy! That would be alot of houses he could repair. Just needs to find the right way of donating. No one should still be living in Warming Stations, Homeless Shelters, houses no heat, water damage AND that is called a true donation.
The media has become truly phucking pathetic. This billionaire loser gives away a one-time gift of $350 million and these "journalists" paste it all over the news and web. Warren Buffet, Bill and Melinda Gates give away BILLIONS EVERY YEAR, and you don't hear so much as a peep about it. I wish these "jounalists" would just step outside and blow their own brains out. They are disgusting human beings.
SO WHAT!
what a old fool, i mean i have money but not his type of money and i dont donate, could care less, i made it is mine, and the minorites cant have anyof it, i could care less about the future of this country or world when im dead and gone,i have no kids so if the world implodes when im gone? so what?if you cant breathe because of polution? i wont care and neither will you when your dead and gone, nothing matters, nothing anyone can do to change anything,and trying to save the planet? that is one of the biggest jokes there is, what with monsanto spraying the whole globe with nasty chemicals to make your minds weak, dont belive me? look it up,, and it isnt for your own good people, you cant be that stupid,, then again?
It's hard to say which thing is more pathetic about you, your grammar, or your attitude.
I heard that the first thing the school was going to do is put "Big Gulp" machines in the cafeteria!!
$5 to $300 million.
an epic story, for sure.
I find it funny that these liberal elitists think they can buy their way into the next life, leaving behind a building with their name on it, a monument or statue to marvel their legacy in this life, but do they really know the way they are going about to destroy this country, nothing will be preserved to honor them.
That's his right, I just resent that half of that amount will probably be paid by you and me in his tax avoidance.
This man is such a SCUM BAG !! who cares what he does !! This is the same scum bag that wanted to still have the New York races as we were pulling dead bodies!!! If this scum had any sole he would help the ones that have lost everything not his little school who apparently taught him no values. IDIOT money never bought you class it just made you a complete Ass
I'll drink a 64 oz. Coke to that. The university I am sure is happy and no doubt the bozo will get something named after him. I just cannot stand the guy and anything he does just makes my opinion that much stronger. I think him and his womanizing buddy Rudy should volunteer their time in Africa to clear land mines.
It his money, and he can do what he wants with it, but most of it probably came from New Yorker, So if would be nice if he took another $350 million to help the people that got him where he is!! New York...
OOoh! Just a thought, do not know, maybe someone does, Does he have body guards???? or police guard that work with him day and nightts???? Do they carry guns??? I am betting he does and they do.... Just saying!! nothing for the gander, all for the goose!
Seem to me that all that has help NY, the fat cat sit there and does nothing!!
Isn't 16 oz. of soda enough?
Good for him. Johns Hopkins is a great university and the medical center is world class. We should all give back to our communities, no matter how much we can afford. If you are Christian, the parable of the widow's mite is most instructive.
Hope this anti-Constitutional elitist scu*mbag drops dead and leaves all his fortune to his cats, for all I care.
I know I could certainly use 15K, to help get rid of debt. That's $$ he could literally wipe his a$$ with and then flush it.
I guess he means well. That is a lot of money, and it was his. No matter what though, that big soda idea is nonsense.
Everything this chowder-head lib says is nonsense.
How about all those people who are unemployed in NY? It's nice that he gives for a tax write off and for his own personal legacy but how about giving to people who are really in need.
He can do whatever he wants with his money. I never had alot but I manage to give to some who have less or to a good cause. It makes you feel good. Try it.
I guess the conservatives really found someone to dump their loads of frustration on!!! And Bloomberg is not even a Democrat. I'm sure if the Koch brothers did the same thing, they'll applaud them for their selflessness. But it's just hard to see why banning super-sized sweet water is so despicable though, considering that 80% of Americans are overweight.
Since it's his money made from a company he founded, who are we to tell him where to or who to give it to? All I hear here is a bunch of jealous people who haven't a clue. He's giving his money away before he dies. Good for him! If he gave it to each of you whiners you'd just blow it on booze or some other worthy endeavor. Quit sniveling, go to college and start your own business.
Only a freak lib would be jealous of this idiot.
Who cares what people donate and to whom and how much.It is downright classless for people to discuss their wealth and how they spend it.It seems that on a daily basis the media is telling us how much an entertainer paid for their mansion or how much they sold it for.Or the media is telling us what type of car somebody bought and how much it cost.I find all of this reporting on other people's wealth and what they spent it on to be vulgar.
They should at least name a latrine in his honor.