Tag: Philanthropy

  • Sandy Weill pumps $170M into Weill Cornell Medical College

    Sandy Weill isn’t finished yet.

    By the time he is done with the latest chapter of his life, which has been devoted to philanthropy, the ‘House that Sandy Built’ may become shorthand for Cornell Medical College, rather than now-teetering Citigroup, the financial supermarket Weill created in 1998 by merging his company, Travelers, with Citicorp.

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    The New York Times reports that the 76-year-old billionaire has pledged $170 million to the Weill Cornell Medical College so that the university can proceed with plans to build a new medical research building by 2013.

    The philanthropist, who serves as the chairman of the board, is widely credited with helping to turn the college into a world-class medical school since making his first donation in 1998. (The Cornell Daily Sun estimates that Weill, who graduated from Cornell in 1955, has given the university over $720 million, along with his wife, since 1998.)

    Weill had arranged to give $250 million to the medical school upon his death. But Cornell’s president, David J. Skorton, apparently convinced him to produce the money now, even if the sum was smaller, when the university was navigating difficult times. The school’s $5.4 billion endowment has lost more than a third of its value since last June and donations are dramatically down.

    “The statement we’re trying to make is that this is a really important time to give money, whatever it’s for,” Weill told the Times.

    But as the paper also notes, Weill may be trying to burnish an uncertain legacy after the near-collapse of the company he had built into the largest financial institution in the world. The financial supermarket model that he championed has also been widely discredited.

    Weill, who stepped down as Citigroup’s chairman nearly three years ago, said he has been disturbed by Citi’s declining fortunes (and his own, as a result), but was focusing his energies on philanthropy.

    Besides their donations to Cornell, he and his wife, Joan, have also given large sums to Carnegie Hall, where he is chairman of the board, the Hebrew Home for the Aged and Alvin Ailey American Dance Theater Foundation. Slate Magazine named him the seventh largest charitable donor in America in 2007.

    “Legacies are for other people to decide,” Weill told the Times. “But my activities in the not-for-profit center seem to have a lot more staying power than what I accomplished in the for-profit arena.”

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    • Commerce Secy Gary Locke is longtime advocate of Boeing, Microsoft

      April 10, 2009 at 8:49am

      From the outset of his political career, Commerce Secretary Gary Locke was bullish about business.

    • Sergey Brin donates DNA, dollars to Parkinson’s study

      Google co-founder Sergey Brin, who carries a gene mutation that predisposes him to Parkinson’s disease, is contributing his DNA and millions of dollars to research into the condition’s genetic basis.

      The study will be conducted by 23andMe, the website co-founded by his wife, Anne Wojcicki, which already harnesses users’ DNA to help them understand health risks and other genetic traits.

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      The site hopes to recruit 10,000 people with Parkinson’s. By comparing their genetic information with that of healthy people already in 23andMe’s growing database, researchers hope to find genetic variations linked to the neurological condition.

      Sergey Brin
      Sergey Brin

      Partners include the Michael J. Fox Foundation for Parkinson’s Research, which was started by the actor with the disease, and the nonprofit Parkinson’s Institute. About 1.5 million Americans have Parkinson’s, a progressive neurological disease which interferes with movement and speech.

      Brin, 35, who Forbes ranks as the world’s 32nd richest person, told the New York Times that he would pay for most of the study’s costs, although he declined to say what that was.

      “I kind of give myself 50-50 odds of getting Parkinson’s in 20 or so years, 25 years,” he said. “But I also give it a 50-50 shot of medicine catching up to be able to deal with it.”

      Last fall, at Google’s Zeitgeist meeting, Brin revealed for the first time that his mother, Eugenia Brin, a former NASA computer engineer, had contracted Parkinson’s, and that he also carried the gene mutation that sharply increases his risk of developing the disease.

      When a member of the audience asked whether it wouldn’t be better to be ignorant of such things, Brin appeared taken aback.

      As a result of having that information, Brin said he was now in a position to encourage research about Parkinson’s and to take steps to lower his personal risk.

      A profile in The Economist described his reaction as part and parcel of his approach to the world.

      In effect, Brin said he regarded his mutation of LRRK2 as a bug in his personal code, and thus as no different from the bugs in computer code that Google’s engineers fix every day. By helping himself, he can therefore help others as well. By helping himself, he can therefore help others as well. He considers himself lucky.

      The moment in some ways sums up Mr Brin’s approach to life. Like Mr. Page, he has a vision, as Google’s motto puts it, of making all the world’s information “universally accessible and useful.”

      Brin’s faith in the transformative power of accessible information comes in part out of his family’s experience in the Soviet Union. His parents, Russian Jews, were barred from pursuing careers in physics and astronomy.

      After his family emigrated to the U.S. when he was 6, Brin followed in his father’s and grandfather’s footsteps by studying mathematics at the University of Maryland, double-majoring in computer science.

      He befriended fellow whiz kid Larry Page when he enrolled at Stanford to get a Ph.D in computer science. The two crammed their dorm room with computers and applied Brin’s data-mining system to build a superior search engine.

      The program became so popular at Stanford that they suspended their doctoral studies to start Google in a rented garage, owned coincidentally by Wojcicki’s sister.

      23andMe also grew out of Eugenia Brin’s diagnosis, according to the Times. Wojcicki, a biotech analyst, met co-founder Linda Avey because Avey was running a genetic study about Parkinson’s disease. Together, they came up with the idea of a website which would let people analyze and compare their genetic makeup (and whose name refers to the 23 pairs of chromosomes every human being carries).

      Google already has invested $3.9 million in 23andMe, which is also based in Mountain View, CA.

      Wojcicki told the Times she hopes to use the Parkinson’s study as a basis for future research collaborations. “There’s a huge opportunity for us if we can make research more efficient,” she said.

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      • #1.   MURALIDHARA ACHARYA 03.14.2009

        Mr. Brin is doing a commendable job. Any way, I would like to give him piece of my mind. If he undertook this to include developing or under developed nations this would have made more sense.

        Best,

        Muralidhara Acharya

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      • Edward Liddy caught in the eye of AIG storm

        March 15, 2009 at 9:42am

        AIG has been described as the company where federal dollars go to die. It may also be a career killer for Edward M. Liddy.

      • Raikes moves from Microsoft to top spot at Gates Foundation

        Microsoft’s employee No. 105 will soon become the No. 1 employee at the Bill and Melinda Gates Foundation, the largest foundation in the world.

        The foundation announced Monday that Jeffrey S. Raikes, 49, will take over as CEO of the foundation on Sept. 2, the date of his retirement from Microsoft.

        Raikes, 49, who joined Microsoft in 1981 as its 105th employee, had been the head of the Microsoft Business Division until January. He has stayed with the company during a transition period before his retirement.

        A millionaire, he will assume leadership of a foundation now worth $37.3 billion.

        He replaces Patricia Q. Stonesifer, who is retiring.

        Another former Microsoft executive, she has been with the foundation since its creation 11 years ago by Bill Gates, Microsoft’s chairman and co-founder, and his wife, Melinda.

        Raikes announced his intent to retire from Microsoft in January. At that time, his plans for the future were not definite, he said Monday.

        “I thought about teaching; I thought about agribusiness,” the Nebraska native told The New York Times. “But when I had the opportunity to sit down with Bill and Melinda and saw all the talent and experience (at the foundation), I became very excited.”

        Raikes assumes leadership of a philanthropic powerhouse, one that has focused its giving on organizations worldwide that work to improve heath and alleviate poverty.

        In addition, it has donated to efforts on behalf education in the United States.

        According to the Chronicle of Philanthropy, the foundation now gives away more than $3 billion per year, and that amount is expected to grow as the foundation grows.

        In 2006, investor Warren Buffett pledged $31 billion to the foundation, adding significantly to its reach.

        A Stanford University graduate, Raikes came to Microsoft from Apple Computer Inc. Steve Ballmer, now the company’s CEO, recruited him. Raikes’ wife, Tricia, was the 75th employee hired by Microsoft.

        Raikes rose to become part of Microsoft’s leadership team, third in power behind Gates and Ballmer.

        Microsoft Business, which Raikes headed, produces the fabulously successful Microsoft Office software suite and other business applications. It generated $16 billion in revenue for the company last year.

        One of Raikes’ many contributions to Microsoft’s bottom line came in 1987, when he convinced the company to buy what would become PowerPoint.

        Raikes got rich with the company. He has over 5 million shares of Microsoft and is a part-owner of the Seattle Mariners baseball team.

        He and his wife are the founders of the Raikes Foundation, which had a book value of $126 million according to its federal filing for 2006.

        Jeffrey and Tricia Raikes were the co-chairs of the 2006-07 United Way campaign in the Seattle area. It raised $122 million, reportedly the largest United Way campaign in the country.

        Stephen Elop, a native of Canada and the former chief operating officer of Juniper Networks, has replaced Raikes as the head of Microsoft Business.

        Before Juniper, a Microsoft partner, Elop was at Adobe Systems Inc.

      • Ousted Sierra leaders tie suspension to Clorox criticism

        At the very least, the timing raises questions: The biggest environmental group in the U.S. expelled 27 leaders of its Florida chapter shortly after the state committee accused the Sierra Club’s national directors of betraying their principles to endorse a “green” cleaning line by the Clorox Company.

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        Sierra Club spokesman David Willett denied the suspensions had anything to do with disagreements over the group’s partnership with the Oakland-based Clorox. He said the four-year expulsion, which took effect last week, was the last in a series of steps taken to end bitter infighting that had undermined the Florida group’s work.

        Willett noted another state chapter, Massachusetts, had also criticized the Sierra Club’s decision to endorse the new biodegradable cleaning line, “and no action has been taken against them, and there won’t be. That’s not how the Sierra Club works.”

        First announced in January, the unprecedented partnership between the Sierra Club and Clorox has been hailed by supporters as a way to promote a green marketplace, and denounced by critics as a sell-out to a company most closely associated with Clorox Bleach. Under the deal, the Sierra Club gets an undisclosed percentage of profits from the sale of the new line, marketed under the name Green Works, in exchange for the use of its logo.

        At least some ousted activists don’t buy the assertion that their suspension is unrelated to their criticism. Joy Towles Ezell, former chairwoman of the Florida chapter, told the Guardian that the same weekend in January that the chapter passed a measure condemning the deal, they were told of their impending removal.

        She said that the new Clorox products should be named “Money Works” or “Toxic Works.”

        “Clorox is the bad guy to me,” Ezell said. “. . .You sell your soul when you get involved with something like that.”

        Sierra Club Executive Director Carl Pope admits he was skeptical when first approached by Clorox. But after reviewing the ingredients of the cleaners, most of which are plant products, and contemplating Clorox’s market reach, he decided to take the gamble.

        “One of the reasons green home cleaning products haven’t achieved much market penetration is if they came from an environmental brand, people had the sense they won’t work … And if it came from someone with a cleaning reputation the reaction was: They can’t be green.”

        Green Works may be an even bigger gamble for Clorox’s new CEO Donald Knauss, who came from Cola Cola in 2006, and who has pushed the company to launch its first new product line in 20 years. Knauss has identified sustainability as one of three core consumer trends with which he wanted to align Clorox products, and hired “green” consultants, who led him to the Sierra Club.

        Green consultant Joel Makower, who worked on the project, calls the launch a watershed:

        It’s an intriguing moment. Green Works enters the marketplace with a near perfect storm of market conditions: growing mainstream consumer demand for green products that don’t require compromise or sacrifice; significant interest from Wal-Mart and other big retailers in pushing greener products to the masses; a product that seems competitive with the leading green brands; and endorsement from Big Green.

        Naysayers, however, predict the endorsement will undermine the credibility of the environmental group, noting that a month before the deal was signed, Clorox was fined $95,000 by the Environmental Protection Agency for donating a mislabeled Chinese version of Clorox bleach to a Los Angeles charity.

        “The Sierra Club has become little more than another corporate front group,”
        said Tim Hermach of Native Forest Council in Eugene, Oregon in a piece in Corporate Crime Reporter.

        Hermach had special animus for the group’s executive director: “Carl Pope has sold out the Sierra Club’s mission of saving nature and now seems proud of his role as an obsequious and professional Uriah Heep. As a result, Sierra Club is getting lots of corporate appreciation, cash and favors.”

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      • Will MTV audience care who rocked the cradle?

        MTV’s Rock the Cradle has kicked off its debut season, but does the average MTV reality show fan even care about these celebuspawn?

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        The nine contestants are the children of musicians of the ’70s, ’80s and ’90s. Specifically, they are the offspring of band members from Twisted Sister, The Eagles, The Doobie Brothers and the artists MC Hammer, Kenny Loggins, Al. B Sure!, Eddie Money, Bobby Brown and Olivia Newton-John.

        MTV’s website describes the premise of the show, “Yeah, we’re searching for the next superstar, but this isn’t your average, every day singing competition. We’re shining the spotlight on children of rock stars to see who has what it takes to step out of the parental shadow and fulfill their DNA destiny. ‘Cause, really, isn’t everything better when celebrities are involved?”

        But really, how many typical MTV viewers even know the music that made the parents of these contestants famous? Aside from seeing episodes of Being Bobby Brown on Bravo and reruns of the movie Grease on cable, it’s likely that “Hammer time,” would be nothing more than a legend for today’s teens, MTV’s target audience.

        The contestants of Rock the Cradle sing each week, and the one with the highest score from the judges is safe from elimination. The rest have to depend on viewer support to keep them from being kicked off the show.

        The show is judged by Britney Spears’ former manager Larry Rudolph, choreographer Jamie King, and celebrity stylist June Ambrose.

        After the first episode, which aired last week, Lucy Walsh, daughter of The Eagles’ Joe Walsh, received the highest score, which isn’t too surprising. She’s the only contestant who already has a record deal, with Island Records.

        Rock the Cradle may get some success if the contestants can hold audience attention without relying on famous parents. It’s pretty certain that the fans of Kenny Loggins, The Doobie Brothers and Olivia Newton-John aren’t tuning in to MTV regularly.

        Rock the Cradle airs on MTV on Thursday at 10 p.m.

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