How the Rich Get Richer, Again

Columbia Business School, which costs a total $84,751 a year to attend, has recently received a gift of $100 million dollars. This is the largest gift to the school ever. According to to Columbia:

The gift will be used to support the construction of the School’s new facilities, which will be part of Columbia University’s expansion into Manhattanville, just north of the University’s Morningside Campus. One of the School’s two new buildings will be named The Henry R. Kravis Building in recognition of Kravis’s extraordinary generosity. The search for an architect is currently under way.

Kravis, who graduated from the business school in 1969, was a cofounder of Kohlberg Kravis Roberts & Co., a private equity firm specializing in leveraged buyouts.

Speaking of leveraged buyouts, now $100 million of his money will be used in the highly controversial gutting of West Harlem. Thus one of New York’s richest people has given money to one of New York’s richest institutions in order help to displace some of New York’s poorer people. Hurrah.

Daniel Luzer

Daniel Luzer is the news editor at Governing Magazine and former web editor of the Washington Monthly. Find him on Twitter: @Daniel_Luzer