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Money Wall Street billionaire donating $25million to his old high school 'demanded it be renamed after him, his portrait be prominently displayed and the deal be kept secret'

23:55  16 april  2018
23:55  16 april  2018 Source:   dailymail.co.uk

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Wall Street billionaire donating $ 25 million to his old high school ' demanded it be renamed after him , his portrait be prominently displayed and the deal be kept secret '. Blackstone CEO Stephen Schwarzman, 71, is reportedly worth .2billion. He is planning to donate $ 25 million to his alma

Billionaire offered $ 25 million to high school alma mater. Schwarzman’s portrait would appear “ prominently ” in the school . The agreement would be kept secret unless Schwarzman approved its release.

a man wearing a suit and tie: Stephen Schwarzman, the CEO of private equity giant The Blackstone Group, had negotiated an agreement with the board of his alma mater, Abington High School, near Philadelphia, to donate $25million for renovations and the construction of a new technology center© Provided by Associated Newspapers Limited Stephen Schwarzman, the CEO of private equity giant The Blackstone Group, had negotiated an agreement with the board of his alma mater, Abington High School, near Philadelphia, to donate $25million for renovations and the construction of a new technology center A billionaire Wall Street investor offered a $US25million ($AU32million) donation to his old high school in return for it being renamed after him, his portrait be displayed prominently in the building and a string of other demands.

Stephen Schwarzman's demands were agreed upon by the school but have now been rescinded after it prompted outrage from parents when made public.

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A billionaire Wall Street investor offered a $ 25 million donation to his old high school in return for it being renamed after him , his portrait be displayed

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Schwarzman, the CEO of private equity giant The Blackstone Group, had negotiated an agreement with the board of his alma mater, Abington High School, near Philadelphia.

Schwarzman, whose personal fortune is estimated by Forbes to be worth $US12.2billion, had agreed to give $US25million to the district so that it could renovate the high school and build a new technology center for students.

The agreement crafted in secret between Schwarzman, who graduated from Abington in 1965, and the Abington School Board was approved last month.

But when a number of parents and alumni learned that one of the conditions of the agreement was for the school to be renamed ‘Abington Schwarzman High School,’ they were outraged.

The school board was then met with demands to publicly reveal the details of the agreement, according to the Philadelphia Inquirer and Daily News.

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Billionaire Stephen A. Schwarzman wanted to give $ 25 million to his alma mater in Pennsylvania, Abington High School . Schwarzman’s portrait would appear “ prominently ” in the school .

Blackstone Group LP CEO Stephen Schwarzman is donating $ 25 million to his public high school in Abington, Pa., a move he said he hoped would inspire other wealthy individuals to step up to address public- school funding gaps. The billionaire private-equity firm executive said he would throw his

At first, the board refused, saying that the agreement must be kept secret for legal reasons.

But on Wednesday, the board relented, releasing the full text of the agreement.

The document revealed that Schwarzman would donate the money on condition that a number of other demands be met.

They include prominently displaying his name ‘at a minimum’ at the front and above each of the school’s six entrances ‘for the avoidance of doubt’; renaming parts of the high school campus for his brothers, his ex-high school track coach, and two friends on the track team; his portrait ‘prominently’ displayed in the school; input into the construction of a new campus; regular reports on the progress of a computer literacy initiative; and keeping the agreement secret unless Schwarzman approved its release.

Schwarzman starred in track at Abington and won the student council presidency.

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Billionaire Stephen A. Schwarzman wanted to give $US 25 million ( million ) to his alma mater in Pennsylvania, Abington High School . Schwarzman's portrait would appear " prominently " in the school .

GLENN: When a Wall Street billionaire Stephen Schwarzman announced that he was donating $ 25 million to the Abington HEP Senior High School . He said in a release that investing in public education yields one of the best returns imaginable: a new generation of creative, capable

Schwarzman also demanded that changes to the curriculum be instituted, including requiring students to learn coding or computer literacy.

All students would also receive a Chromebook.

The release of the agreement came one day after the board announced that the deal was rescinded and that a vote would be forthcoming on a new agreement that would have more input from the community.

The new agreement would give Schwarzman a reduced role and the name of the high school would stay unchanged.

But a new science and technology center will be named after him, and the new gym facilities being planned will bear the names of his former track coach and track teammates.

Schwarzman will not have control over picking the contractors and his portrait will not be displayed in the school.

He will also not be receiving regular reports on students’ progress in computer literacy.

A vote on the revised agreement is scheduled for April 24.

a close up of a road: Parents were outraged when they learned Schwarzman demanded that the high school be renamed after him. Above is a rendering of a new center for science and technology at Abington Senior High School, scheduled to be opened in 2020© Provided by Associated Newspapers Limited Parents were outraged when they learned Schwarzman demanded that the high school be renamed after him. Above is a rendering of a new center for science and technology at Abington Senior High School, scheduled to be opened in 2020

Superintendent Amy Sichel of the Abington School District said in a letter that most of the community wasn't opposed to the name change, but she had talked to representatives of the donor about 'concerns raised by a minority in the community' about the change.

The gift's purpose was 'to help Abington High School be the best it can be and to undertake a critical renovation that will dramatically improve the student experience as well as student preparedness,' she said.

'The donor's representatives conveyed that nothing should detract from our important mission and agree that the school's name should remain as is.'

She offered thanks in her letter to Schwarzman for his 'generosity and vision.'

'We also thank all those in the community and around the country who have reached out in support of this momentous project, recognizing the huge impact it will have on our students for decades to come,' she said.

'The Abington community remains extremely grateful for the help.'

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