the struggle for nursery school

Carl Remick carlremick at hotmail.com
Sat Nov 16 09:58:36 PST 2002



>From: Doug Henwood <dhenwood at panix.com>
>
>Wall Street Journal - November 15, 2002
>
>Why Grubman Was So Keen
>To Get His Twins Into the Y
>Rich and Famous New Yorkers See
>Preschool as a Passport to Success
>
>... government investigators are examining a $1 million donation by
>Citigroup's philanthropic arm to see whether it was used in an effort to
>get favorable attention for the Grubman family's admissions applications.
>...

[Odd, according to the NY Times -- see below -- Citigroup did *not* launder this donation through its foundation but made the grant directly from general corporate funds. Tsk, tsk. In any event, I think Weill really is in serious trouble now and that his retirement fast approaches.]

Private Preschool Admissions: Grease and the City

By STEPHANIE STROM

... "It is odd that the money [donated to the nursery school] came from the bank," one major fund-raiser said. "If it had come from the bank's foundation, well, then you might be able to make a case that this was good citizenship. But from the company itself? That's funny."

Members of prestigious nonprofit boards around the city are following the story with great interest but have no desire to discuss it publicly. "The fact that Sandy has been so incredibly generous himself makes it difficult to talk about it," one said. "The one thing that just doesn't feel right, whether it violates any rules or principles, is that this was shareholders' money." ...

<http://www.nytimes.com/2002/11/16/business/16WALL.html>

Carl

_________________________________________________________________ MSN 8 helps eliminate e-mail viruses. Get 2 months FREE*. http://join.msn.com/?page=features/virus



More information about the lbo-talk mailing list