Wall Street billionaire offered $32m to high school alma mater - but there was a catch

Billionaire Stephen A. Schwarzman wanted to give $US25 million ($32 million) to his alma mater in Pennsylvania, Abington High School. And the school board was eager to get the money for a renovation and new technology center. But the money wasn't exactly free, and the community was not amused when it learned the details.

Billionaire Stephen Schwarzman.
Photo: AP

Schwarzman, chairman and chief operating officer of the global private equity firm the Blackstone Group, has amassed a $US12.2 billion fortune, according to Forbes magazine. A friend of President Donald Trump, Schwarzman, the son of a dry goods store owner, was president of the student council at Abington High. He graduated in 1965, and 40 years later, in 2005, donated $US400,000 so the school's football stadium could be renamed for him.

Billionaires have been involved for years in education, donating parts of their fortunes to schools and to education initiatives, raising objections from advocates who believe the wealthy should not use their money to influence the conduct of public education.

The Schwarzman episode, however, ran into trouble for different reasons.

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