Parents ‘OUTRAGED’ over billionaire’s $25 million donation to their kids’ school – here’s why

What happened?

A Pennsylvania school board has announced that the local high school will be renamed to recognize a $25 million donation from a billionaire investor – and some parents aren’t happy about it. They’re slamming Blackstone Group CEO Stephen Schwarzman for being “vain” and an “embarrassment.”

What’s in a name?

As thanks for Schwarzman’s donation, board directors voted unanimously to change the name of Abington Senior High School. Schwarzman’s alma mater will be renamed Abington Schwarzman High School.

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How is the school responding?

Despite criticism over the name change, the board is fully supporting Schwarzman, praising his generosity to his former high school.

“There was discussion back and forth, but Mr. Schwarzman is not the kind of individual to draw a line in the sand and make demands,” Superintendent Amy Sichel told CBS News. “He did this because he’s extremely committed to his alma mater and to making sure that this high school is state of the art.”

Glenn’s take:

Why do people want to think everything comes from the government? We shouldn’t have a problem with honoring people who share their private wealth with schools, libraries and other public resources.

“He’s giving you a gift,” Glenn said. “Who’s the one with the ego problem?”

This article provided courtesy of TheBlaze.

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, and collaborate future leaders.

He's the CEO of Blackstone.

STU: I disagree with his analysis there, by the way.

GLENN: All right. I'm just --

STU: Side point.

GLENN: Side point. Yes.

This was hiss alma HEP mater. This was the high school that he went to. And he wanted to give back to the community. And he's already given back to the community. I think there's a stadium named after him. There's a hospital named after him. I mean, he's given a lot to this community.

The -- the school board voted unanimously, Tuesday night, to accept his money, and to rename the high school Abington HEP Schwartzman High School.

Well, this has set people all up in arms. How dare -- this egomaniac. His name is already on the hospital. His name is already on the stadium. And now it's on the high school over the front door as well?

What an egomaniac. He's an egomaniac? He is. He is. The guy who is giving you a stadium, giving you a hospital, giving -- giving you a school, he's an egomaniac?

You won't accept it. You don't want it. For what reason?

He's giving you a gift. And all he's asking for is, hey, can I have my name on it, just so people remember?

I don't know about you, but the New York public library wasn't always public. It was personal. It was private. It was two great men that brought their libraries together and gave it to the city. One of them was Astor. I can't remember the name of the other one. I don't think it was Rockefeller. I don't remember who it was. Why? Because we call it the New York Public Library, and all good things come from the government. No. No. That library came from two very wealthy men who now say were robber HEP barrens. They were so evil and so bad, they were robbing everybody blind.

To, what? Give everybody one of the greatest libraries the country has ever known?

Who is the one with the ego problem? I mean, you can give in secret. Is it better to give in secret? Probably. We should. We're not looking for accolades or anything else.

But I'm going to judge a guy who has given $25 million so the town can have, instead of a rundown high school, a -- a nicer high school and really pour money into education? I'm going to have a problem with him putting his name on it?

STU: I mean, he didn't even get it first. It's Abington Schwartzman High School. It should be Schwartzman Abington.

GLENN: It's really crazy. It's really crazy. What is wrong with us? What is wrong with us?

STU: You should be excited about that. Who cares if he wants to put his name on there? Who cares?

GLENN: How about this one: Thank you. Thank you.

STU: Yeah. You should be telling him, we demand you put your name on there. That's what it should be.

GLENN: But you know what this is? This is class hatred. Class hatred.

STU: Yeah. You bring up the public library. It was Astor and HEP Lenox, by the way, the two, and Tilden.

But, again, like, people believe that that's just a government thing. Because it's called the New York public library. And it's like, no, these are great men who donated all of this to the city. And now no one remembers it.

GLENN: Thank you, Mr. Schwartzman. My kids will never use your stadium or your high school, but thank you.

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