John Paulson, the billionaire Hedge Fund manager caused outrage last week. Was he indicted for defrauding his investors? No, his crime was donating $400 million of his own money to Harvard University.
Liberals of course are upset whenever someone other than the Government spends large amounts of money. Dylan Matthews of Vox.com described the donation as “obscene” and “ludicrous.” He took pleasure in the tweets of Malcolm Gladwell blasting the donation. One such tweet read “it came down to helping the poor or giving the worlds richest University $400 mil it doesn’t need. Wise choice John.”
What Malcolm and Dylan probably assume is that if Paulson donated $400 million to the poor it would all get to the poor. In the real world that isn’t the case. The majority gets lost to bureaucracy and corruption. Paulson being a good judge of value and return on investment probably reasoned that a big donation to Harvard will reap a big return in technologies and medicine that will help the poor more than a direct donation.
Since his company will continue to make money for the foreseeable future he will be able to make donations to many other charities. It is obscene that the same people excuse an 18 trillion dollar debt that will burden future generations are upset at someone donating their own money.