Deals
It Turns Out $25 Million Won’t Buy Schwarzman His Name on a High School
- Squabble over naming rights derails $25 million gift agreement
- Titan yields as new terms are posted online for public review
Steve Schwarzman
Photographer: Patrick T. Fallon/Bloomberg
This article is for subscribers only.
Steve Schwarzman was president of his high school’s student council, but he’s not making the rules now.
An agreement putting the name of billionaire co-founder of Blackstone Group on the school -- one of the stipulations of a $25 million donation he pledged -- was rescinded Tuesday by the Abington, Pennsylvania, school board following objections from some residents. The main complaint was that the deal had been done in private with little input from the public.