OT: Stephen Ross signs on to donate half of his wealth to charity

Submitted by FabFiver5 on May 7th, 2013 at 8:26 PM

Stephen M. Ross – Michigan grad and owner of the Miami Dolphins – has signed his name on the Giving Pledge with the goal of donating half of his wealth to charity. As many may know, Warren Buffett and Bill and Melinda Gates started it a few years ago. Ross along with others were announced recently as new members in the group.

Prominent in real estate, Stephen M. Ross founded Related Companies and today is the owner of the Miami Dolphins. In his pledge letter, he says "I turned a 10-page business plan" -- created after he'd been fired by a New York financial firm -- "into over a $15 billion business." Formerly private in his philanthropy, he says he joined The Giving Pledge hoping to inspire others to give.

Good for him and all the others. Great to see people willing to make such sacrificies in this world.

http://management.fortune.cnn.com/2013/05/07/giving-pledge-spanx-philan…

Comments

Balrog_of_Morgoth

May 7th, 2013 at 8:47 PM ^

At first I thought this was for the EDSBS charity thing, and I was like, "Wow, Ross must really want to win this damn thing!" Now I am going to go bask in my stupidity.

WolvinLA2

May 7th, 2013 at 9:06 PM ^

You could start by losing your job and blowing all your money on your smack addiction.  All in all it would likely be a net loss, but I bet you'd be eligible for some charities.  

Sopwith

May 7th, 2013 at 11:08 PM ^

But I suggest not losing your job and blowing all your money on your smack addiction.

 

Then again, there's something to be said for knowing what makes you happy in life.  As former Man U superstar George Best supposedly said to a reporter who asked him how he lost his entire fortune after being Europe's highest paid footballer, Best replied,

"I spent half of it on fast cars, fast women, and booze.  The other half I just wasted."

Zone Left

May 7th, 2013 at 9:08 PM ^

I'm glad he's doing this, but I don't think giving half of $15B is too much of a sacrifice. Frankly, most people sacrifice more giving $100 to the EDSBS Charity Drive. I'm not trying to downplay it--that's a metric crap ton of money, but it's not going to force a change in his lifestyle at all.

That said, a perpetuity to the EDSBS Charity Drive of $109,901 would be totally cool.

MGoBender

May 7th, 2013 at 10:01 PM ^

I'll agree with not calling this a sacrifice.  For most people, giving away 50% of your net worth is monumental.  But when 50% of your net worth leaves you with 7.5B, I'll think you'll be fine.

That still doesn't ignore the fact that it is an amazingly commendable act.

MGoBender

May 8th, 2013 at 8:25 AM ^

Well, sure you're sacrificing something.  But you're well-being isn't going to be personally sacrificed.  Perhaps you are sacrificing your ability to buy another pro sports franchise, for example.  And that's not even really a joke - Mike Illitch has become the Patron Saint of Detroit by purchasing and effectively running two sports franchises that are considered gems of Detroit.

However, personal sacrifice? I just think there's a better word.

Don

May 7th, 2013 at 10:20 PM ^

since the Florida legislature refused their request for taxpayer assistance to build a new stadium. Maybe Ross should use more of his billions down there. He obviously won't see his lifestyle affected much.

gopoohgo

May 7th, 2013 at 10:42 PM ^

Any other schools at Michigan that need to be named after Stephen M. Ross?

Would guess both the Law School and School of Medicine would want a sugar daddy...

Sopwith

May 7th, 2013 at 11:00 PM ^

But the law school's been getting major largesse lately from Warren Buffett's sidekick at Berkshire, UM alumnus Charlie Munger. He gave $3 million just for... wait for it... lights in the UMLS reading room.   Granted, that's a lot of light bulbs, but still.  He gave another $20 million for upgrades to the Lawyer's Club residences.  I'd imagine when the day comes to execute his will, UMLS might just end up being named the Munger School of Law. That might take a nine-figure gift, but seems possible.

MGoCombs

May 8th, 2013 at 11:21 AM ^

The irony of Alfred Taubman as the namesake for the Architecture and Urban Planning program is rich. The man is known best for his criminal acts, but just as well as a generic mall developer. It just seems so antithetical to the lessons learned in the program. Not to mention that building on North Campus is one of the most atrocious and uninspiring on campus.