Stephen Ross reloads the Michigan Money Cannon

Submitted by The Mad Hatter on September 20th, 2017 at 12:59 PM

The University of Michigan's biggest donor, billionaire real estate mogul Stephen M. Ross, has made another hefty donation to his alma mater, pushing it over its $1 billion campaign goal for student support.

UM announced Wednesday, Sept. 20, that Ross has made a $50 million donation, bringing his lifetime giving total to $378 million.

http://www.mlive.com/news/ann-arbor/index.ssf/2017/09/umich_alum_stephen_ross_donate.html

Stephen Ross appreciation thread?

Comments

grumbler

September 20th, 2017 at 6:43 PM ^

Wow.  We actually have someone on this board who thinks Ross files and pays his taxes himself?  I'd have thought that kind of thinking was left to RCMB.

Ross's accountant pused too far this time and he had to pay a fine.  The money they save Ross by pushing just short of too far more than makes up for the fines when they miscalculate.  That's how our tax laws are written, unfortunately.

M Ascending

September 20th, 2017 at 3:53 PM ^

Let's not conflate two issues here. How he got his money is one thing. What he chooses to do with it is quite another.

We can recognize his wrongdoing and hold him accountable with respect to the first. But we can then be thankful that he chose to give that $378 million to this great University instead of spending it all on yachts and Russian prostitutes.

uncle leo

September 20th, 2017 at 2:50 PM ^

No it doesn't.

I get that athletes and famous people often get the benefit of the doubt and less punishment than they should. But he doesn't get the right to break the law.

He's a smart guy. He knows what he did, and from all accounts, is a pretty big deal in the world of finance.

Jangalang

September 20th, 2017 at 3:51 PM ^

but he's also put a lot of other people to work and has also given a huge sum of $$$ to UM over the years.  I'm not saying that anyone should be bowing down to the man, but let's give appreciation where it's due.

grumbler

September 20th, 2017 at 6:47 PM ^

Every rich person dodges taxes (or, more properly, pays people to doge taxes for them).  Sometimes they miscalculate what the IRS will swallow, and have to pay (properly) additional taxes and a fine.  There's no moral component to it.

xcrunner1617

September 20th, 2017 at 3:01 PM ^

There is a very good book called 'Fooled by Randomness' that does a great job addressing this issue. Almost everyone misinterprets skill versus luck, and the roles each of those has in getting to where we are in life. Being rich doesn't mean you are skilled, nor does someone being broke mean they lack skill.

Steeveebr

September 20th, 2017 at 6:00 PM ^

I'm not saying there isn't such a thing as luck, but the skill of getting a job / getting a promotion is a vastly different skill than what is required to be successful at said job.  Many people are skilled at getting a new job.  Your premise that he doesn't have skill because he isn't successful while performing the job ignores his interpersonal skills while applying for new positions and convincing people it wasn't his fault.

Wolverine 73

September 20th, 2017 at 9:31 PM ^

Just because someone hires smart accountants and structures his business to avoid taxes does not mean he is cheating. If you stay within the law, you have the right to minimize your taxes. Of course, the law is sometimes vague and accountants push into gray areas. At times, the IRS sees this and challenges the deal, and at times it wins. But calling people tax cheats for doing what the law allows makes no sense. Change the law. Have a flat tax and no deductions if you want, that makes it simple. Or some other simplified system.

MGlobules

September 20th, 2017 at 1:22 PM ^

thinking that you're vaunting. And you're confusing your terms; of course minds are being filled with horseshit in many programs (no where more, perhaps, than in Business Schools); that doesn't make horseshit synonymous with higher ed.

Sorry, I went to the UM in the 70s when it was still a bastion of alternative thinking. I know it's gotten a little more conservative. 

Everyone Murders

September 20th, 2017 at 1:38 PM ^

Cliche'd Twaddle FTW.

I mean, I agree with the person your replying to that we have too many college graduates, and the value of most bachelors degrees gets watered down.  I would love to see there be less colleges (and precisely zero for-profit colleges), and far more community colleges and trade schools to fill in the gap.  Don't even get me started.

But "cliche'd twaddle"?  That is freakin' brilliant. 

(It sounds like a medical condition involving tearing the connective tissue near the taint, leaving the skin hanging loose like a hackneyed version of a chicken's neck.)

 

Everyone Murders

September 20th, 2017 at 1:56 PM ^

I appreciate the amen, but I was hoping you would be able to confirm what a "cliche'd twaddle" is.

I know it's either the taint condition I described above, or a hot dish passed about in Minnesota gatherings, made of disconnected skin sagging from someone's taint that looks like a hackneyed chicken neck.  Could it be both?

(Also disappointed that I typed "your" rather than "you're" in my initial reply to MGlobules.  I'm downright despondent, in fact.)

The Mad Hatter

September 20th, 2017 at 1:57 PM ^

a Koren dish made from fermented taint skin.  They cut it off the pig (or person, dog, whatever the case may be) and then bury it underground to ripen for several weeks.

You know it's ready when it looks like a hackneyed chicken neck and smells like a Wisconsin OT's gym socks.

It's sublime.