To put this in context, Harvard University has an endowment of pretty close to $100 Billion. CMU's endowment is not much more than a billion. CMU is not Harvard, but it's not exactly chopped liver and has educated tons of very successful folks.
Hopefully, this is changing.
A philanthropist and former steel executive, William S. Dietrich II, will be making one of the largest single gifts to an American University of $265 million!
From the Post Gazette.
"It will provide to the university something it has had so little of throughout its history -- certainly during my time here: Discretionary funds that can be directed toward whatever the university thinks is the most important," he said.
At a university that Mr. Cohon said is associated with science, arts and business education, the gift also represents a commitment to another area: the humanities.
"Bill has always loved history and now he is making history with this wonderful gift," Mr. Cohon said. "Bill understands the special character of Carnegie Mellon with the unique ability of our faculty to work collaboratively at the intersections of science, technology, art, humanities, business and policy.