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Old 09-22-2010, 11:12 PM
 
3,823 posts, read 8,156,236 times
Reputation: 2934

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http://www.nytimes.com/2010/09/23/ed.../23newark.html




Nice story. Booker must have sweet talked the Facebook CEO pretty well since he is from CT, now living in California, and has no connection to Newark at all.
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Old 09-23-2010, 12:13 AM
 
Location: Ocean County, NJ
912 posts, read 1,961,391 times
Reputation: 458
Well, there's a cool $100 million wasted. I guess the Facebook founder didn't hear that our own legislature has bankrupted the state by sending billions to that school system and it hasn't done squat.
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Old 09-23-2010, 12:17 AM
 
Location: Chicago
38,691 posts, read 82,822,282 times
Reputation: 29179
I appreciate his dedication to improving education, but for all the good it will do he might as well have just thrown it in a furnace. At least that way it won't have been used to line the pockets of a bureaucracy that is more interested in self-preservation than educating children, as much of this money inevitably will be.

If I had his money and his aims I'd write a check to the Gates Foundation.
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Old 09-23-2010, 12:19 AM
 
Location: On the Rails in Northern NJ
12,381 posts, read 21,385,600 times
Reputation: 4483
I really trust that Booker will do good with this $$$ , i think he has really cleaned up Newark. I'm wondering who else does he know , maybe they can relocate businesses to the city.
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Old 09-23-2010, 03:32 AM
 
22 posts, read 93,055 times
Reputation: 25
Here's my guess (and you may disagree):
Zuckerberg wants damage control from the upcoming movie "The Social Network." His public image has been getting worse and worse anyway. (This donation news quickly apprears on Wikipedia.) And to be on Oprah? He wants as much publicity as possible.
Since he's worth $6.9 billion (estimated by Forbes http://www.forbes.com/wealth/forbes-...mepagelighttop), $100 million is merely 1.4% of his fortune. If you have $1,000, is it very generous for you to donate $14? (Not.) Is $14 a big price to buy a good name? (Not.)
nj.com said this $100 million is an offer to match donation - so theorectically if nobody donates, he will donate $0? Usually who wants to donate to Newark school district? (Do you? Perhaps this is why Zuckerberg picks Newark?)

nj.com news said the $100 million from Zuckerberg is more than 10% of Newark school district's annual budget. Oh my goodness what is the district's total annual budget?!
http://www.nps.k12.nj.us/Budget1011/budgetpresentation.pdf (broken link)
Their annual budget is $940 million?

So even if Zuckerberg will give out all of the $100 million intended, it will only last Newark school district...39 days?!

Whether Zuckerberg's doing it from heart (guess not) or for public image, it's still a good start for him. Hey, Zuckerberg, what about Haiti? How about matching Brad Pitt on Katrina houses?

Last edited by frugalmom; 09-23-2010 at 04:20 AM..
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Old 09-23-2010, 05:25 AM
 
Location: Warren County and loving it!
5,074 posts, read 6,807,605 times
Reputation: 2550
Never mind, Haiti....

He's putting his $ into something right here in the USA, unlike most others that have it and send it over seas. I don't care if it will do good or not, he's giving it to try and help right here in his own country and good for him.

I'm sure Newark will appreciate it.
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Old 09-23-2010, 07:41 AM
 
Location: New Jersey/Florida
5,126 posts, read 9,448,003 times
Reputation: 3152
Well the state should send 100 million less from the Abbott school awards and trickle it back to the state taxpayers.
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Old 09-23-2010, 08:23 AM
 
Location: West Orange, NJ
12,542 posts, read 16,575,825 times
Reputation: 3670
Quote:
Originally Posted by frugalmom View Post
Here's my guess (and you may disagree):
Zuckerberg wants damage control from the upcoming movie "The Social Network." His public image has been getting worse and worse anyway. (This donation news quickly apprears on Wikipedia.) And to be on Oprah? He wants as much publicity as possible.
Since he's worth $6.9 billion (estimated by Forbes The Richest People in America 2010 - Forbes.com), $100 million is merely 1.4% of his fortune. If you have $1,000, is it very generous for you to donate $14? (Not.) Is $14 a big price to buy a good name? (Not.)
nj.com said this $100 million is an offer to match donation - so theorectically if nobody donates, he will donate $0? Usually who wants to donate to Newark school district? (Do you? Perhaps this is why Zuckerberg picks Newark?)

nj.com news said the $100 million from Zuckerberg is more than 10% of Newark school district's annual budget. Oh my goodness what is the district's total annual budget?!
http://www.nps.k12.nj.us/Budget1011/budgetpresentation.pdf (broken link)
Their annual budget is $940 million?

So even if Zuckerberg will give out all of the $100 million intended, it will only last Newark school district...39 days?!

Whether Zuckerberg's doing it from heart (guess not) or for public image, it's still a good start for him. Hey, Zuckerberg, what about Haiti? How about matching Brad Pitt on Katrina houses?
it's not confirmed yet, but there's been discussion about zuckerberg being in the group who is pledging to donate at least half their net worth either over their lifetime or at death to the bill and melinda gates foundation or other charities. bill gates and warren buffet are leading this effort to get the 500 wealthiest people in the world to be more charitable.

a great article on buffet recently about his charitable activities quoted him as saying it's no big deal when someone like him gives 99% of their fortune to charity (which he has pledged to do). the 1% that's left over is enough for him to not alter his lifestyle, but he said an average person giving $50 or $100 changes their lifestyle by not allowing them to go out to dinner one night or something of that nature. he also said that he would like to be charitable with his time, which is more valuable than money.

zuckerberg may be working on public image. there may be cynical reasons why he's doing it. but a lot of people in the tech industry are of this mindset of charity. not sure why, but they are. they have a drive to spark innovation too, so his donation could be a good kick in the behind for newark if done right.

we'll see what the true motivations are over time!
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Old 09-23-2010, 10:27 AM
 
Location: West Orange, NJ
12,542 posts, read 16,575,825 times
Reputation: 3670
rlevin - so he is a confirmed pledge to that movement? cool!
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Old 09-23-2010, 10:42 AM
 
Location: Highland, CA (formerly Newark, NJ)
6,183 posts, read 4,403,644 times
Reputation: 2150
That's $100 million down the drain. The problem with Newark schools isn't the funding.
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