The problem with US charity is that it’s not effective enough
In September 1973, the hi-fi sound equipment mogul Avery Fisher made a massive gift of $10 million (about $70 million in today’s dollars) to the New York Philharmonic. In thanks, Lincoln Center renamed the venue where the orchestra performs Avery Fisher Hall. Fisher was reportedly reluctant to agree to have the hall named after him, but nonetheless, the donation specified that his name be used “in perpetuity.”
But in 2015, Lincoln Center wanted more money, and the record company billionaire David Geffen wanted to put his name on some stuff. He wanted that very hall to be renamed in his own honor, despite the Fisher name supposedly being forever.
Geffen succeeded with a gift of $100 million to Lincoln Center and — perhaps more importantly — Lincoln Center paid $15 million to Fisher’s descendants so they would not sue. What that means is that the most prominent cultural organization in New York City lit $15 million on fire so that Geffen’s name would be on a concert hall.
That $15 million didn’t even go to renovating the hall — it was just a bribe for Geffen’s own vanity, taking $15 million away from other things Lincoln Center could have invested in. Don’t worry though, the other $100 million reportedly helped with a variety of “acoustical shortcomings” in the concert hall.
