<p>Steel Titan Donates $265-Million to Carnegie Mellon </p>
<p>Quote:</p>
<p>“William S. Dietrich II, a former steel-industry executive, plans to give $265-million to Carnegie Mellon University—the largest gift in the university’s history—after his death, the institution announced on Wednesday.”…</p>
<p>[Steel</a> Titan Donates $265-Million to Carnegie Mellon U. - Fund Raising - The Chronicle of Higher Education](<a href=“http://chronicle.com/article/Steel-Titan-Donates/128897/]Steel”>http://chronicle.com/article/Steel-Titan-Donates/128897/)</p>
<p>Instead of his alma maters (Princeton & next door U of Pittsburgh)</p>
<p>Ok… so he is also giving $125 million to Pitt!!</p>
<p>[Pitt</a> receives $125 million gift](<a href=“http://www.post-gazette.com/pg/11265/1176796-100-0.stm]Pitt”>http://www.post-gazette.com/pg/11265/1176796-100-0.stm)</p>
<p>Sorry Princeton!! lol</p>
<p>Interesting that he’s giving CMU double what he’s giving Pitt.</p>
<p>It’s not uncommon for philantropists to give $$ to schools in the area which they have spent most of their adult lives, esp. if the area has been conducive to their acquiring of wealth (Dietrich also grew up in Western PA).</p>
<p>Being a “steel titan”, it makes sense for him to give $$ to CMU and Pitt w/ CMU getting getting more due to its greater connection w/ the steel industry in terms of school focus and past history.</p>
<p>Dietrich also probably opted to give to CMU and Pitt b/c he was uncomfortable w/ old money/inherited wealth due to his time spent at Princeton (which is why he left his only child a “modest amount”).</p>
<p>considering their endowment is at 815m as of feb 2011(wiki) this seems like a pretty sizable gift. hopefully it goes towards furthering education and necessary renovations if there are any.</p>
<p>Maybe he did it systematically so that CMU will get to $1B and Pitt will get to $2B if he dies soon.</p>
<p>Actually, he just passed away on Thursday, October 6th.</p>