Financial Times FT.com

Egotists who are renaming New York City

By Pablo Eisenberg

Published: September 2 2008 03:00 | Last updated: September 2 2008 03:00

The soaring egos of the very wealthy seem to be contaminating the spirit of philanthropy. Increasingly, public buildings, or parts of them, are being renamed after big donors whose gifts are made on condition that their names adorn the objects of their largesse. Whatever happened to anonymous giving?

The selling of New York City appears to be under way. A few months ago some of us were shocked to hear that the New York Public Library's beautiful flagship building on Fifth Avenue was to become the Stephen A. Schwartzman Building, in honour of a manager of hedge funds who is contributing $100m towards a $1bn renovation of the library system.

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