Word: forstmann
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...thinking of introducing vouchers, though his schools' chancellor has threatened to resign if the mayor does. Privately funded voucher programs have sprung up in an additional 39 cities, and this week the largest such program in the U.S., founded by Wal-Mart scion John Walton and financier Ted Forstmann, is scheduled to award scholarships of as much as $1,600 each to 40,000 low-income students across the U.S., a number equivalent to the roll call in a city the size of Rochester...
...people highlight passages in books for him so that he doesn't have to read any, gave $1 million to the Library of Congress last Wednesday. Financier George Soros spent some $2 million last year toward making marijuana legal for medical use. Now comes leveraged-buyout mogul Ted Forstmann, who together with Wal-Mart heir John Walton is spending $100 million to give 40,000 scholarships to disadvantaged children who want an alternative to public school. This week the Children's Scholarship Fund will announce that it has been besieged with applications for the $600 to $1,600 annual stipends...
...what's wrong with this picture? Nothing, as far as it goes. Sending hundreds of disadvantaged kids to superior schools is better than building another mansion in Aspen. And throwing money at a problem, contrary to popular wisdom, generally does help solve it. As Forstmann strides into the room like the Master of the Universe he is (he has made a fortune buying up Gulfstream Aerospace, Dr Pepper and General Instrument, among others), I'm prepared to give the attention due a dealmaker bringing his can-do attitude to social problems. Remember the appeal of Ross Perot's tinkering under...
...Roslin Institute announced that they had cloned a mammal, a lamb named Dolly, from the single cell of an adult sheep. But the science that produced Dolly also gave rise to disquieting questions that still rattle ethicists and policymakers. Managing editor Walter Isaacson met Wilmut at the annual Forstmann Little seminar in Aspen, Colo., last September and engaged him in a lively conversation on the ethics of cloning. "Wilmut expressed his concern that the breakthrough he had wrought would be used by others with no thoughtful moral or legal guidelines," says Isaacson, who promptly recruited Wilmut to write the essay...
...rest of us have some work to do too. Three out of 10 American households will have donated absolutely nothing to charity by year's end. "Giving is the greatest thing one can do--it's the core of the human condition," says Forstmann. "Therefore, no one ever gives enough...