from Hacker News

Billionaire’s Guide to Buying Your Kids a Better Shot at Elite Colleges

by gopi on 9/30/19, 6:23 PM with 80 comments

• by seltzered_ on 9/30/19, 7:18 PM

  Previous discussion 1 day ago of the same article, co-published nymag version: https://news.ycombinator.com/item?id=21103345

• by zaroth on 9/30/19, 6:54 PM

  Here’s a family that donated $37 million to a half dozen schools over several years, ostensibly to increase the odds of his [well qualified] children to be accepted into one or more of those schools.

  Personally, I think if someone wants to pay the way of, let’s say, 300 students to get full scholarships, so that their child can attend, this seems like a very sustainable model which benefits everyone involved.

  $37 million buys a lot of resources so arguably this isn’t taking a spot away from anyone, if anything it is enabling these universities to provide more spots to students who deserve them, potentially at zero cost.

• by joefourier on 9/30/19, 7:15 PM

  I'm not familiar first-hand with the concept of "elite" colleges in America, but why is it so important for a billionaire's kid to attend them? Does it really give them opportunities that are not already available to them from their parents' wealth and connections?

  I don't understand how sending your child to those institutions is worth $37 million. Wouldn't it make more sense to give it to them directly, or as funding for one of their ventures?

  From other articles, their daughter became a comedy writer for Jimmy Fallon - that seems like the last profession to require a diploma from an elite university, or even a college diploma at all.

• by gbronner on 9/30/19, 6:50 PM

  Total donations were something like $36 million, and by all accounts, kids were extremely smart and motivated. Honestly seems like a CYA move on behalf of his staff, and not any rational approach to bring his kids' way into a top school.

• by 14 on 9/30/19, 6:54 PM

  I have to admit as an average intelligence middle class health care worker I actually assumed the ultra rich 100% did pay for their way into university. WhenI saw the admission scandal break I was actually surprised that these rich people had to go out of their way to craft reasons for their kids to attend like fake sports scholarships and such. It was only after I was made to realize how their actions were illegal.

• by WalterBright on 9/30/19, 7:37 PM

  I can see a top school accepting billionaires' kids by default, simply because of the prestige it confers on the school.

• by zarro on 9/30/19, 7:04 PM

  If rich people want to buy their way into university, why not? I think the argument is really:

  1. Arbitrarily small class sizes - the degree is not so much about the education as it is about the prestige of being in small class size. But long term, who cares? There are obviously candidates that have equal or higher capability if the universities can limit the class size. Besides those that don't go have cheaper market rates and are more attractive investments since the universities strategy is pretty much increase the demand by lowering supply arbitrarily.

  2. The idea that you buy merit that is undeserved. To be honest, I am not sure why this is a big deal. Its not in the universities long term best interest to give its clients undeserved merit, because the market decides their merit, and if they pump out people that don't have skills over time their "Prestige" doesn't amount to much, and their customers will go elsewhere. To be honest, I think this is already starting to be the case.

  Really I think this argument boils down to distasteful envy and jealousy of the things rich people can "buy", which if you examine it carefully isn't the case anyway.

• by rolltiide on 9/30/19, 7:13 PM

  I think people should understand how this contributes to the general apathy regarding college tuition and other inequalities.

  The people with the most influence have so many intertwined unspoken relationships that there is no benefit to addressing whatever the underclass is talking about.

  Coupled with the idea that many of their own children aren't even aware of what level of skill they demonstrated versus their family's money and clout. Many of them are oblivious to what other people struggle with, even if they are able to apply themselves in the same ways.

• by kolbe on 9/30/19, 6:48 PM

  > Shaw has been said to purchase tickets for several different flights on the same day in case his plans change.

  Hard to reconcile that with David not choosing to fly private. Maybe he has environmental concerns, but I would guess he exclusively flies private, especially since this article claims he's a little OCD about controlling every part of every process.

  With regards to "buying" his kids' way into college, it doesn't look like there's any evidence that this was David's goal other than coincidental timing. But beyond that, David doesn't need to buy his kids' way into these colleges. Colleges love to accept the children of billionaires. Nothing is better than linking up an intellectual class with the wealthy class, and letting the melding of capital and innovation create powerful and successful alumni.