Students at a Bronx medical school will be able to benefit from free registration fees thanks to an incredible donation from a former professor. Widow of a Wall Street financier, Ruth Gottesman decided to transfer a billion dollars to this establishment located in a disadvantaged neighborhood of New York.
Published on: 02/28/2024 – 1:10 p.m. Modified on: 02/28/2024 – 1:30 p.m.
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“I am happy to announce that starting August this year, Albert Einstein College of Medicine fees will be free.” It was in front of an assembly of stunned then euphoric students that Ruth Gottesman made this announcement on February 26. This former professor of pediatrics at this medical school located in New York decided to donate a billion dollars to this establishment.
A video published on “This historic gift – the largest ever made to a medical school in the country – will ensure that no Einstein student will ever have to pay any tuition fees,” or $60,000 per year of study, he said. specified the Montefiore institution in a press release.
The heiress of a billionaire philanthropist
Aged 93, Ruth Gottesman is the widow and heiress of a Wall Street financier close to Warren Buffett and David Gottesman. In 1964, he co-founded First Manhattan Co, an investment advisory firm that today manages more than $20 billion in assets. According to Forbes magazine, his fortune was estimated at $3 billion at the time of his death in 2022 at the age of 96. During his lifetime, he had already made a name for himself through numerous philanthropic actions, accumulating $330 million in donations over the course of his life.
When he died, David Gottesman left his wife a portfolio of shares in the Berkshire Hathaway investment fund. As reported by the New York Times, the instructions were simple. “He said to me, ‘Do what you think is right’.”
Two years after his death, his widow decided to share it with the students of this medical school, located in the Bronx, the poorest district of the megacity of 8.5 million inhabitants and which has the worst health indicators for New York State (20 million inhabitants). Thanks to these registration fees becoming free, these students who had to pay $60,000 per year will be able to save more than $200,000 for their entire education.
“I am very grateful to my late husband, Sandy (his nickname), for entrusting me with these funds, and I feel blessed to have the great privilege of making this donation to such a noble cause,” Ruth explained. Gottesman in the press release from the Montefiore institution.
“Each year,” she adds, “more than 100 students enter the Albert Einstein College of Medicine to earn degrees in medicine and science. They emerge as fully trained scientists and fully trained physicians. compassionate and knowledgeable, with the expertise to research new ways to prevent disease and provide the best health care to people here in the Bronx and around the world.”
“Attract talented and diverse students”
Thanks to this donation, these students will be able to launch their careers without being in debt. The faculty also hopes that the end of registration fees will encourage more aspiring doctors to apply. According to the school, the gift goes to “attract talented and diverse students who might not otherwise be able to afford to pursue medicine.” “It will enable generations of healthcare leaders to push the boundaries of research and care, without having to bear the burden of a crushing loan,” adds Montefiore.
While her husband ran his investment company, Ruth Gottesman also had a successful and long career at the Albert Einstein College of Medicine. She started there in 1968 when she accepted a position as director of psychoeducational services and worked there for more than 40 years. She is today the president of the board of directors of this medical school.
Following this donation, this school could have decided to change its name to Ruth Gottesman, a common practice in the United States. An idea very quickly brushed aside by the rich heiress. “We already have quite a name. We have Albert Einstein,” she told the New York Times in an interview.
The former professor sometimes wonders what her late husband would have thought of her decision. “I hope he smiles and doesn’t frown,” she replied to the American newspaper. “But he gave me the opportunity to do it, and I think he would be happy – I hope so.”
With AFP
2024-02-28 12:10:46
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