David Koch $100 Million To New York Presbyterian and $600 Million to Charity

It seems as if David Koch is getting greedy with his charity giving. It was announced recently that Koch would donate $100 million to New York Presbyterian Hospital.  This is still a lot given his net worth (1984-2013 net worth here). As I pointed out here David Koch so far has given away $435 million. This donation would mean he has given away $600 million (including the $65 million given away in January to The Metropolitan Museum of Art) during his lifetime. This gift was the largest gift the hospital ever received. The donation will help build a 450,000 square foot ambulatory care center. As a result of the generous donation nine floors will have ambulatory surgery, cancer infusion services, radiation and oncology, along with a floor for gastroenterology. In addition to all of this, treatment rooms will be large and allow family members to stay together during a procedure. David Koch himself said he would rather give his money to “outstanding institutions” than give purchase a “bigger house or $150 million painting or things of that nature”.  Koch also said he will continue to give his money to great institutions as long as he is living.

What is interesting is that people decades from now will claim David Koch was a modern day robber barron. He and his brother Charles Koch expanded Koch Industries as I mentioned here. What people don’t realize is that David Koch help create jobs, helped employees put their children through college, helped employees put food on the table, and help employees purchase cars. In addition to this Koch Industries creates products that people use on an everyday basis (toilet paper, water, fabrics, etc) by selling those products at a lower price and higher quality than the competition.  People always seem to think that wealthy people owe something to society. The people who got rich only got rich by figuring out the wants and needs of society and giving it to them at a reasonable price.  One criticism you also might here is that David Koch is trying to buy good publicity. This is utter nonsense as David Koch has been giving to charities (hospitals, theater, arts for many years). One perfectly good reason he might give money to medical institutions is because he himself was is a prostate cancer survivor. The odd thing is because David Koch is self interested in his own health and gives money to these medical institutions he is not only benefiting himself but anyone else who uses these medical institutions.