Billionaire Alfred Taubman donates $56 million to University of Michigan Health System
Billionaire mall mogul Alfred Taubman has donated $56 million to his namesake institute at the University of Michigan Health System that will help advance embryonic stem cell research at U-M.
In 2007, Taubman's $22 million gift to the University of Michigan Health System created the A. Alfred Taubman Medical Research Institute.
At the institute, scientists and scholars are searching for cures and exploring treatments for Amyotrophic Lateral Sclerosis, also known as Lou Gehrig’s disease, as well as breast cancer, prostate cancer, childhood cancers and other diseases. The new gift will help fund stem cell therapy that would help treat Alzheimer's disease, said Eva Feldman, the director of the Taubman Institute.
The latest gift will be added to an endowment that will "allow scientists to conduct high-risk but potentially high-reward research," U-M President Mary Sue Coleman said Thursday afternoon after the announcement of the gift. "This is research into some of the most terrible diseases any family has to experience."
Alfred Taubman.
Photo courtesy of the University of Michigan
Taubman said the donation announced today will be used to explore the potential of embryonic stem cell research. “We’re on the threshold of major breakthroughs that will yield cures for our most devastating diseases,” he said.
The gift completes a $100 million pledge Taubman made to fund innovative medical research at U-M. In honor of the donation, U-M will name its Biomedical Science Research Building in his honor.
With this latest gift, Taubman now has donated $142 million, making him the largest single donor to the university, officials said.
Juliana Keeping covers general assignment and health and the environment for AnnArbor.com. Reach her at julianakeeping@annarbor.com or 734-623-2528. Follow Juliana Keeping on Twitter
Comments
David Briegel
Sat, Apr 23, 2011 : 1:51 p.m.
I thank Mr Taubman for his donation to the noble cause of stem cell research and hope that the efforts are successful soon. Groland, the best post for last! Amazing that the Banksters that perpetrated the biggest crime of the century are free to continue "business as usual" in our TeaPublican paradise! Securities fraud and tax evasion are noble and patriotic endeavors to the modern TeaPublicans.
groland
Sat, Apr 23, 2011 : 1:58 a.m.
At least Mr. Taubman made his money by building something, even if it was shopping malls, hey we all need to shop. Compare him to the financial geniuses who made billions while destroying companies and there is a world of difference. Now, what about that other building. We have one in the business school named after a wealthy billionaire who's life sized portrait hangs in the lobby and who has been indicted fro securities fraud and tax evasion. What could be more fitting for a business school?
javajolt1
Fri, Apr 22, 2011 : 4:31 p.m.
Q: How much wealth has Alfred Taubman donated to great causes over the years? A: A whole lot. Anyone who doesn't appreciate his generosity or thinks he is somehow "unqualified" to donate for some reason, could probably find something wrong with a newborn puppy, too. Way to go, Mr. Taubman.
psaume23
Fri, Apr 22, 2011 : 3:33 p.m.
Forgiveness. Taubman has been a strong philanthropist to important causes at UM. Also, what about the so-called "robber barons" and their contributions to other noteworthy universities. Are those schools supposed to give it up because of unrelated mistakes of the benefactors?
sbbuilder
Fri, Apr 22, 2011 : 3:08 p.m.
I believe the saying is: "Don't look a gift horse in the mouth."
Veracity
Fri, Apr 22, 2011 : 2:55 p.m.
Mr. Taubman is being commended, justifiably, for his generous gift which hopefully will improve the health of many in the future. However, put in perspective, the $142 million of total contributions represents 7% of his estimated total wealth. If he had only $1 million in assets then a 7% gift would be valued at $70,000. If he were worth of only $100,000 then a similarly sized gift would be worth $7,000. As magnanimous as Mr. Taubman is being, he can well afford the donation. His generosity still pales when compared to that of Warren Buffett and Bill Gates (as would anyone's). And he does get a building named after him as a lasting tribute.
DBlaine
Fri, Apr 22, 2011 : 5:12 p.m.
I await how you have given away 7 percent of your wealth to charity... This site just shows how the constant complainers will always find something to complain about... Get a life!
Tom Wieder
Fri, Apr 22, 2011 : 1:51 p.m.
I am constantly amazed by the venom that appears here. Yes, Taubman is guilty of a nonviolent, economic criminal act, and there are probably other ways in which he isn't a saint. Heck, maybe he isn't even a nice person - I don't know him. But, he continues to use large portions of his fortune to help others, and that deserves some respect and appreciation. What is the rule that says that U-M should only take contributions from the "pure" and that nothing can be named for someone who doesn't have any criminal record? I'm sure we'd find lots of offensive, even illegal, things that Andrew Carnegie and John D. Rockefeller did, but I'm certainly glad they gave the money to build hundreds of Carnegie libraries and the multitude of parks, cultural facilities and other civic assets they created. And they get their names over the door. So what? Certainly beats Rupert Murdoch and the Koch brothers who, as far as I know, haven't committed any crimes, but use their money to fund right-wing causes of various sorts, try to protect the rich from being taxed and, oh yeah, gave us Fox News.
A2K
Fri, Apr 22, 2011 : 1:07 p.m.
Thank you Mr. Taubman! A fine day for progress/science...and hopefully a nail in the coffin of these terrible diseases.
clownfish
Fri, Apr 22, 2011 : 12:55 p.m.
Good for Mr Taubman! A good way to redeem oneself and help those that need it.
jrm.jr
Fri, Apr 22, 2011 : 10:39 a.m.
The "left" should really love Mr Taubman. Sotherby's and Christie's conspired to fix prices. Really stuck it to the "rich".
clownfish
Fri, Apr 22, 2011 : 12:56 p.m.
Funny that Mr Taubman gave this money to a "gubment run" health care facility that has union employees, huh?
Jason Christie
Fri, Apr 22, 2011 : 1:33 a.m.
As a son whose mom is seeking treatment at U of M for this terrible disease, thank you, mr taubman!!!!
Ace Ventura
Thu, Apr 21, 2011 : 11:37 p.m.
This is an example of what decent wealthy people do. Then there are the other wealthy people who sit around plotting how to steal money from the poor and elderly.
Ace Ventura
Fri, Apr 22, 2011 : 2:52 p.m.
Blaming the unions for the the debit is just plain silly. Try the cost of Iraq, Afghanistan, the housing market collapse, the bank bailouts, etc. The republican supporters are so funny there tunnel vision makes me laugh a lot. Your reply is very funny keep it up.
clownfish
Fri, Apr 22, 2011 : 12:53 p.m.
genetracy at 8:48 PM on April 21, 2011-- You "heard" wrong. Maybe you "heard" this from the same people that told you about Iraqi wmd's, "death panels", the alleged $7.5 million in damage done to Wisconsin Assembly building, and that unions are the reason we have $14 trillion in debt. It is called propaganda.
genetracy
Fri, Apr 22, 2011 : 12:48 a.m.
I heard that's how the Kennedy's and George Soros made their billions.
Huron 74
Thu, Apr 21, 2011 : 10:40 p.m.
I think it's too bad that people always want to look at the dirt in other's lives instead of the good. This man has done so much for research on deadly diseases. trepass, you showed in your own post that he has paid his debt. If you had been convicted of those crimes and paid your debt, would you want to hear about it for the rest of your life? (That's what we call the "Golden Rule") Besides that, your criticism is based on a legal system that is made up of people, and nobody is perfect. I applaud Mr. Taubman for his donations that help so many other people.
bigblue
Fri, Apr 22, 2011 : 3:22 a.m.
you should be clear on which one of the "Golden Rule"(s) you are referring to! 1. treat others how you would like to be treated your'self or 2. whoever has the gold gets to make all the rules But both would seem to apply in this story though!
UtrespassM
Thu, Apr 21, 2011 : 10:04 p.m.
Does UM ever care about the money is clean or not? Money is money. Money talks.
genetracy
Thu, Apr 21, 2011 : 9:55 p.m.
Yeah Trespass, let's just do he left wing thing and confiscate his money and give it to the poor.
Lady Audrey
Thu, Apr 21, 2011 : 9:18 p.m.
So Mr. Taubman serves his time and - according to trespass - has no opportunity for forgiveness or redemption. Generosity of this magnitude has the chance to do so much good. Thank you, Mr. Taubman!
trespass
Thu, Apr 21, 2011 : 9:07 p.m.
I guess money is money even if you have to name an institute after a convicted felon. "He was fined $7.5 million (USD) and imprisoned for ten months in 2002 for anti-trust violations." <a href="http://en.wikipedia.org/wiki/A._Alfred_Taubman" rel='nofollow'>http://en.wikipedia.org/wiki/A._Alfred_Taubman</a>
Rork Kuick
Thu, Apr 21, 2011 : 8:05 p.m.
I'm getting all weepy. Thankyou Mr. Taubman.