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93 years old Ruth Gottesman, the widow of a Wall Street financier, donated 1 billion USD to the Albert Einstein College of Medicine in the Bronx. The donation will be used to cover the cost of tuition for all future students. The Seattle Times reports.
This is one of the largest charitable donations in US history to an educational institution, and most likely the largest to a medical school.
Gottesman received her fortune from her late husband David. He was a protégé of Warren Buffett and an early investor in Berkshire Hathaway, the conglomerate created by Buffett.
What makes Gottesman's donation particularly noteworthy is that it goes to a medical facility in the Bronx, New York's poorest borough. The Bronx has a high rate of premature mortality and is considered the city's unhealthiest borough.
Gottesman said her donation will allow new doctors to begin their careers without the burden of medical debt, which often exceeds 200 000 USD. She also hopes it will expand the pool of potential students to include people who might not otherwise be able to afford medical school.