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The exclusive focus of this gift is to provide scholarships for students, it's not for research or operating expenses. Below is a paragraph from UCLA's chancellor announcing the gift.  

"Mr. Geffen, a legendary entertainment executive and philanthropist, has established the $100 million David Geffen Medical Scholarship Fund, which will cover 100 percent of the cost of tuition, room and board, books and supplies, and other expenses for a significant number of UCLA’s medical students. The fund will eliminate the sizable financial burdens that many new physicians face upon graduation from medical school. Doing so will enable them to pursue careers in medicine guided by their passions and interests—and the needs of our communities—rather than by their need to repay student loans."

This will be an amazing recruiting tool for the UCLA Medical School and my personal thanks to Mr. Geffen. I hope other philanthropists will follow his lead and establish similar scholarships to reduce the cost of medical education and free new physicians from the burden of student debt. Hopefully more medical students, free of debt, can become primary care physicians practicing in under served communities.  

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Comment Preferences

  •  Thanks for posting (4+ / 0-)
    Recommended by:
    Lorikeet, VeloVixen, VClib, TexDem

    What a generous gift!  UCLA is a very good med school, from what I've heard.  It has produced some very good cancer docs.

    Democratic Leaders must be very clear they stand with the working class of our country. Democrats must hold the line in demanding that deficit reduction is done fairly -- not on the backs of the elderly, the sick, children and the poor.

    by Betty Pinson on Fri Dec 14, 2012 at 08:12:06 AM PST

    •  Betty it is an outstanding medical school (2+ / 0-)
      Recommended by:
      DBunn, TexDem

      and has been blessed with generous donors from the entertainment community. Franklin Murphy, the chancellor of UCLA from 1960 - 1968, was a physician and the medical school was of great interest to him. He started programs that led to its ascendance as a top medical school.

      "let's talk about that"

      by VClib on Fri Dec 14, 2012 at 08:36:28 AM PST

      [ Parent ]

      •  A friend of mine teaches there (1+ / 0-)
        Recommended by:
        VClib

        Dr. Susan Love, she's a professor of surgery.  She's a top leader in breast cancer research and advocacy.

        Wishing her the best today, as she's dealing with a diagnosis of leukemia.  

        Democratic Leaders must be very clear they stand with the working class of our country. Democrats must hold the line in demanding that deficit reduction is done fairly -- not on the backs of the elderly, the sick, children and the poor.

        by Betty Pinson on Fri Dec 14, 2012 at 09:10:32 AM PST

        [ Parent ]

        •  I am very familiar with her work (0+ / 0-)

          She has been an adviser to several startups working in women's health, particularly breast cancer. I don't think I have met her, but she is a very high profile physician in breast cancer.

          "let's talk about that"

          by VClib on Fri Dec 14, 2012 at 09:23:33 AM PST

          [ Parent ]

          •  We're praying for her now (0+ / 0-)

            She just completed a bone marrow transplant and is home recovering.

            Democratic Leaders must be very clear they stand with the working class of our country. Democrats must hold the line in demanding that deficit reduction is done fairly -- not on the backs of the elderly, the sick, children and the poor.

            by Betty Pinson on Sat Dec 15, 2012 at 10:09:05 AM PST

            [ Parent ]

  •  Agree about the problem (2+ / 0-)
    Recommended by:
    VeloVixen, VClib

    The high cost of a medical education does tend to force students away from lower-paid primary care and towards highly compensated sub-specialties.

    In some quarters, it is also used to justify high incomes for doctors generally. This is the doc-as-entrepreneur model, and the logic is not simply that the loans need to be repaid, but that med students take on a financial risk and therefore deserve a higher reward.

    Whatever one thinks of that logic, it is no way to set up a health care system.

  •  I recently.. (3+ / 0-)
    Recommended by:
    VeloVixen, VClib, PatriciaVa

    ..saw a special on PBS about Geffen.

    Did you know he was once married to Cher?

    I didn't know that; he is gay yet was married to Cher.

    I just thought that was interesting.

     

    "You just gotta keep on livin man! L-I-V-I-N!" - Wooderson

    by wyvern on Fri Dec 14, 2012 at 08:14:06 AM PST

    •  And he rescued Calvin Klein's empire... (1+ / 0-)
      Recommended by:
      VClib

      ...by buying its junk bonds off the market, thereby giving him more time to turn it around.

      Later, when Klein told him that he was having difficulties, Geffen told Klein, and I paraphrase, you're a marketer, not a manufacturer.  So outsource all of your manufacturing overseas.

      He did, and Klein was able to eventually buy back the bonds from Geffen.

      Learn about Centrist Economics, learn about Robert Rubin's Hamilton Project. www.hamiltonproject.org

      by PatriciaVa on Fri Dec 14, 2012 at 08:55:22 AM PST

      [ Parent ]

  •  What a wonderful gift. Just imagine if all the (4+ / 0-)
    Recommended by:
    DBunn, TexDem, VeloVixen, VClib

    money that was spent by billionaires trying to get Romney elected went for something like this...

  •  Very nice, but please, (2+ / 0-)
    Recommended by:
    VeloVixen, DBunn

    "gift" is a noun.

    I know, I know- it's probably my own uptightness that responds negatively to modernisms in my mother tongue. I apologize if my response strikes you negatively. I just love my language and little things like this feel like someone bounced a penny off my brain.

    I believe in democracy, civil liberties, and the rule of law. That makes me a liberal, and I’m proud of it. - Paul Krugman

    by Gentle Giant on Fri Dec 14, 2012 at 08:14:42 AM PST

  •  A wonderful and much needed gift (4+ / 0-)
    Recommended by:
    DBunn, VClib, TexDem, ER Doc

    that will give future physicians an opportunity they thought impossible.  I have two children who are doctors, and they will be paying off loans for a very long time.

    I posted a diary about the costs of training a physician some time back:

    Know what you believe, why you believe it, who believes with you, and how it matters. Stand for what you believe, believe what you stand for.

    by VeloVixen on Fri Dec 14, 2012 at 08:23:06 AM PST

  •  But (1+ / 0-)
    Recommended by:
    PatriciaVa

    will Mr. Geffen end up paying in any significant taxes?


    Not if he's clinging to the principles of Romney-world.


    (PS. welcome to the "fun" of the random non sequitur, VClib.   It' a hoot, Enjoy!)


    Isn't it time to fix the Filibuster?
    -- Here's how.

    by jamess on Fri Dec 14, 2012 at 09:31:29 AM PST

    •  jamess - I am sure this gift is part of Geffen's (2+ / 0-)
      Recommended by:
      PatriciaVa, ER Doc

      estate planning to minimize his current and future federal income and estate tax. I have no problems with that at all. Everyone has the right to structure their financial affairs in a manner that reduces their current federal income taxes and the taxes on their estate. Of all the options that Geffen has to provide gits and financial support I am just pleased that the UCLA Medical School, and its future students, are the beneficiaries.

      "let's talk about that"

      by VClib on Fri Dec 14, 2012 at 09:42:19 AM PST

      [ Parent ]

    •  If this was a cash gift, he's already paid the tax (1+ / 0-)
      Recommended by:
      VClib

          If (as is more likely,) this is a gift of appreciated stock, Geffen would have owed capital gains on the increase in value since he'd acquired the stock. Instead, the school acquires the stock and sells it at the present value, and Geffen gets a tax deduction for the present value. That's how charitable deductions work.

      -7.25, -6.26

      We are men of action; lies do not become us.

      by ER Doc on Fri Dec 14, 2012 at 11:02:55 AM PST

      [ Parent ]

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