Museum of Science and Industry name change

[Nearwest]

I refuse to laud the name change of the Museum of Science and Industry to reflect the enormous donation of $125 million from Ken Griffin.

This billionaire is already the beneficiary of our skewed tax code that favors him and others in rarefied air at the expense of the common folk. He will now reap even more tax benefits by being able to deduct this 'gift' from his income to pay even less income tax.

As a result, this museum will now be referred to as the 'Kenneth C. Griffin Museum of Science and Industry.'

[ChiGuy2.5]

I'm not ecstatic about the name change either, but to be fair to Ken, he did donate a LOT to this city. He is the reason we are getting split pedestrian/bike lanes along the lakeshore.

Even if the game is rigged and you think that money wasn't his to begin with, you can't argue that he does support this city and contributes more than anybody I know who is living today. I'm not going to stare a gift horse in the mouth when there are plenty of others who would choose to hoard that money for their own benefit.

[SonySegaTendo617]

Originally Posted by ChiGuy2.5

I'm not ecstatic about the name change either, but to be fair to Ken, he did donate a LOT to this city. He is the reason we are getting split pedestrian/bike lanes along the lakeshore.

Even if the game is rigged and you think that money wasn't his to begin with, you can't argue that he does support this city and contributes more than anybody I know who is living today. I'm not going to stare a gift horse in the mouth when there are plenty of others who would choose to hoard that money for their own benefit.

I agree with you. If this donation and name change benefits MSI, good for them. Of course I won't say the new name either, but I hope this donation works out for MSI.

[Rusty Nailz]

I don't know If I will get accustomed to calling it the Peter Griffin Museum of Science and Industry. Too long. I still call Willis Tower the Sears Tower and Sox park Comisky Field.

[Kmanshouse]

Nobody is going to call it that.

it would have had to be renamed the Griffin Science Museum for any hope anyone would say his name.

Some people are too young to remember Sears. And that could have been the case here too, but because they just added his name and didn't replace the old one, nothing to see here...

[Berteau]

You know it’s not his fault the way the tax code is structured, and I guarantee he pays a lot more in taxes than you. You want him to donate money to the govt instead of museums? Anyone who donates money gets the same deductions. Anyone who has long term capital gains pays the same tax rate. That includes you.

[wjj]

Originally Posted by Berteau

You know it’s not his fault the way the tax code is structured, and I guarantee he pays a lot more in taxes than you. You want him to donate money to the govt instead of museums? Anyone who donates money gets the same deductions. Anyone who has long term capital gains pays the same tax rate. That includes you.

Yeah, you get it (except his LTCG rate is likely higher than most people).

But in very general and rounded number terms, Griffin had two choices.

1. Keep his money, pay $50 million more in federal income taxes, and keep the other $75 million for himself.
2. Make this $125 million contribution, reduce his federal income tax by $50 million and be $75 million poorer than if he did nothing.

And somehow there are people out there who think this is a bad thing? The guy made himself $75 million poorer by making the contribution. He should be thanked!

[Das_Interwebz]

OMGosh. Many will think of that cartoon Family Guy and Peter Griffin the father LOL.

Anyway, Ken Griffin high-tailed it to Floriday to keep more of his millions $$$. Just consider it HIS DEPARTING PHILANTHROPY. Done for thanking Chicago, but adios and adieu to Chicago. I am taking my $$$ to another safe-haven vs you Chicago. To sunny Florida and Miami.

Perhaps without hate as some expats leave with till they pass. Not me.... Chicago love till death.

All know it will be like Sears, Hancock, Lake Shore Drive. Still The Museum of Science and Industry....

[GWoodle]

More important may be if they do any updating & remodeling. Hope price of admission stays the same,

[Tombstoner]

My understanding is that this isn't a new contribution--it's been in the MSI budget for a decade.
Also, I think the move to Florida wasn't just about tax breaks--he had more complaints about city corruption and mismanagement that he had voiced for years. Crime doesn't help. Not saying that taxes don't play a role because, of course, they do. But it's hard to disagree with his perception of widespread mis/dumb/suspect allocation of funds by City Hall (Chicago isn't unique in this respect, but it's worse/more blatant here than in other places I've lived--Red Line Extension anyone?).
Finally, Griffith donated a LOT of money to the Art Institute over the years, and that is truly the gift that keeps on giving in terms of keeping Chicago on the culture map.
I'm hardly a Griffith-booster, but as far as philanthropy goes, he's done well by Chicago.