Corporation
of New York
Vol. 1/No. 3
Fall 2001
Also in this issue:
Beyond Census 2000: As a Nation, We are the World
Beating the Odds: Providing Education for Women and Girls in Africa
Early Childhood Education: Distance Learning for Teachers Adds a New Dimension
7 Cities Lead the Movement to Change American High Schools
Past Issues:
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a footnote to History |
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In 1901, Andrew Carnegie sold his vast steel empire
to J.P. Morgan for $480 million (the equivalent today of approximately
$10.1 billion). In pencil, Carnegie scribbled the asking price on
a piece of paper and had one of his managers deliver the offer to
Morgan who accepted it without hesitation. “Congratulations,
Mr. Carnegie,” said the banker when they finalized the deal,
“you are now the richest man in the world.” With that sale, the second phase of Carnegie's life began—that of philanthropist. “The man who dies rich dies disgraced,” said Carnegie; he went on to spend much of his fortune establishing over 2,500 public libraries and more than 20 organizations devoted to the public good, including Carnegie Corporation of New York. By the time he died in 1919 at the age of eighty-three, he had given away $350 million, or almost three-quarters of his fortune.
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