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Money can't buy everything for Sanford Weill
Former Citigroup CEO Sanford Weill and his wife Joan are withdrawing their $20 million donation to Paul Smith's College.
The tiny school in the Adirondack mountains needs the money, but Weill only wants to hand it over if the school changes its name to Joan Weill-Paul Smith's College, reports BuzzFeed. Unfortunately for the billionairess, that isn't an option. A judge has ruled that the school's founding documents prohibit a name change.
"It was a naming gift, so without the court allowing us to go forward there was no money," Bob Bennett, a school spokesman, told the New York Times last week.
Joan Weill became interested in the Adirondack's only four-year school as a Weill family vacation home is nearby. Weill has already donated enough money for the school to build a student center and library, both named after Joan.
Photo: David Shankbone