When former Baruch College President and current City University of New York (CUNY) Chancellor Emeritus Matthew Goldstein hears the names Lawrence Zicklin and George Weissman, he bubbles over with heartfelt praise, calling the two Baruch alumni “wonderful, dedicated, remarkable men.” Dr. Goldstein, remembered by longtime members of the Baruch College community as a fundraising pioneer, asserts, “It wasn’t until George Weissman and Larry Zicklin made their significant eight-figure gifts that people started paying attention to Baruch and to its chances for success on the national stage.”
Initiating a culture of fundraising at the College in the early 1990s—Goldstein was Baruch’s president from 1991 to 1998—was challenging because it represented a fundamental shift. “Baruch needed to find new streams of revenue,” he explains. “We needed to emulate what the great private universities in this country have done since their inception, and we were late to the game.” Late, maybe—but as it turns out, not too late.
[pullquote sid=”pullquote-goldstein123″ type=”2″]When Goldstein left Baruch College in 1998 to become the president of Adelphi University, he left behind what the New York Times described as “a robust if young culture of alumni philanthropy.”[/pullquote]A defining moment in the nascent culture of philanthropy—before the Zicklin and Weissman gifts—came in 1995 with a seven-figure gift from alumnus William Newman (’47) that laid the groundwork for the modern Baruch. “People said, ‘If a smart and savvy investor like Bill Newman would plunk down his money in support of Baruch, maybe I should too,’” states Goldstein. Three years after Mr. Newman’s gift, the College received, in short succession, the two record-setting gifts that launched a new era at the College.
Happy to recall these times, Goldstein shared some behind-the-scenes memories with BCAM readers and discussed his subsequent and ongoing involvement in higher education.
The Untold Story of the Zicklin and Weissman Gifts
Baruch historians recall the chronology of that noteworthy spring in 1998: the College announced a $10 million gift from George (’39) and Mildred Weissman in February and then, in March, an $18 million gift from Lawrence (’57) and Carol Zicklin. Both, when given, set the record as the largest cash gift ever received by a CUNY college. (Bernard Baruch’s record-setting bequest in 1965 was $8 million.)
It’s natural, then, to assume that the Weissmans were first to approach the College with a naming-gift proposal, since their gift was announced first. But that isn’t the case, the former president recalls. Goldstein had been discussing a naming-gift opportunity with Larry and Carol Zicklin before he was approached by George Weissman, who also wanted to name the business school!
Goldstein had a bit of a dilemma, with one alumnus wanting to name the business school and another considering naming the business school. The then-president’s solution, especially considered in hindsight, was perfect: To persuade Weissman “to back the arts and sciences.” After all, the alumnus of the class of ’39 was not only a distinguished business leader (the retired chairman and CEO of Philip Morris Companies) but a leading advocate of corporate support for the arts and the former chairman of Lincoln Center for the Performing Arts. As Goldstein surmised, Weissman was pursuable, and the College’s arts and sciences school was fittingly named for him and his wife, Mildred.
“As president of Baruch, I had put a lot of resources into the School of Liberal Arts and Sciences, and, in my heart, I’m an arts and sciences guy. Like George, I believed and believe they are fundamental to personal and professional growth,” says Goldstein, who was delighted by the unexpected turn of events.
[pullquote sid=”pullquote-1384972868″ type=”2″ align=”right”]In 1997–98 Goldstein had a bit of a dilemma: he had one alumnus who asked to give a gift to name Baruch’s business school and another already considering naming the business school.[/pullquote]So why the Zicklins’ reticence? “Larry needed to think through his investment,” says Goldstein. The alumnus of the class of ’57 was considering a few other philanthropic options, including a gift to a medical researcher and a gift to the Wharton School, where he earned an MBA. “I pleaded the case for Baruch, convincing Larry that his gift would make a huge difference in the life of the College,” says Goldstein. “I promised his would be a defining gift, a gift that would name the business school.” Goldstein’s pitch and Baruch’s potential won the day.
Shortly after the announcement of the naming of the arts and sciences school, the College announced the naming of its powerhouse business school for the Zicklins. When Goldstein left Baruch College in 1998 to become the president of Adelphi University, he left behind what the New York Times described as “a robust if young culture of alumni philanthropy.”
Two Alumni, Two Anecdotes
Over the years—it’s 15 since the Zicklins’ and Weissmans’ newsworthy gifts—Goldstein has collected some favorite stories about these two men and the impact of their gifts. Their culture-changing philanthropy guided Goldstein, who returned to CUNY as its first alumnus-chancellor in 1999. From this new vantage point, he understood the implications of their generosity on a much grander scale.
His first story memorialized George Weissman. Once, while attending New York City’s big job fair held annually at the Jacob K. Javits Convention Center, Chancellor Goldstein noticed “an army of students, many wearing blue suits.” A student from that crowd shouted to him, “Thank you for the blue suit.” Immediately, Goldstein knew that the blue-suited job seekers were Baruch students. As a condition of his $10 million gift, George Weissman had asked that $150,000 be set aside to buy classic navy business suits for students going out on interviews. The alumnus from the Depression Era—sensitive to students’ basic needs—didn’t want Baruch seniors at an unfair disadvantage when applying for jobs. “I wonder how many students had blue business suits because of George’s thoughtful allotment,” says Goldstein.
Regarding Larry Zicklin’s gift and its continuing effects, Goldstein has many tales, favoring stories about the Zicklin School students themselves: “As a member of many boards, I hear how much employers love the students they hire from Baruch. They described Zicklin School alumni as hardworking, not pampered, not placed on a pedestal, smart and well-educated, with an extra thrust to succeed.”
Goldstein Shares His Journey
From Shoeshine Boy to Chancellor
Matthew Goldstein understands the City University student well. He was one himself, a graduate of City College class of ’63 (yearbook photo right). Stories of his youth show he shares many of the traits of Baruch students today.
Born on the Lower East Side of Manhattan, Goldstein was raised in Manhattan and Brooklyn. His earliest job was as a shoeshine boy in Tompkins Square Park; he also delivered newspapers. The money he made at these odd jobs fueled his passion for learning, especially museum-going. “Almost every Saturday afternoon, I got on the train and headed to the American Museum of Natural History,” he remembers. “I was nine years old at the time. My mother was always wondering, ‘Where is Matthew?’” Adding, “Of course, those were different times, and a child traveling alone on the subway made more sense then.”
When he was 17 years old, his entrepreneurial bent combined with his love of music, and he formed the Matt Goldstein Trio. “It was probably the worst trio that played in the Catskills,” he says laughing. Goldstein played the clarinet (he had also taught himself the saxophone and flute). At the Granit Sunshine Hotel (their first gig), he earned $12.50 a week and room and board. The trio—which also included a drummer and piano player—provided musical accompaniment for assorted “crazy acts—jugglers and trapeze artists,” recalls Goldstein. “Let’s say I realized I didn’t have talent.” Instead, he devoted himself to becoming a mathematical statistician, earning a PhD from the University of Connecticut after earning his bachelor’s degree from CCNY. He became a Baruch professor of statistics and a member of the CUNY doctoral faculty, among the various positions he held on his road to the presidency and later chancellorship. (Music remained a source of pleasure in Goldstein’s life: at 30, he taught himself piano, and he continues to be a devoted to opera.)
Goldstein calls his 14 years as chancellor of the City University of New York—the nation’s largest urban public university—“wonderful.” Of his accomplishments from 1999 to 2013, he is perhaps proudest of extending alumni philanthropy, which he pioneered as Baruch’s president, throughout the 23-college system. When he became chancellor in 1999, CUNY (like most public systems of higher education) lagged far behind private institutions in alumni philanthropy, with giving adding $50 million to the entire multi-campus system. When he resigned the chancellorship, that revenue stream had quintupled, to $250 million annually, or a quarter billion dollars.
Citizen Goldstein: Life After the Chancellorship
When asked what he expects from this stage of his life—begun in June 2013, when he became CUNY’s first chancellor emeritus—Goldstein laughs and sighs and says, “Please don’t call it ‘retirement.’ I’m so busy.”
What’s keeping him busy?
To begin with, Goldstein sits on many for-profit and nonprofit boards, including the boards of JPMorgan Mutual Funds as chairman (he’s been a member since 2003; the board manages $400 billion in assets) and the recently opened Museum of Mathematics.
An avid reader, Goldstein finds he now has more time to indulge in this passion, especially books on mathematics. He also recently formed a book club, which he named the Old Guys’ Book Club and is run by Interim CUNY Chancellor William Kelly. Does Goldstein have any book recommendations? When interviewed, he had just finished the 1965 novel Stoner by John Williams about an undistinguished English professor in the Midwest. “I couldn’t put it down . . . My wife’s reading it right now.”
Not only a reader, Goldstein is also an author. Currently he is working on a book about how the digital world has “disrupted” higher education. His book will examine the inevitable consequences of reduced budgets for public higher education, with special attention to how universities will deliver content to students digitally without “diluting” the learning experience. The book is yet to have a title, but Goldstein expects its release next fall.
The Baruch College community wishes him all the best in this next chapter of his life.
—Diane Harrigan