What happened?

A Pennsylvania school board has announced that the local high school will be renamed to recognize a $25 million donation from a billionaire investor – and some parents aren’t happy about it. They’re slamming Blackstone Group CEO Stephen Schwarzman for being “vain” and an “embarrassment.”

What’s in a name?

As thanks for Schwarzman's donation, board directors voted unanimously to change the name of Abington Senior High School. Schwarzman’s alma mater will be renamed Abington Schwarzman High School.

How is the school responding?

Despite criticism over the name change, the board is fully supporting Schwarzman, praising his generosity to his former high school.

"There was discussion back and forth, but Mr. Schwarzman is not the kind of individual to draw a line in the sand and make demands,” Superintendent Amy Sichel told CBS News. “He did this because he's extremely committed to his alma mater and to making sure that this high school is state of the art."

Glenn’s take:

Why do people want to think everything comes from the government? We shouldn’t have a problem with honoring people who share their private wealth with schools, libraries and other public resources.

“He’s giving you a gift,” Glenn said. “Who’s the one with the ego problem?”

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