Reigning hedge fund king John Paulson is donating $5 million to Southampton Hospital.
Paulson’s $5 million donation, the largest the hospital has ever received, will fund the Jenny and John Paulson Emergency Department.
The new emergency room will come with a few perks: a centralized trauma nurse’s station and triage area, a “fast track” area for less acute illnesses, and separate weather-protected entrances for walk-in patients and ambulences.
It might be about time the hospital had an upgrade. In the comment section of the Southampton News article announcing the donation, JimmyKBond says he hopes that “the public regains confidence in the hospital’s ability to heal, rather than flee up West when faced with a medical emergency.”
Indeed, Southampton Hospital has had a terrible reputation with the wealthier residents of the eastern end of Long Island. There have long been stories of the wealthy being transported by helicopter to New York City hospitals rather than been treated in Southhampton. At a party in Bridgehampton at the close of the last decade, guests joked about it being the “Southampton Organ Donation centre” because so many people they new there became organ donors. (That is, they died.)
In the last 10 years or so that reputation has improved, particularly as the old guard of the Hamptons has been replaced by newly-moneyed hedge fund managers less tainted by Old Guard habits such as hating Southampton hospital. Reportedly, the actual medical services at the hospital have also improved
The hedge fund manager of Paulson & Co has also been in the news recently for being bullish on Bank of America (shortly after SAC dumped all of their shares) and gold, so much that he plans to open a new gold-only fund to investors in January.