Eli Broad, the richest man in Los Angeles, may be ready to spend $60 million for a new home for modern art on Wilshire Boulevard, but the Eli and Edythe L. Broad Institute for genome research will be far away in Cambridge. He's giving $100 million to establish the research lab as a joint effort of Harvard and MIT.

"Mr. Broad said he decided to support the effort in Cambridge, rather than in Los Angeles, because of the scientific expertise available there. 'The science is more important than the geography,' he said." (New York Times)