Sunday, June 25, 2006
"Warren E. Buffett, considered the world's second richest person, is to start in July giving away 85 percent of his stock in his company, Berkshire Hathaway, to five foundations, with most of it to the Bill and Melinda Gates Foundation"
Do the rich get richer and the poor get poorer? No, not really, it's foundations getting the Berkshire Hathaway Company stock he owns, not the people.
"Asked if it had occurred to him of the irony that he, the second richest person in the world, was giving billions of dollars to the first richest, Mr. Buffett said, according to the Fortune report:
"When you put it that way, it sounds pretty funny. But in truth, I am giving it through him, and importantly, Melinda as well, not to him." "
Well, a lot won't going to Planned Parenthood like his deceased wife's gifts did. But since her death, Warren has become more concerned with 'inequities' concernning his fellow human beings. [from a nice article here in the Houston Chronicle]
"Moreover, his vast holdings of Berkshire Hathaway Inc. stock had been expected to go largely to the Susan Thompson Buffett Foundation, begun by his late wife. Her foundation has given millions of dollars to hospitals, universities and teachers, as well as to Planned Parenthood and other abortion rights groups."
Fortune magazine has just told the world about this newest venture. Berkshire Hathaway's Web site also sheds some light on this matter, by publishing his letters to each of the charrities.
[Note: I have posted the letter to Bill Gates on my altenative blog (link) in case you have trouble reading the PDF file.]
I wonder if I'm too late to get my foundation started. There will be others beside these five, I'm sure.
[Please enter the Bad Ass Coffee Co. 'Where Are We Now location' contest which follows--if you don't see it, click here anonymous and friends welcome--it ends Monday morning!]Warren+Buffett Berkshire+Hathaway
From Gates's website:
There are two simple values that lie at the core of the foundation’s work:
-All lives—no matter where they are being led—have equal value.
-To whom much has been given, much is expected.
Most charitable foundations are for the betterment of needy persons. A few are for animals (PETA types, etc) or other interests the IRS will allow to be classified as charities.
In one of my college economics classes, we studied from a book, The Rich and the Super Rich.
From this book, we deduced that a lot of foundations were formed with the provider maintaining voting control. Thus 'giving away' riches without giving away control.
Prime examples are the Carnegie Foundation and the Ford Foundation.
That lining up with Warren Buffet was the beginning of the end of Tom's campaign. The people of Nebraska weren't ready for that. If you are talented at making money but allow it to go to less than reputable charities, you and your friends won't be winning elections in Nebraska. I've never been prouder of our state.
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