Monday, June 26, 2006

Warren Buffett helps out the little guy

It's heartwarming that Warren Buffett is giving away $37 billion to the Bill Gates foundation. I heard that particular charity was having some cashflow issues. Plus, there really aren't a lot of charities or causes out there anymore. So this made perfect sense to me all the way around. Lend a hand to the underdog. You don't want any one foundation, you know, completely monopolizing the business of charitable giving. That just isn't the way Bill Gates does business.

In other news, the Oakland Athletics have decided to disband and send all their players to the New York Yankees, and Burger King is giving half of its stores to McDonald's.

- Washington Post
- Gates foundation Web site

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I.P. Daily said...

I like what the NY Times article said about Gates being 25 years younger and more able to see the distribution through. I know your post is tounge in cheek, but it's tough to criticize someone who just gave away 85% of his $44B fortune. Ted Turner now looks like a minor leaguer compared to Buffett.

What I found more interesting was the other charities he gave to, most of which were run by his children:

"The other charities that Mr. Buffett will divide about $6 billion in stock among are the Susan Thompson Buffett Foundation, which is named after Mr. Buffett's wife and emphasizes family planning, abortion rights and anti-nuclear proliferation issues; the Howard G. Buffett Foundation, which is named after and run by one of Mr. Buffett's two sons and focuses on environmental and conservation issues; the Susan A. Buffett Foundation, which is named after and run by Mr. Buffett's daughter and supports educational opportunities for low-income children; and the NoVo Foundation, which is run by Mr. Buffett's other son, Peter Buffett, and has focused on education and human rights." (From NYT article)

MSH said...

Nah, it wasn't tough to criticize...didn't you read the post?

Just kidding. Perhaps I was remiss in not tipping my hat to Mr. Buffett for his philanthropy. It was beyond a generous gesture and the Gates foundation and his family charities will surely put the money to good use. I just think it's a little incestuous and fairly unimaginative for one rich guy to dime off his fortune on another rich guy, that's all. It feels like he doesn't trust the dirty proletariat to handle his all his money, so better give it to someone who has experience handling so many zeroes. Ah, who knows. But no, it's great that he gave all the money away and so forth.