NYT Sunday review: Policy-Making Billionaires

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OVER the past 30 years, as the gap between wealthy and poor grew ever wider, total philanthropic giving almost tripled, according to annual estimates published by the Giving USA Foundation and the Center on Philanthropy at Indiana University. In an age of widening partisanship and plummeting trust in government, this outpouring of philanthropy has produced a distinct breed of philanthropist: The policy-making billionaire.

Bill Gates, the Microsoft co-founder, has invested more than $13 billion in public health initiatives around the world through his foundation. William E. Conway Jr., a founder of the Carlyle Group investment company, is planning to give away $1 billion of his personal fortune, and is said to be considering how his money can aid in financing major infrastructure projects.

“What’s going on at a broader level is a sense of, ‘Hey, we can be much more effective and efficient than government in doing things,’ ” said Leslie Lenkowsky, a professor of philanthropic studies and public affairs at Indiana. “And it’s become more pervasive in recent years.”

In keeping with the anti-government spirit of the times, the new philanthropists — some with roots in the loosely libertarian milieu of Silicon Valley or Wall Street — share a disdain for established politics and an impatience with the slow churn of old-fashioned policy making. Last month, the Starbucks executive Howard Schultz, whose net worth approaches $750 million, proposed using Starbucks’ corporate foundation and customer donations to create an economic development and job training program for the unemployed, one that he hopes can generate tens of millions of dollars in loans to small business.

full: http://www.nytimes.com/2011/11/27/sunday-review/policy-making-billionaires.html?pagewanted=all

[provis99]

1. it's nice that they're giving back some of the money they've stolen from us.

What heroes.