Warren Buffet Gives Away His Fortune: 40 Billion (at least).

[Clarkie1]

FORTUNE EXCLUSIVE: The world's second richest man - who's now worth $44 billion - tells editor-at-large Carol Loomis he will start giving away 85% of his wealth in July - most of it to the Bill & Melinda Gates Foundation.

NEW YORK (FORTUNE Magazine) - We were sitting in a Manhattan living room on a spring afternoon, and Warren Buffett had a Cherry Coke in his hand as usual. But this unremarkable scene was about to take a surprising turn.

"Brace yourself," Buffett warned with a grin. He then described a momentous change in his thinking. Within months, he said, he would begin to give away his Berkshire Hathaway fortune, then and now worth well over $40 billion.

http://money.cnn.com/2006/06/25/magazines/fortune/charity1.fortune/index.htm?cnn=yes

[eleny]

1. Republican fat cat heads must be exploding all over the world

This kind of thing must make their circuits fry.

[yngliberal]

4. You know he's a Democrat?....n/t

[fishwax]

14. he'd pretty much have to be to do something like this

a republican with that kind of cash wouldn't give it away, he'd use it to fight the "estate" tax :rofl:

[AndrewJacksonFaction]

126. Buffet's view on the 'Estate Tax'

Buffett told The New York Times that the estate tax played a "critical role" in promoting economic growth by helping create a society in which success is based on merit rather than inheritance. Repealing the estate tax, he said, would be equivalent to "choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics."

[eleny]

47. Yes, I do

And I understand that the majority of fat cats are right wingers. And his giving away his money will not compute with them.

You did know that WB came from a Republican family and that his late wife turned him around?

[yngliberal]

50. No I did not...

That is very interesting.

[eleny]

54. There was a documentary on tv about him some time ago

His wife was a nice lady. She opened his eyes. Maybe one of the stations will repeat it now that he's made this decision.

Welcome to DU! :hi:

[samsingh]

85. he must be a democrat

repugs donate money to buy books from traitors like coulter and to launch impeachment against excellent Presidents. Did i mention funding swiftboating as well?

[eagler]

108. He became a Republican to support Tom Osborne

for Nebraska governor.

[fishwax]

109. well, he wanted to support an old friend in the primary

Osborne, of course, didn't make it to the general election. And Buffett donates heavily to democratic candidates and democratic causes. I don't think he's "flipped" in any real sense. I just think he thought his old friend osborne a better choice than the repub incumbent. :)

[still_one]

52. do you think the republicans will contest it?

[Posteritatis]

53. Er, "contest it?" How? (n/t)

[still_one]

56. contest the will, it was intended as a joke, I think

[eleny]

55. You know you really want to see that!

:rofl:

[FuzzySlippers]

2. Good for him!!

:applause: :applause: :applause:

[Thickasabrick]

3. Wonderful story!

[oscar111]

6. To the Gates Fndation? How is that great?

Gates is not very LW. Sure some grants have been good. But they have not been most of his fndation's money, in my casual observation... might be wrong. Please correct if wrong.

Gates's type of foundattion is mainly a tax dodge, says one radio lawyer i have heard.

true? I am no expert on these things.

Just does not seem a reason for big celebration . Just cautious wait and see.. maybe some good, but maybe gates is to the right of Buffet. Comments invited. thanks.

[ccpup]

7. I believe

the Gates Foundation is the one that is giving medicine to those in Third World countries the wealthier nations have ignored and computers to Libraries and Schools that can't afford them. Sure they run Microsoft software, but at least those who now have access to a computer now have greater access to the World at large and a chance to expand their knowledge. I don't think the Gates Foundation is necessarily just a tax dodge. It does do good work that many politicians either jawbone about (but do nothing) or ignore completely.

[Skarbrowe]

65. Hate to say this, but I don't trust the Gates Foundation. I keep thinking

that Bill Gates is getting into the pharmaceutical business and maybe even the food business that will be needed to feed the world. I know I'm probably just going insane :silly:, but Bill Gates is an extremely shrewd business man who looks into the future to see what is going to be the biggest thing needed by all that he can profit from. I hope I am just being nutso.

I would have liked it much better if Buffet hand not left the major bulk of his money to the Gates Foundation.

[UncleSepp]

81. You just might be going nutso.

The foundation's for real. Just because some things that look good are scams doesn't mean all things that look good are scams.

[President Kerry]

86. Well said..

And kudos to Buffett and Gates. With great wealth comes great responsibility, and they've stepped up.

[Skarbrowe]

114. I'll try not to be so nutso and accept that they are doing very good

things with their billions. I've had at least three people tell me that Bill Gates' wife is "nutso" :) in a great way for charity work. I think what happened was that I read some little something quite awhile ago somewhere and couldn't remember exactly what it was. It was about what Bill Gates was doing in Africa, I believe. The brain's getting old and it might have even been a flattering article. I was wrong!

I stand deservedly corrected.

[lostnfound]

91. Tie to pharmaceutical is desire to protect "intellectual property rights"

Those who believe in open source alternatives have a point.

Some good and some bad will come of this. But for sick people in poor countries this is probably a good thing, in the short term at least.

[Just Me]

116. Yes, he is a shrewd businessman but hasn't lost his sense of humanity.

He and his wife's foundation had done some of the most fruitful and contributory work towards addressing human misery and oppression of any I know.

[DuaneBidoux]

121. Just because Gates supported Bush I'm inclined to agree.

[Posteritatis]

28. The GF's done more to fight AIDS than several major countries

And that's just for starters.

He's announced an intent similar to this one, in that he wants to spend the rest of his life burning out the Foundation's fortune in as productive a way as possible. Basically, he's tangibly and measurably reduced the amount of agony on the planet since starting the thing, and wants to put the rest of his life towards continuing that.

Whatever I think of his past practices, I cannot fault that kind of goal, or folks who want to pitch in somehow.

[jwirr]

63. Hasn't Bill Gates just retired for running Microsoft to take complete

control of this foundation?

[Posteritatis]

64. AFAIK, yeah. (n/t)

[LifeDuringWartime]

92. he's not retired yet

will be phasing out his direct involvement with Microsoft until 2008. at that point he will be spending most time on the foundation, and i think consulting for MSFT

[Thickasabrick]

29. I'm unfamiliar with the "tax dodge" story. His foundation has

played a tremendous role in health care for third world countries, most importantly free vaccines to children. I have only heard good things about his foundation and if Buffett thinks it's a smart move - who am I to argue with the world's smartest investor?

[lumpy]

33. Here is info re. the Gates foundation

http://www.gatesfoundation.org/default.htm

The internet is a great place to gain an education

[SoCalDem]

51. Too bad he doesn't use part of it to BUY some media outlets

whose mission is to TELL THE WHOLE STORY....

and I would also love it if he bought the electronic voting machine companies and cleaned up their plans..or eliminated the voting parts completely..

or if he bought Clear Channel and made radio decent once again ...

Gates seems to have a handle on his charity..Buffett could have done more with his..

We have thousands of crumbling schools that could have used some of his largesse..

A foundation to pay for college for middle class kids who are squeezed out of higher education would have been a nice place to start...

I like it when super-rich people donate lots ot charity, but I wish they would spread it around a bit more

[The Brethren]

59. I applaud his charitable goals

However, I also agree with the ideas mentioned by SoCalDem. As well adding charity to help the millions of Americans who can't afford health insurance whatsoever. Technology is wonderful, I'd be one of the first to praise how important it is, but if you need medical assistance, esp. for serious issues, having a computer or access to one does not take the place of medical care.

It's his money to do with as he wants, but as SoCalDem said: "I wish they would spread it around a bit more"...and closer to home, right here in the U.S.

[pnwmom]

60. The issue of world health is much more important to the

foundation these days than technology issues. For example, they're supporting researchers who are working toward vaccines. Read the info at the foundation website.

[President Kerry]

87. surely you can't expect ONE person

to solve all the world's problems. He's doing what he can, and for that we should be grateful. The money in the Gates foundation isn't enough to give every kid a vaccine. It's a monumental task they're doing something about. As for those other things, they're either the responsibility of PAC's, politicians, or less influential local charities.

[Zynx]

131. Bill Gates gives away over $1.5 billion a year.

He has bought millions of people AIDs medications and given many poor schools new computers and textbooks.

[Midlodemocrat]

5. He is an inspiration. And, a dem. IIRC.

His granddaughter was on Oprah not that long ago talking about how he paid for college, but that is it. She is currently working as a nanny for a couple in SF who are nowhere near as wealthy as her family.

He still lives in his relatively modest house in Omaha.

[Omaha Steve]

8. The Omaha papers version

Yes Warren is a pro choice Democrat!

http://www.omaha.com/index.php?u_pg=46&u_sid=2195845

Published Sunday
June 25, 2006

Buffett to give most of his fortune to Gates Foundation



Warren Buffett will give most of his $44 billion fortune to the Bill & Melinda Gates Foundation, changing his plans to help mankind through his own foundation after his death.



Warren Buffett

In a Fortune magazine interview with editor Carol Loomis, a longtime friend, Buffett said he will start giving away 85 percent of his wealth, or about $37 billion, in July. For decades, his plan had been to leave shares of Berkshire Hathaway Inc. to his own foundation after he dies.

Fortune?s online edition said Buffett will gradually leave about $31 billion, or five-sixths of the donated shares, to the Gates Foundation, which already has $30 billion from Gates, another Buffett confidante.

"I know what I want to do," Buffett told Loomis, "and it makes sense to get going."

The donations will take years and follow a plan set by Buffett to allow the Gates Foundation to "immediately and permanently expand its activities," Buffett said in a letter to the foundation.

"My doctor tells me that I am in excellent health, and I certainly feel that I am," Buffett said. He said the donation plan would continue if he is unable to make such decisions, and he plans to write a new will that would make the contributions if he dies.

Buffett also indicated that he would continue running Berkshire Hathaway as before and said he expected the company "to become ever-stronger and more profitable as it makes new acquisitions and expands present businesses."

- Steve Jordon

[Joe Chi Minh]

45. What moving humility, too. giving it to another rich guy's

foundation. That's not characteristic of the business world at all.

[pnwmom]

61. I was struck by that, too. A lot of men would want to have their own

name attached to the funds, but he didn't even do that with the rest of his charities -- he put the major fund into his wife's name.

[President Kerry]

88. sorry.. misread your post.

Agree completely.

[keopeli]

9. Bravo, Warren Buffet! Bravo!

[NJCher]

10. smart move

Do it while he's alive and healthy. Avoid lawsuits by family after he's dead.




Cher

[fishwax]

13. fortunately, I don't think lawsuits will be a problem

He's giving the money to 5 foundations, one each headed by his three children. Also, this donation is specific to his shares in Berkshire-Hathaway--he said he's got some other cash on the side that will allow him to take care of his loved ones :) He also said that all of his children were consulted and have been enthusiastic about the plan.

Also, he had interesting things to say about his philosophy of providing for children, and how the children of rich parents already benefit from the access and advantages they are born into. They don't need cash on top of that: http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=2355707&mesg_id=2355759

[fshrink]

11. Just common sense.

No individual needs that amounts of money. You can't even spend it.

[fishwax]

12. A great quote relevant to the estate tax from the accompanying interview

Certainly neither Susie nor I ever thought we should pass huge amounts of money along to our children. Our kids are great. But I would argue that when your kids have all the advantages anyway, in terms of how they grow up and the opportunities they have for education, including what they learn at home - I would say it's neither right nor rational to be flooding them with money.

In effect, they've had a gigantic headstart in a society that aspires to be a meritocracy. Dynastic mega-wealth would further tilt the playing field that we ought to be trying instead to level.

[davekriss]

15. Amen!

A rich man with a soul!

[ShortnFiery]

32. And if any rich man could "pass though the eye of a needle" ...

This dear man will have a place in Heaven. :applause:

[kestrel91316]

78. Sounds like some COMMIE PINKO to me!!!!!!!!!!!!!!!!!

Somebody needs to remind him it's his sacred duty according to Jeebus to give it ALL to his kids, tax-free.

[Posteritatis]

113. He might have a broader definition of "his kids" than most of us. ;) (nt)

[Kber]

102. I think it was Warren Buffet who said

he wanted to leave his kids enough money so that they could do anything, but not so much that they could do nothing.

[fishwax]

110. yep, that was him

And his kids, apparently, have done pretty interesting things. One son is a prominent conservationist, one an award-winning composer. I'm not sure what the daughter does. But all three head up charitable foundations which will be receiving sizable chunks of B-H stock in the future :)

[babylonsister]

16. Gates' Statement on Buffett's Announcement:

http://www.gatesfoundation.org/AboutUs/Announcements/Announce-060625.htm

Statement on Warren Buffett’s Announcement

Bill and Melinda Gates made the following statement about today’s announcement by Warren Buffett. View printable version

“We are awed by our friend Warren Buffett’s decision to use his fortune to address the world's most challenging inequities, and we are humbled that he has chosen to direct a large portion of it to the Bill & Melinda Gates Foundation.

Over the past 15 years, we have enjoyed a special friendship with Warren, and his advice has had a major influence on us. Warren has not only an amazing intellect but also a strong sense of justice. Warren’s wisdom will help us do a better job and make it more fun at the same time.

The impact of Warren’s generosity will not be fully understood for decades. As we move forward with the work, we do so with a profound sense of responsibility. Working with Warren and with our partners around the world, we have a tremendous opportunity to make a positive difference in people’s lives.”

Read more about the announcement on Fortune.com.


###
Bill & Melinda Gates Foundation
Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to reduce inequities and improve lives around the world. In developing countries, it focuses on improving health, reducing extreme poverty, and increasing access to technology in public libraries. In the United States, the foundation seeks to ensure that all people have access to a great education and to technology in public libraries. In its local region, it focuses on improving the lives of low-income families. Based in Seattle, the foundation is led by CEO Patty Stonesifer and Co-chairs William H. Gates Sr., Bill Gates, and Melinda French Gates.

[Amonester]

27. Minimum wage workers and 40 million + uninsured should be

included in the definition of 'third-world countries' because, if these good people only improve the lives of the poor in the local region, what's the 50+ other regions inside the US to ever get? (Note that I wrote "these good people" because I more than applaud their generosity.)

"In developing countries, it focuses on improving health, reducing extreme poverty, and increasing access to technology in public libraries. In the United States, the foundation seeks to ensure that all people have access to a great education and to technology in public libraries. In its local region, it focuses on improving the lives of low-income families."

There is an awful lot of 'extreme poverty' inside the US, IMHO, to the point 'developing countries' should include us.

[NYC]

39. I do wish those people would get included.

Maybe Warren Buffett will do something that will help the local poor. I fear they are overlooked because we tend to pretend such poverty doesn't exist in the U.S.

[frankenforpres]

41. same dollar helps more elsewhere

if looking to do the most good without appeals to nationalism

[pnwmom]

58. We do have a number of other billionaires, too, who could focus

their efforts on other parts of the country.

[Xithras]

70. No, we really don't have that kind of extreme poverty in the US.

Living on minumum wage or welfare in an American slum is a pretty horrendous experience, but it hardly compares to the abject poverty that much of the third world lives in. Look at the shantytowns of Columbia, the Brazilian forest villages, or the slums of Rio or central Africa if you want to see where this money is going. There are billions of people on this planet who live in homes with dirt floors, built out of whatever scrap they could come up with, without even the most rudimentary educational systems available. People who have no electricity, no running water, and no toilets or sewage systems. If they're lucky, these people might see a real doctor two or three times IN THEIR LIVES, and most have no clue what "prescriptions" are...much less how to get one.

There is poverty in the US, but even the poorest Americans are relatively wealthy by global standards. Even our homeless tend to have better healthcare (free clinics) and food (soup kitchens) options available to them.

Most Americans don't know what real poverty is until they leave the US and visit the slums and backwaters of the third world. If you disagree, I ask you to answer this one question: Cite three children in the US who have died of starvation in the past year. Just three. Now consider the fact that there are villages in Africa that lose that many kids in a week. How can they be compared?

When money is given to fight poverty, it is most humane to send it to those who need it the most, and who have the fewest options available to them. The reality of American wealth is such that MOST of that money will have to leave the US to really help the world. They need it more than we do.

[UncleSepp]

82. My cousin's wife used to live in a dirt floored lean-to

It was attached to a trailer, and a step up from where she lived before moving into the lean-to. The trailer didn't have electricity. So yeah, I know what you mean about no electricity, no toilets, no sewage, dirt floor poverty.

Except that this was in America.

I did live for a while in one of those towns, like the ones you're probably familiar with. There were million dollar homes on golf courses in one place, and in another, tar paper shacks in a muddy hollow that would flood when it rained and then breed mosquitoes. It wasn't a big city, like Rio, with its contrast of glitter and grime. It was a small town.

A small town in America.

It's ok. Most people don't know that such poverty exists in America, because they haven't seen it. People in my family, in recent times, have been that poor. Third World poor. Desperately poor. And almost completely invisible, because "that kind of poverty doesn't exist in America". You have to see it to believe it, I guess. I can't fault you for not having seen it, but maybe you can believe me when I tell you that I have.

[Amonester]

122. In the name of all the ones who suffer in America, thank you

for this post. May real change (a shrinking gap between the richest and the poorest everywhere, including inside America, instead of a widening one as is the case since, at least, six years) come. Unfortunately, it will not come as long as these Republican thieves succeed at stealing and killing the lower classes.

[UncleSepp]

123. I sure hope so

You know, one of the priceless heirlooms in my family is the pitcher that was once used to draw water from the stream outside the company house my mom's family lived in. My mom remembers the day she got her first toothbrush - she was older than 10 years. She also remembers her older sister making soup out of garbage. Poverty in America was real, and is real. In our family, we've climbed out of it, generation by generation. May the means to work up and get out always exist, and may no one, American or otherwise, have to feed their kids soup made out of garbage.

[LiberalinNC]

17. Many rich folks could learn by his example.

:applause:

[AAARRRGGGHHH]

18. Buffett has always been somewhat of a hero of mine

Kudos to him on his unbelievable generosity.

[berni_mccoy]

19. Rarely will a Rich Man enter the Gates of Heaven

Buffet and Gates are those rare exceptions.

[PassingFair]

31. Gates is a non-theist, I don't know about Buffet.

The COOLEST thing about the Gates Foundation, is that
the money is given WITHOUT proselytizing.

They are not trying to buy their way into heaven,
nor are they demanding that the recipients bow
to another "god".

TRUE charity.

[eallen]

20. The Freeper wingnuts are ranting that real capitalists believe in freedom

You can read their comments here:

http://www.freerepublic.com/focus/f-news/1655421/posts

They're upset that Bill Gates and Warren Buffett and George Soros believe in human liberty and liberal causes. They can't understand why capitalists who have created billion-dollar companies don't think like a Bible-thumpin' yokels living in double-wides.

:rofl:

:hippie:

[stepnw1f]

25. Seriously... who cares

[ismnotwasm]

36. Eww.

Just. Eww

[serryjw]

38. I enjoyed that..thanks for posting

Are these people stupid? Abortion is the same as population control?

[CatholicEdHead]

49. That was an excerpt from a US Catholic Bishops release

Or actually a layperson working for them. This is where you take the embryo theory a bit too far.

This one also caught my eye:

If I were a billionaire, I would target my money at something beneficial to mankind that private industry could not do or would have a hard time doing, such as colonization of the moon or Mars for instance.
8 posted on 06/25/2006 1:24:49 PM PDT by StockAyatollah
< Post Reply | Private Reply | To 1 | View Replies >

[Kolesar]

105. The attorney totally dismisses the problems of overpopulation

Biographer Roger Lowenstein attributes Mr. Buffet’s interest in population control to a “Malthusian dread that overpopulation would aggravate problems in all other areas – such as housing, food, even human survival.” Human survival? Food, vaccines, clean water, education contribute to human survival. The groups he funds aren’t concerned with human survival. Their “services” are designed to kill off members of the next generation.

She does not address the issues of food supply that cannot be solved through some techno-fix like sanitation or medicine. Must be nice to be deluded.

[Kolesar]

103. OH Sen. Dewine said enviros want abortion as a means of population control

eom

[Aviation Pro]

62. That Freepmoron thread is definitely nominated as the....

...Moronland Thread of the Day. These people are pathetic and deserve their despair and pity parties. They are value useless and the sooner they fade into the sunset of their hatred the better.

[oasis]

73. One Freep is afraid too much will be spent on AIDs in Africa. Gimme

a freakin' break. :eyes:

[genieroze]

124. I'm sorry I can't go to that site, I feel my brain cells melting.

[skipos]

21. I hope he gives some $$$ to 06 dem candidates! nt

[fishwax]

23. I'm sure he will

He donated to several of the Dem presidential candidates in the primaries and donated to kerry in the general election in '04. :)

[Schema Thing]

22. I really think Americas Smartest, Richest, and Coolest, are trying to tell

the country something. Specifically to quit being so fucking meanspirited, and start thinking of the planet in terms of win/win situations.

First Bill Gates Sr. actively lobbies to try and defeat making the estate tax cuts permanent, and his son is on board. Then Bill Gates Jr. quits the biz world to spend his time, brilliance, and money on philanthropy. And now Warren Buffet announces he's giving 85% of his fortune to assist Bill Gates philanthropy.

Next thing you know, George Soros will be trying to elect democrats.

[ldf]

24. that's all fine and dandy

however, if the world goes to hell in a handbasket because citizens are not given the facts to make decisions about their governments, it may all end up being moot.

a nice, REAL "fair and balanced" news network would help much more in the long run.

too bad that when the opportunities arise, those rich democrats, again, refuse to step up to the plate.

:grr:

[stepnw1f]

26. Hats Off to the Man

He can donate a few thousand dollars to help me pay off my student loans. In return, I'd apply my creativity (art) to whatever he asked.

[nancyr]

30. Good for him!

Proof that occasionally there is such a thing as a billionaire with a heart. All his money apparently hasn't corrupted him....nice news for a change.

[Olney Blue]

34. Thank you for caring about poverty and disease, Mr. Buffett.

The Gates Foundation has been an important force in global health- now it can do even more.

[deadparrot]

35. Wow.

That's very generous of him. :hi:

[aquart]

37. Yet not, I think, to me.

[HeeBGBz]

40. Warren, darlin', how sweet

Now, if I could just make enough to pay my past dues, I could start afresh on trying to make it in the dawg eat dawg. A meager $20 thou would change my world.

My dawg has mustard on it and the hot breath of debt collectors is making the back of my neck fog up.

Hey you, get outa my dream.

[Raine]

42. *Sigh*

all that money to the same foundation, can't help but wish it was spread around more.

[fishwax]

44. it is being spread around

it's not all going to one foundation, but rather spread out over five foundations. He's putting most of it towards the Gates foundation because it is perhaps the only foundation in the world that could efficiently handle such a large gift. Other donations would (a) have to spend much of the money on building the infrastructure/administration that would be necessary to handle such growth and/or (b) have to sell the shares (the donations are of Buffet's stock in B-H, not in cash) in order to raise cash to distribute. Massive sales would lower the price of the stock, thus lowering the value of future donations. By giving the largest donation to GF, he makes sure the money is actually distributed rather than absorbed by the organization's growth, and helps to ensure that the stock value (and thus the value of future donations) is not depleted by massive sales.

[Posteritatis]

48. And the foundations aren't exactly hoarding it themselves. (n/t)

[Raine]

89. Yeah, after I posted that

I looked around and found out more about it and saw that it was going to be spread among some worthy causes. :thumbsup:

[applegrove]

43. Way to go. Man..the guy will fell rich in a few years.. when he really

sees what his money can do. Like the chef who volunteers to cook at the local homeless shelter.. the family that gives up their holidays for ecoevents.. the husband who takes two weeks off to work at a camp for kids with cancer... Buffet will feel like a really great human being in a bit. Glad he found his way.

[MrSlayer]

46. He can certainly throw a million or two this way.

I'll have to write a letter.

[bamacrat]

57. The best news to come out of the top 1%.......

ever, I think. Good for him, he'd pretty much to have to be a Dem to actually realize that with 40 billion dollars you can give a lil back.

[pooja]

66. Isn't it sad that at 41 billion, even he couldn't dent the national debt

Even if the rich were to die and give back their money and start the US at owing nothing, I don't think they would erase the debt.. maybe, but our wonderful govt would look at it like a surplus and spend it all on bridges in Alsaka.

[Posteritatis]

67. I'd be more worried

if the US had people wealthy enough that they could take a significant chunk out of the national debt.

[Lefty48197]

68. Forty billion: That's about $120 to each and every one of us

or a whole lot more to those that really need it...

[goforit]

69. Thats terrific, hope he comtemplates global warming as well.

[fishwax]

71. one of his sons is very active in coservation issues, and

I wouldn't be at all surprised if that sons foundation--to which some of this massive donation will go--is involved in global warming issues (though I don't know for sure).

[Rene]

72. Bill Gates and his foundation sickens me. He's spent a fortune

on Universities and funding College for young people all over the world.....but NOT in the United States. Bill Gates has led the Offshoring of our Technical Industry; the huge influx of visa workers to take our jobs....our wonderful middle-class jobs. Bill Gates funded the building of mammouth Office parks with all the latest technology - overseas...NOT in the United States.
It was American computer/IT industry that m a d e Bill Gates his fortune...and he turned around and has screwed every one of us AND our children't generation and beyond.

I blame Bill Gates and Michael Eisner/Disney for the loss of our Middle Class jobs....and our Manufacturing base...and our economic standing in the World.
THEY made all the fat cats rich in foreign countries and now the foreigners are buying up America's assets right out from under us.

[2020]

75. Bill Gates is a fine human being.

His foundation is doing wonderful things in the neediest parts of the world.

His corporation revolutionized the world by bringing incredibly powerful software to the public in 1995 at 1/10th to 1/4th the costs of previous inferior competitive products.

He's been a liberal his entire life.

One of the Clinton administration's biggest goofs was to bring an action against M$. If you look back at the stock-market charts, the date of the launching of that antitrust suit was the beginning of the tech bust.

Gates in no way began the outsourcing movement. In fact, M$ has done damn little outsourcing until now, when it announced recent moves to expand in India--moves initiated only after Gates stepped down.

It's easy to take pot shots and try to turn a big target into a scapegoat, as so many who have no real knowledge of this guy's record have. But Bill Gates will go down as one of history's greatest and most socially conscious entrepreneurs.

[Thickasabrick]

79. Well said! I've always been a big fan too.

[MUSTANG_2004]

112. "Fine human beings" don't illegally withhold pay from secretaries

When he was paying Steve Balmer $50K a year, he refused to pay his secretaries time and a half for overtime. They had to file a complaint to get him to pay what he owed.

From snopes.com:
"When it came to clerical help, Gates had been tightfisted beyond the bounds of the law. Overtime had always been paid on a straight-time basis, and though the rules affecting programmers might be debatable, the rules affecting clerical workers were not. Marla Wood and other office staffers had checked into the labor regulations and discovered that they deserved time and a half for overtime — currently and retroactively. When Steve Wood approached Gates about it, he agreed to start paying time and a half but insisted that back pay was out of the question. If the secretaries wanted to file a complaint, well, let 'em.

They did. When the state notified Gates that the back pay was due, it wasn't long before Marla Wood got the news:
Bill comes storming into my office saying he just had a phone call from these people, just livid. This was the one time I was really on the receiving end of one of his rages — I mean, just screaming about this and how it was going to ruin his reputation ... This would be on his reports forever and ever ... "

[FlaGranny]

76. Do you think he should help the least needy first and

the most needly last?

[jjrjsa]

77. This is good for...

The world's poor. :)

[President Kerry]

90. what a silly post.

Businessmen run businesses that hopefully are valued by customers. In a global economy, you have to run a VIABLE business if you want to stay in it. That's what the competitors are doing. If it weren't Microsoft, it would be some other company, possibly a foreign company. Microsoft a company has done a WHOLE lot of good to society. And Gates keeps doing it as an individual. Good for him.

[rman]

98. what a silly post

A business has to be viable regardless of a global economy.
MS is in effect no longer an American corporation, it is a transnational corporation, and most of the "good" that it does ends up in the pockets of its CEOs and shareholders. And one of the ways in which these big corporations do good is by outsourcing jobs to where wages are lowest - the only way for Americans to compete with workers in low wage countries is to be satisfied with a few bucks a day and no benefits.

[President Kerry]

120. MS is a pretty exceptional business whose accomplishments

in setting an IT standard have not been repeated. As a user of software you're reaping the benefits of MS being in business. If it were held to a higher standard there would be no MS Office or Windows for you to enjoy and probably use in your own biz/occupation. If you don't like the game, don't blame the player.

[rman]

130. The players of this game make the rules -

it's called "lobbying" and "corruption".
So there's plenty reason to blame the players.

MS is not exceptional wrt outsourcing of jobs:

Wednesday, June 16, 2004
Microsoft outsourcing high-end jobs, union says
WashTech cites work documents it received
By TODD BISHOP
SEATTLE POST-INTELLIGENCER REPORTER
http://seattlepi.nwsource.com/business/178021_msftindia09.html


Monday, August 08, 2005
Microsoft Outsourcing More Jobs
By Mary Jo Foley
http://www.microsoft-watch.com/article2/0,2180,1845138,00.asp

[Zynx]

119. That's a rather disgusting, base post. Go back to Loudobbs.com

[Zynx]

132. Yes Lou Dobbs.

I guess the people of Latin America and Asia don't deserve to have a high quality of life either, huh?

Besides, he has spent hundreds of millions if not billions on OUR public schools.

[w4rma]

74. He could do *alot* more with his money through politics and the media for

those very same people.

[Ilsa]

80. Sign my kid up! We need donations to the cause of the next evolution

of humanity as sooooooooo kids mis-evolve with autistic traits.

How about a special gift to Special Education and research?

[UrbScotty]

83. If only Dick DeVos would do the same (nt)

[samsingh]

84. he should buy a televison network and make information flow

honestly and accurately.

[Cookie wookie]

93. agree. But the fight for democracy

via a free press in the US isn't that important, obviously. It's more important to put computers in libraries around the world. Then when the fascists have complete control, people can amuse themselves with writing nothing that will offend the powers that be on outdated computers that they aren't allowed to connect to the internet, aka China.

[rman]

94. That leaves him a meagre 6.6 Billion

The guy is going to be poor.

Just to put things in perspective.

[Nihil]

96. Let me guess ...

... you're a gift horse dentist in your spare time?

Fine, so he has $6B+ left for himself & his own.
The $40B+ that he's giving to benefit those less fortunate
than himself is more than any other person in his league
has done (with the possible exception of the ongoing Gates
trust work).

Talk about ungrateful ...

[rman]

97. What all in his league have done,

is steal most of that wealth from the less fortunate to begin with.
And now we should be grateful for one of them giving some of it back?


Wealth Distribution Statistics
http://www.cooperativeindividualism.org/wealth_distribution1999.html

The United Nations Development Program (UNDP) reported in 1998 that the world's 225 richest people now have a combined wealth of $1 trillion. That's equal to the combined annual income of the world's 2.5 billion poorest people.

The wealth of the three most well-to-do individuals now exceeds the combined GDP of the 48 least developed countries.

While global GNP grew 40 percent between 1970 and 1985 (suggesting widening prosperity), the number of poor grew by 17 percent.

Although 200 million people saw their incomes fall between 1965 and 1980, more than 1 billion people experienced a drop from 1980 to 1993.

<more>

[Nihil]

107. Yes

> What all in his league have done,
> is steal most of that wealth from the less fortunate to begin with.

Agreed. I am not disputing that they acquired that wealth through
exploitation, greed and a total lack of consideration for their
fellow occupants of this planet - human or otherwise.

> And now we should be grateful for one of them giving some of it back?

Yes as it marks a turning point for him, one that is beneficial to all,
and may also herald a change from others.

It might just be a flash in the pan but it may be a recognition (belated
or not) that there are better things to do with money than just hoard it.
Here's hoping that some of the other billionaires will take his lead on
this subject as they have in so many others.

(FWIW, I've not forgotten that Warren Buffet hosted that "coincidental"
meeting on September 11th 2001 either ... but that is a different kettle
of fish ...)

[rman]

111. All fair points,

I admit this is a possible cause for some optimism regarding 'change'.

Still i do think it is important to put these things in perspective - i think it may help to contribute to change if more people realize just how great the discrepancy of distribution of wealth currently is, and how it is created.

And i can't help but be suspicious of ulterior motives for this giving away of a significant fortune.

As Noam Chomsky puts it: "...A large part of the corporate effort to appear benevolent is to make sure that - you can read it in court decisions - 'an aroused population will not take away their rights'."

I find that it's usually better to err on the side of paranoia. So i can't bring myself to being grateful to Buffet personally.

[nick303]

125. What would it take from him to make you happy?

It's not a fixed pie, one does not have to lose for the other to gain. There are people out their who have gained wealth through corruption, but I think the accomplishments of Gates and Buffet already speak for themselves, and a reasonable person would have a hard time denigrating them. That they are giving back what society willingly chose to give them is admirable.

[rman]

129. he doesn't have to make me happy

[Zynx]

133. Bill Gates and Warren Buffett stole?

Both of them made all their money off increasing stock prices, never significant salaries that deprived workers.

[HB1]

95. That's great!

Glad he's made the decision to help! :applause:

[Maraya1969]

99. I love it that the wealthy are starting to give as much as the middle

class and poor - percentage wise. They are learning a big lesson. I heard Jane Fondaon some talk show saying that her then husband
Ted Turner thought Forbes should include: The cheapest of the most wealthy along with a list of the most wealthy in their magazine.

[screenplaya]

100. This much wealth in anyone's hands

is going to cause problems. Bill Gates cheated his way to billions by using monopolistic techniques to lock PC vendors into contracts. We can't trust Bill Gates not to cheat. The fact that he is allegedly giving away the majority of his wealth shows tremendous guilt on his part.

[robinlynne]

101. It is wonderful. but couldn't they take some of the money and build

homes for the homelss here/ or set up a free hospital, or buy a piece of land and give it to poor people to farm. I keep wishing Ted turner would fund another tv station. I understand that Africa needs it more, but so much neeeds doing....

[Bandit]

104. He will only be left with four billion, how will he ever manage?

I wish he would give some of that money to restore an honest government but Bill Gates needs it I'm sure...

[Joanne98]

106. Warren Buffet and George Bush ended up in the same place...

On 911.......Did we ever figure this one out?

So where was Warren Buffett the morning of 9/11 and what was he doing?

Mr. Buffett was reportedly at his home in Omaha, Nebraska watching TV when he heard about the terrorist attacks. He was getting ready to host his "last annual golf charity event" which just happened to be at the U.S. Strategic Command headquarters located at Offutt Air Force Base in Omaha. Offutt AFB is, coincidentally, where President G. W. Bush flew to on Air Force One later in the day for "safety". This early golf charity event hosted by Mr. Buffett was to include celebrities, professional athletes, and a small group of business leaders in which one of these business leaders became a very lucky person.

I wear my tin foil all the time.

[superconnected]

115. Yeah, Bill needs your money.

Lets all send cash to the wealthiest man in the world.

Okay, I know the Gates foundation is great with philanthropy. I just wonder what made Buffet decide to do this. The last articles I've read on him - admittedly when he was with schwartzeneggers team focusing on californias finances, I didn't trust him and he (Buffet) sounded anything but a philanthropist. Infact he was in Barrons a few years back he was saying the was trying to convince the president to make americans buy mandatory terrorist insurance.

I'm for insurance but not when it's mandatory.

So what happend to this dem who appears to me as being corrupt as hell, and his insurance monopoly and their price fixing, as well as all his hospital bartering to keep prices high without insuarance? He probably got visted by the ghost of christmas past.

I don't know what else could explain it. He price gauged the medical industry.

[fishwax]

118. he's always been very clear that he planned to give the bulk of his estate

to philanthropic causes when he died. He's been saying that for years. What he's decided now is to give it away before he dies. There were a couple of reasons for this. One was the death of his wife a couple of years ago--he had always imagined she would be the one to distribute his estate to philanthropic causes once he died. The second was the realization that the Gates Foundation could actually handle the kind of wealth he would be donating and distribute it efficiently, unlike any other organization in the world. His wife's foundation, for example, would have to spend much of wealth from the donation on the administration and infrastructure required to handle such a large amount of wealth, and so the money would not be distributed as efficiently.

I don't know anything about him calling for mandatory terroorism insurance. I do remember him talking about how a worst-case scenario terrorist attack could basically bankrupt the insurance industry, and that only the government could absorb the kind of risk involved in terrorism insurance.

I also remember him being an outspoken critic of bush's tax policies from the beginning of the administration, whether he was opposing bush's income tax cut, the proposal to end the tax on dividends, or the attempts to gut the estate tax.

[olddad56]

117. could this be a tax scheme?

I have a girlfriend with wealthy parents (yes she is spoiled with no real ambition). Her parents are donating all of their money to a foundation of some sort so that over time, their heirs will escape paying any inheritance tax on the money. I guess that it will eventually be repaid to the heirs. Not sure how all of this works.

[Sgent]

127. There are some schemes

that avoid paying inheritance taxes... but this isn't one of those (according to the pledge letter).

There are some methods (charitable remainder trusts, family limited partnerships), that could reduce inheritance tax on millions or 10's of millions. But 100's of millions and more wouldn't pass the smell test (or the products needed wouldn't be available) as many require life insurance.

[Bigmack]

128. One of the local dumbshit rightwingnut radio...

clowns was ranting that Buffet believes in the estate tax, but then his donation dodges that tax.

Yeah... and enlistment in the army is just a way to dodge the draft!

Dumbfuck! Giving the shit to charity isn't the same as leaving it to your genetic throwback offspring so they can develop their expensive hobbies and vices.

[Zynx]

134. Buffett's stuff can't be taxed anymore, except capital gains.

Besides, foundations must donate at least 5% of all assets per year.