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BILL GATES 'CHARITY' FOUNDATION FINANCES NEWSPAPER PURCHASES
Drudge Report ^

Posted on 08/20/2006 4:39:01 PM PDT by Cedar

BILL GATES 'CHARITY' FOUNDATION FINANCES NEWSPAPER PURCHASES

The BILL & MELINDA GATES FOUNDATION declares its noble mission is to bring "innovations in health and learning to the global community."

But the world's largest philanthropic organization also is among the organizations that collectively loaned nearly $400 million to MEDIANEWS GROUP INC. -- for the acquisition of newspapers in California and Minnesota!

"I thought this foundation was all about starving kids, not starving newspapers," mocked one Seattle insider.

MORE

The GATES FOUNDATION loaned an unspecified amount to MEDIANEWS, along with GENERAL ELECTRIC.

In April, MEDIANEWS agreed to buy four newspapers, including the SAN JOSE MERCURY NEWS and CONTRA COSTA TIMES, from MCCLATCHY CO. for $1 billion. MEDIANEWS also bought California's MONTEREY COUNTY HERALD and the ST. PAUL PIONEER PRESS in Minnesota. It also own the DENVER POST.

The move into funding media acquisitions was unusual for the BILL & MELINDA GATES FOUNDATION, whose donations usually go to health and anti-poverty purposes.

In June, financier Warren Buffett announced he would donate an estimated $31 billion to the GATES FOUNDATION, bringing its total endowment to more than $60 billion -- which could easily save every newspaper in America!

Developing...


TOPICS: Business/Economy; Culture/Society; Extended News; Miscellaneous; News/Current Events
KEYWORDS: badinvestment; billgates; billgatusofborg; buffett; burkle; clinton; conspiracy; drudge; fundingtheleft; gates; gatesfoundation; liberalmedia; mcclatchy; medianews; microsophhhhhhhhht; newspapers; richandcorrupt; uselinuxinstead; warrenbuffett; yucaipa
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No wonder there are so few conservative newspapers.
1 posted on 08/20/2006 4:39:02 PM PDT by Cedar
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To: Cedar

But how much money will be needed to stop the hemorrhaging of readership? Better they throw money down this rat hole than something like Planned Parenthood.


2 posted on 08/20/2006 4:41:00 PM PDT by MichiganConservative (Government IS the problem.)
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To: Cedar
The move into funding media acquisitions was unusual for the BILL & MELINDA GATES FOUNDATION, whose donations usually go to health and anti-poverty purposes.

Scam artists.

3 posted on 08/20/2006 4:41:03 PM PDT by BigSkyFreeper (There is no alternative to the GOP except varying degrees of insanity.)
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To: Cedar
SAN JOSE MERCURY NEWS

Old Charitable Bill, looking for some favorable M$ news coverage in Silicon Valley.

4 posted on 08/20/2006 4:41:14 PM PDT by King Moonracer (Bad lighting and cheap fabric, that how you sell clothing.)
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To: Cedar

"Citizen Gates"


5 posted on 08/20/2006 4:41:21 PM PDT by leadpenny
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To: Cedar; Grampa Dave; Liz; Milhous

Yup.

"Warren Buffett announced he would donate an estimated $31 billion to the GATES FOUNDATION...

No wonder there are so few conservative newspapers."


6 posted on 08/20/2006 4:42:06 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: Cedar

He has to buy the print and video media to pimp the new operating system "Vista". Cannot do it without friendly media, users are too savvy to buy it without scrutiny. Has to own the media to get friendly writeups and reports.


7 posted on 08/20/2006 4:42:08 PM PDT by axes_of_weezles
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To: leadpenny

LOL


8 posted on 08/20/2006 4:43:47 PM PDT by Cedar
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To: Libertina; trustandhope; lonevoice; Paperdoll; Maynerd; Bobsvainbabblings; moneypenny; ...
Photobucket - Video and Image Hosting
Say WA? Evergreen State ping

FReepmail sionnsar if you want on or off this ping list.

Ping sionnsar if you see a Washington state related thread.

9 posted on 08/20/2006 4:44:39 PM PDT by sionnsar (†trad-anglican.faithweb.com† | Iran Azadi | SONY: 5yst3m 0wn3d, N0t Y0urs | NYT:Jihadi Journal)
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To: Cedar

Interesting. Have they been using the nonprofit tax code for their commercial activities?


10 posted on 08/20/2006 4:46:13 PM PDT by thoughtomator (Islam delenda est)
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To: thoughtomator
Interesting. Have they been using the nonprofit tax code for their commercial activities?,p>Exactly my first thought. We need to call up all Freeper attorneys with charity tax law expertise to learn some things.
11 posted on 08/20/2006 4:49:14 PM PDT by johniegrad
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To: johniegrad

Sorry for my HTML error.


12 posted on 08/20/2006 4:49:58 PM PDT by johniegrad
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To: freebilly; martin_fierro; EggsAckley; Carry_Okie; The Other Harry; cake_crumb; Seadog Bytes; ...

You all might be interested in this.


13 posted on 08/20/2006 4:53:10 PM PDT by hedgetrimmer
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To: thoughtomator
"Have they been using the nonprofit tax code for their commercial activities?"

Non profit foundations are usually required to dispense 5% of net worth (endowment) per year. Its hard to spend Buffets $31 billion + Gates zillions in one year. The rest has to go someplace. Prudent investments of the endowment are in order; in fact, fiduciarally required.

I'm sure the loan carries a proper return on principle.

yitbos

14 posted on 08/20/2006 4:56:32 PM PDT by bruinbirdman ("Those who control language control minds. " - Ayn Rand)
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To: Cedar

I smell a "charitable" Airhead America "bailout" in our future.


15 posted on 08/20/2006 4:59:17 PM PDT by FlingWingFlyer (Want to "feel safer?" Elect DemocRATS and then stick your head in the sand.- The DNC)
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Comment #16 Removed by Moderator

To: Cedar

I'm lost here....

Given the credit rating of the borrower, I'm thinking that this loan was simply an investment, much like stocks, mutual funds, and that mother of all loans, BONDS.

Yes, that's right... a BOND is simply a loan.


17 posted on 08/20/2006 5:05:38 PM PDT by TWohlford
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To: Cedar

While probably relatively few people were previously aware of this story it is not 'Breaking News'.

A quick google search shows that the Contra Costa Times published it on 8/11/06

http://www.contracostatimes.com/mld/cctimes/news/15250397.htm

"Gates, GE in on MediaNews deal

The financing package that MediaNews Group Inc. obtained to help in its purchase of the Times, San Jose Mercury News, and other papers includes perhaps the best-known name in Corporate America: Microsoft Corp. founder Bill Gates.

MediaNews obtained a financing package from a syndicate of lenders that enables the newspaper company to borrow up to $597 million to help finance its acquisitions, according to a MediaNews filing with the Securities and Exchange Commission. The syndicate of lenders includes the Bill and Melinda Gates Foundation, General Electric Capital Corp. and several financial and other organizations."

etc


18 posted on 08/20/2006 5:07:19 PM PDT by midway
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To: Cedar

If this foundation claims tax benefits due to charitable goals, then eligibility should be REVOKED.


19 posted on 08/20/2006 5:07:50 PM PDT by Tax Government (Defeat Islamic imperialists)
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To: hedgetrimmer

Making the move to Linux now.

20 posted on 08/20/2006 5:09:47 PM PDT by martin_fierro (< |:)~)
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