Posted on 08/04/2010 8:12:34 AM PDT by SeekAndFind
Thirty-four U.S. billionaires pledged Wednesday to give away at least 50 percent of their wealth to charity as part of a campaign by investor Warren Buffett and Microsoft founder Bill Gates.
Among the billionaires joining the campaign are New York Mayor Michael Bloomberg, entertainment executive Barry Diller, Oracle co-founder Larry Ellison, energy tycoon T. Boone Pickens, media mogul Ted Turner, David Rockefeller and investor Ronald Perelman.
Gates and Buffett launched "The Giving Pledge" in June to convince hundreds of U.S. billionaires to give away most of their fortune during their lifetime or after their death
(Excerpt) Read more at msnbc.msn.com ...
For your reference, here is what Warren Buffett wrote :
In 2006, I made a commitment to gradually give all of my Berkshire Hathaway stock to philanthropic foundations. I couldn’t be happier with that decision.
Now, Bill and Melinda Gates and I are asking hundreds of rich Americans to pledge at least 50% of their wealth to charity. So I think it is fitting that I reiterate my intentions and explain the thinking that lies behind them.
First, my pledge: More than 99% of my wealth will go to philanthropy during my lifetime or at death. Measured by dollars, this commitment is large. In a comparative sense, though, many individuals give more to others every day.
Millions of people who regularly contribute to churches, schools, and other organizations thereby relinquish the use of funds that would otherwise benefit their own families. The dollars these people drop into a collection plate or give to United Way mean forgone movies, dinners out, or other personal pleasures. In contrast, my family and I will give up nothing we need or want by fulfilling this 99% pledge.
Moreover, this pledge does not leave me contributing the most precious asset, which is time. Many people, including — I’m proud to say — my three children, give extensively of their own time and talents to help others. Gifts of this kind often prove far more valuable than money. A struggling child, befriended and nurtured by a caring mentor, receives a gift whose value far exceeds what can be bestowed by a check. My sister, Doris, extends significant person-to-person help daily. I’ve done little of this.
What I can do, however, is to take a pile of Berkshire Hathaway stock certificates — “claim checks” that when converted to cash can command far-ranging resources — and commit them to benefit others who, through the luck of the draw, have received the short straws in life. To date about 20% of my shares have been distributed (including shares given by my late wife, Susan Buffett). I will continue to annually distribute about 4% of the shares I retain. At the latest, the proceeds from all of my Berkshire shares will be expended for philanthropic purposes by 10 years after my estate is settled. Nothing will go to endowments; I want the money spent on current needs.
This pledge will leave my lifestyle untouched and that of my children as well. They have already received significant sums for their personal use and will receive more in the future. They live comfortable and productive lives. And I will continue to live in a manner that gives me everything that I could possibly want in life.
Some material things make my life more enjoyable; many, however, would not. I like having an expensive private plane, but owning a half-dozen homes would be a burden. Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.
My wealth has come from a combination of living in America, some lucky genes, and compound interest. Both my children and I won what I call the ovarian lottery. (For starters, the odds against my 1930 birth taking place in the U.S. were at least 30 to 1. My being male and white also removed huge obstacles that a majority of Americans then faced.) My luck was accentuated by my living in a market system that sometimes produces distorted results, though overall it serves our country well. I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions. In short, fate’s distribution of long straws is wildly capricious.
The reaction of my family and me to our extraordinary good fortune is not guilt, but rather gratitude. Were we to use more than 1% of my claim checks on ourselves, neither our happiness nor our well-being would be enhanced. In contrast, that remaining 99% can have a huge effect on the health and welfare of others. That reality sets an obvious course for me and my family: Keep all we can conceivably need and distribute the rest to society, for its needs. My pledge starts us down that course.
They could give away supposedly 90% of their wealth and they would still have armies of lawyers & accountants who will help to create tax free shelters & trust funds so that they never will need to worry about their own selfish desires being taken care of.
The billionaire club all supports left-wing, socialist, causes & agenda. They are pure bastards, every one of them, and bankroll 0b0z0 & his fellow demoRAT socialist-commie pigs!
These leftist ought to give their money to small businesses to help them overcome government obstacles and succeed in this socialist climate. Maybe by doing so they would create a few jobs!
Have you seen the house Buffett lives in? I think he really does believe in not living in the style that he could afford.
You’d think they kept their money in shoe boxes under the bed. How much of this wealth that “needs” to go to “charity” is currently creating and sustaining jobs?
I agree but it sure would be glad to have our children and grandchildren not worry about this horrible debt. I have four children but no grandchildren...oldest child is 12 but I know many on here have grandchildren and would love to have the debt be paid off so they won’t have too.
How about using it to open businesses to EMPLOY people instead?
Who the hell do Gates and Buffett think they are?
Trying to take credit for other billionaires who committ their wealth to good works?
What colossal arrogance!!
How do these 2 clowns think all of the great universities like Carnegie mellon were built?
What about the great libraries?
What about the great museums?
And these 2 spoiled nitwits think they have a corner on giving??
Most of their money will go to our enemies, or a good chunk of it will.
Screw them both!
And paid for a lot of the artwork in the Smithsonian. Paul Mellon, whose name is listed as the donor on many items, was his son-in-law.
Has it been proven beyond a shadow of a doubt that you can’t take it with you?
“Every working person in the USA “gives away” half their income every payday, thus ensuring that they will never accumulate any significant amount of wealth.”
Exactly correct and by design!
This is what MUST be changed.
Their new way to eliminate birth defects is to make sure defective babies don't get born. I was sad to have to cut them off.
Warren buffet owns insurance companies that sell death tax insurance.
If there is no death tax then there is no need for his “product”
He makes money by being conservative with money. While people panic they flee to his Birshire Hathaway shares for “security.” Just look at what he did with his class B shares when he did a massive split.
Bookmark.
But, my thought is “charity” could be to non profits that pursue the Marxist agendas. This could be a huge influx of money right before the elections to drive home the Socialist cause.
I doubt they are giving the money to churches or the Boy Scouts.
RE: Has it been proven beyond a shadow of a doubt that you can’t take it with you?
Story has it that before Alexander the Great ( who conquered most of the know world ) died, he instructed his coffin makers to bore two holes in his coffin.
His public funeral saw his two hands dangling out of his coffin — EMPTY.
Of course, that does not prove anything. He might have had a winged horse carry his gold ahead before him...
RE: Nice gesture for sure but I think their efforts are a bit misplaced.
I notice the founders of Google ( both Billionaires at very young ages ) did not sign on to this.
I also don’t see the name of Steve Jobs.
Wealth?? And Zero hasn’t gotten to it yet? They better get crackin’...
There’s some truth in that. Still, it’s theirs to do with as they see fit. I don’t begrudge a guy like Gates his money. He earned it on the up and up, and not I, the government or anyone else should benefit from the confiscation of those funds.
Now this isn’t a confiscation, but it’s still a fleecing. Gates is letting go because he feels guilty for having accumulated that much money.
Hell, good for him. More power to him and his family. I wish them well, and to spend every dime as they see fit.
Busy bodies and the government can go straight to Hades, not passing Go and collecting their pound of flesh.
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