Posted on 06/23/2021 7:35:37 AM PDT by SeekAndFind
Warren Buffett said he is stepping down from his role with the Bill and Melinda Gates Foundation, noting in a statement that he has been an "inactive" trustee of the organization. His decision to step down comes at an uncertain time for the foundation as the Gates last month announced they are divorcing after 27 years of marriage.
"For years I have been a trustee — an inactive trustee at that — of only one recipient of my funds, the Bill and Melinda Gates Foundation (BMG)," Buffett wrote in the statement. "I am now resigning from that post, just as I have done at all corporate boards other than Berkshire's," or Berkshire Hathaway, the company which Buffett helms.
The 90-year-old billionaire on Wednesday also said he has given away $4.1 billion's worth of Berkshire Hathaway shares as part of his goal to donate 99% of his fortune. With the most recent donation, Buffett said he is "halfway there," and he shared his thoughts on wealth and philanthropy in the statement.
"Over many decades I have accumulated an almost incomprehensible sum simply by doing what I love to do," Buffett wrote. "Compound interest, a long runway, wonderful associates and our incredible country have simply worked their magic. Society has a use for my money; I don't."
He added that philanthropic donations are now a "hot topic" due to the tax benefits that the wealthy accrue from such gifts. Buffett said that he believes Congress should revisit tax policies for donations, an issue that is part of a wider discussion of tax breaks for the wealthy. Earlier this month, a ProPublica report found that the richest 25 people in the U.S. have a "true tax rate" of almost nothing, including Warren Buffett.
(Excerpt) Read more at cbsnews.com ...
Let me make a wild speculation at this turn of events...
Melinda Gates reportedly divorced Bill over his friendship with Jeffrey Epstein, something that Buffett has been mum about - though Warren Buffett was never tied to Epstein like many other titans of American business and finance have been. But Buffet doesn’t want his name associated with this potential mess.
Bttt
I suspect that you’re right. Old Warren didn’t get where he is by being stupid. He sees something on the horizon that he’s trying to avoid. He likely doesn’t want to be in a position of voting (or not voting) to oust Bill Gates from the foundation when the s-— really hits the fan about Gates’ pervy behavior.
He may not be stupid at making money but he sure is at giving it away.
Donating your money to “charity” is a hollow act if you aren’t wise about where you donate it. Better to leave it in the productive sector.
Warren, one of the best uses of your money is doing what you have done so well, investing in productive enterprise. We need a lot more of that.
Interesting!
Here's a better one: Warren is 90 years old. I think he's preparing for the end.
Does funding and support of the Wuhan Chinese bio weapons lab effect Warren Buffett’s decision?
The moment Warren dies he will be worth zero dollars.
RE: The moment Warren dies he will be worth zero dollars
That is the fate of every human being. I am more interested in seeing what happens to his enormous wealth.
How much of that will Uncle Sam get his hands on?
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