Warren Buffet to give away his fortune… to Bill Gates
June 25, 2006 at 3:06 pm (J333)
This interview is better than reading a good management book:
What is the significance of your going on the board of the Gates foundation?Not much. The biggest reason for my doing that is if they were ever to go down on an airplane together. Beyond that, I hope to have a constructive thought now and then. But I don’t think I’m as well cut out to be a philanthropist as Bill and Melinda are. The feedback on philanthropy is very slow, and that would bother me. I’d have to be too involved with a lot of people I wouldn’t want to be involved with and have to listen to more opinions than I would enjoy.
That’s a straight shooter.
Yo, nonprofit fundraisers, check this:
And frankly, I have some small hopes that what I’m doing might encourage other very rich people thinking about philanthropy to decide they didn’t necessarily have to set up their own foundations but could look around for the best of those that were up and running and available to handle their money.
In the same way some talk about moving from individual blogs to team blogs, Buffett describes foundations coming together, rather than doing it on their own. This sounds different from the Community Foundation model. In that model, the donor still designates where their particular funds get allocated. Buffett says just turn it over to key people who you really trust. Interesting. We’ll see if it becomes a trend.
djchuang said,
June 27, 2006 at 11:12 am
The other thought that I had reading your excerpt, (and along with you, I’m tuned in to this earth-shattering news) is that Buffett’s desire for quicker feedback on philanthropy can be easily put in place by using instant communication methods like blogging and web-based collaborative reporting dashboards. There’s no reason why philanthropy feedback has to be slow, no reason at all!
Samurai Theolgian said,
June 27, 2006 at 10:51 pm
Too bad Buffet’s contributions are an example of his hypocrisy. He’s an avid supporter of the estate tax. But, when it comes to his own money, he’s ensuring that the government doesn’t see any of it.
If he was on the outside looking in, he’d probably say that this person is keeping the poor poor. What should the solution be? More taxes of course (so long as the shelters remain for the truly rich).
Nate said,
June 28, 2006 at 6:10 pm
Samuria,
How’s Buffet exercising hypocrisy here? The estate tax is weak right now, right? By giving so much to the Gates Foundation isn’t he enacting his own estate tax on himself? It’s not like he gave it to his family, or to his own foundation, or something, right? And if the estate tax were stronger, but you didn’t trust the government to do something good with your money, wouldn’t philanthropy be an obvious way to go? Wouldn’t hypocritical be skirting around the estate tax so as to get your money to your family without being assessed–how’s that the story here?
Confused,
Nate
Samurai Theologian said,
June 28, 2006 at 6:48 pm
Hi Nate,
It’s Samurai, not Samuria.
The point is that Buffet is an avid supporter of the estate tax. In other words, he thinks the government should redistribute the wealth from the rich to the poor. He thinks the government should be trusted to do this. But, when it comes to his own money, he wants to MAKE SURE (check out his conditions re: his donation to the Gates Foundation) the government doesn’t touch it.
Oh, and he has indeed also contributed to the foundations his children are employed at, insuring they have plenty of money that won’t be taxed.
I’m not saying that Buffet is wrong for giving all this to charity. I applaud that. I’d do the same. I’m just pointing out it is far from consistent with his message. If he really thinks that government should redistribute wealth, then he should do his part. Not to is hypocrisy.
Nate said,
June 28, 2006 at 10:28 pm
Samurai (got it right this time),
Thanks for clarifying.
kchristieh said,
June 29, 2006 at 11:39 pm
Now that Larry Ellison isn’t giving to Harvard, will he give to Gates too? And, will the Waltons (Wal-Mart) be shamed into finally giving a respectable amount to charity? Stay tuned…hopefully!!
Samurai Theolgian said,
June 30, 2006 at 12:52 am
I wonder if those lefty profs who drove Summers out of Harvard will have to pick up the tab from Ellison’s withdrawal of his offer. That’d be poetic justice.
And, I know this is way off topic, but can’t Gates afford a decent haircut? Sheesh!