I'm sure most of you have heard of this already. It's being talked about pretty thoroughly here, since Buffet lives here. I once saw Buffet eating in a Burger King, believe it or not. That was over 10 years ago.
Warren Buffet To Donate $37 Billion To Gates Foundation
June 26, 2006 2:22 p.m. EST
Julie Farby - All Headline News Staff Writer New York, NY (AHN)-Warren Buffett, the world's second-richest person, is donating about $37 billion-more than 80 percent of his fortune-to foundations run by his friend Bill Gates and by the Buffett family.
The announcement by the 75-year-old Buffett comes just days after Microsoft Chairman Gates said he would move away from his day-to-day role at the software giant to focus more on charity work, and highlights the close friendship of the world's two richest men.
According to the Reuters report, the 50-year-old Gates is a bridge partner of Buffett's and a director of Berkshire Hathaway, Buffett's investment firm. Buffett also serves on the board of the Washington Post Co. with Gates' wife Melinda.
According to Stacy Palmer, editor of the Chronicle of Philanthropy, Buffet's donation is the largest commitment to a philanthropic cause ever made by one person in the United States. Palmer says, "Even if you look at what (John D.) Rockefeller and (Andrew) Carnegie gave historically -- even if you do it in today's numbers, it doesn't come close to that."
The Gates foundation is one of the world's richest philanthropic organizations-committing millions of dollars to fighting diseases such as malaria and tuberculosis in developing countries, and to education and library technology in the United States.
According to Forbes magazine, Buffett, chief executive of Berkshire Hathaway, is worth an estimated $44 billion, making him the world's second-richest man behind Gates, who is worth about $50 billion.
In a letter to Gates and his wife, Buffett writes: "You have committed yourselves to a few extraordinarily important but underfunded issues, a policy that I believe offers the highest probability of your achieving goals of great consequence."
I read about this today and it really is instilling my confidence in the social responsibilities of America's wealthiest citizens.
What's interesting is that a philanthroper will often want to create his own foundation for reason of having a legacy and namesake put to the charity, but here he just forks some over to Bill Gates and says do what you want; it's great. Way to go Warran and Bill
Coppermine wrote:I read about this today and it really is instilling my confidence in the social responsibilities of America's wealthiest citizens.
What's interesting is that a philanthroper will often want to create his own foundation for reason of having a legacy and namesake put to the charity, but here he just forks some over to Bill Gates and says do what you want; it's great. Way to go Warran and Bill
I believe he does have his own charity, but he felt Gates and his wife could use it to do more for their foundation. He is a good guy. He has a very modest house in midtown Omaha.
I just heard an extensive report on NPR; Buffet does not have his own charity or foundation per se, nor did he want one simply because he did not want to have to spend time doling out his money and worrying about the insecurities of a new foundation. Instead he is giving well over 80% of his entire fortune to Bill and Melinda Gates, with the rest being divided equally to the four charitable foundation his children run. He did explicitly say that very little money will be going to his children, as he is a firm believe in people generating their wealth. Buffet is also an admirer of Andrew Carnegie who once said that money generated from society should be returned to society.
This is such amazing news; Bill and Melinda Gates have already effectively saved millions of lives throughout the world from vaccinations alone. They also contribute heavily to education here in the United States.
Lofunzo wrote:Why can't Gates just donate to his own charity and then Buffett could donate to another?? That way, 2 charities benefit.
Gates' foundation is pretty widespread and is the most philanthropic in the country. Buffett specifically gave it to the Gates foundation because was sure it would go to the right causes and organizations.
When it comes to charity, it's not the charities that benefit, but those receiving it. I personally believe quite strongly in what the Gates Foundation does; saving lives, helping those less fortunate, feeding the hungry, vaccinating the sick and improving educations here at home.
Lofunzo wrote:Why can't Gates just donate to his own charity and then Buffett could donate to another?? That way, 2 charities benefit.
Gates' foundation is pretty widespread and is the most philanthropic in the country. Buffett specifically gave it to the Gates foundation because was sure it would go to the right causes and organizations.
When it comes to charity, it's not the charities that benefit, but those receiving it. I personally believe quite strongly in what the Gates Foundation does; saving lives, helping those less fortunate, feeding the hungry, vaccinating the sick and improving educations here at home.
The Gates' Foundation is probably the only charity organization that can even handle the huge influx of money.
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by Omaha Red Sox » Mon Jun 26, 2006 4:06 pm 
