Long Newshour segment: MegaRich Buffet Donates MegaBuck$ to MegaRich Gates

[omega minimo]

The upshot apparently that Buffet thinks Bill Gates knows how to "do philanthropy" better than anyone.

What do you think? If you were a philanthropist with MegaBucks$$$$$$$$$$ to share, what would you do with it? Give it to the richest man on the planet? Or................................

[dsc]

1. I sincerely hope they told the story better than you just did

First, he gave the money to the Bill and Melinda Gates foundation, not to Bill Gates. He also hasn't given all the money yet but is promising to do so over a certain number of years and after certain goals have been met.

Second, he had actually planned on having his wife oversee the dispercement of the money but she died a couple of years ago so that was impossible.

His reasoning was that the Gates foundation is well run and that instead of spending millions recreating that, he would use an existing structure. That is why I give money to my Church's Week of Compassion fund as opposed to just sending it to a random Indonesian when a storm hits.

[omega minimo]

5. It amounted to a big, long PR piece and the "upshot" was the point

I understand the rationale. It's interesting though, the notion of pouring more brazillions into the funnel already being operated by the richest man on the planet, when there might be OTHER ideas or opportunities out there in the world. Then there would be 2 huge foundations that "do philianthropy" well.

I was hoping to hear some other ideas folks here might do if they had the chance.

Why limit our imaginations to the fund that already exists OR (the intentionally snarky?) "a random Indonesian when a storm hits."

[OPERATIONMINDCRIME]

6. How DARE You Rely On Sound Logic And Rational Reasoning To Draw An

assessment! LOL

Actually, come to think of it, you're spot on.

[fishwax]

12. what's more, the value of his donation will likely GROW each year

The initial donation will nearly double the value of the largest philanthropic organization in the world. That's how big it is. But future donations will likely be even more valuable, because of how Buffett structured the gift.

The donation is in the form of Berkshire-Hathaway stock shares. The next year, the amount of shares will be reduced by 5%. BUT, if the value of the stock rises even 6% (a conservative estimate), then the second year's donation will be worth even more. Ditto on the third year and so on, as long as (a) there are shares left to give and (b) either bill or melinda is still involved with the gates foundation.

Pretty cool.

[Schema Thing]

2. If you read his thought process, it's pretty hard to fault it

And Bill and Melinda Gates ARE good at philanthropy.

Besides, you're being dishonest. Buffet did not give his money to Bill Gates. Full stop.

[OPERATIONMINDCRIME]

3. Mr Buffet Did A Tremendously Wonderful Thing. God Bless Him For It.

And Gates is a great philanthropist as well, but even regardless Buffet's money will most definitely go to good charitable causes and he deserves the highest of praise.

God bless him and god bless all of those that help the less fortunate.

I just sincerely hope you're not trying to search for flaw or reason to criticize a man who just donated billions to charity.

[OrangeCountyDemocrat]

4. He Also Favors The Estate Tax

Imagine that. When someone in the top 1 billionth of 1 percent says he believes the Estate Tax is fair and equitable, then you know you're dealing with something special.

Not all rich people are evil repubs. I'd bet he's not actually, and even if so, he is smart enough to know what makes sense and what doesn't. He's also not overtly greedy or cocky.

[omega minimo]

7. Maybe getting that rich sucked up all his ideas and he couldn't

think of anything else to do with the $$$$$$$$$$$$$ :evilgrin:

[OPERATIONMINDCRIME]

8. How In The World Could You POSSIBLY Be Bitter About Someone Donating 31

BILLION dollars to charity and for the benefit of the human race. I mean seriously, are you for real???? What exactly does it take for you to not friggin be bitter?

[OwnedByFerrets]

9. I am just so glad that someone is willing to GIVE

away all that money to wonderful causes (like curing aids) rather than hording it all, (like shooter-chaney) would do. When is the last time you heard of any of the rich administration shits giving away ANY of their own money.

[lumpy]

43. Just what are your ideas for giving billions

of money for the good of those that really need help, omega?

[omega minimo]

45. Gee, last night I thought it might be fun to play with ideas

It seemed to just threaten those who identify with the MegaRich (maybe that's easier than having ideas?)

As you can see, the professional bully showed up here-- I've had enough of that for one thread, thank you.

Good luck winning the Lottery!! :hi:

[Deja Q]

16. I must agree.

With the estate tax part.

I still don't like Gates' business practices... his entire history is far less than altruistic, why is he a changed man now? What is in it for him? That's the business credo. "What's in it for me".

Has Gates changed? I'll wait to see. I hope he has.

[OrangeCountyDemocrat]

36. I Was Complimenting Buffett, Not Gates nt

[OrangeCountyDemocrat]

10. Bottom Line....He's Still Insanely Rich.....

And You're Not.

[fishwax]

11. no other organization on earth could efficiently handle a donation that

large. Smaller organizations would spend too much money building the administration and infrastructure that it would take to handle that amount of wealth, and then less of the money would actually get to the people who need it most. The Gates Foundation is the largest philanthropic organization in the world, and they already have the resources to put that kind of money to use efficiently.

Another reason it went to GF: The donation is in stock, specifically Buffett's shares of Berkshire-Hathaway. The value of future distributions of this stock, both to the GF and to the other four organizations he's donating to, thus depends upon the price of the stock. A smaller organization would likely have to sell the stock in order to generate cash. The scope of those sales could well lower the stock price, thus reducing the value of future distributions. But the GF has enough resources that they can hold on to the stock and liquidate it more slowly, thus keeping the value high and using the wealth more efficiently.

Originally, Buffett's plan was to donate the bulk of his estate to his wife's foundation upon his death. But the Suzie Buffett foundation would then have to spend a significant amount of that estate to ratchet up their own organization. When he figured out that the GF could put his wealth to efficient use now, he decided he would not wait until his death to distribute his estate. In addition, he takes an organizational role in the GF as co-director, so he will have some input into the foundations programs.

I applaud Buffett for his donation of billions, which will go towards international health, fighting international and domestic poverty, supporting pro-choice causes, and other important issues.

[omega minimo]

13. I see, thank you.

Is it because the sum is so enormous that that level of efficiency is required?

Or could an enormous sum be spent less efficiently and absorb the structural costs of setting up the process and go from there?

It's interesting that money flows to money. I thought it might be fun to think about other philanthropic efforts Buffet could create-- more than one big bestest foundation on the planet...............

The folks that replied aren't in the mood for brainstorming......... Thank you for the details. :toast:

[OPERATIONMINDCRIME]

14. "The folks that replied aren't in the mood for brainstorming"

There's the twisting of reality again.

No, the folks replying aren't about to trash a man who just donated 31 billion fucking dollars to charity for sake of bettering humanity.

[omega minimo]

15. Keyboard bully

Just because you don't understand the OP doesn't mean someone else won't

[OPERATIONMINDCRIME]

17. I Understand It Just Fine. But To Twist Other's Intentions As Not Wanting

to brainstorm is just typical of the spin you put on people who disagree with you. Same ole same ole.

Or you tell them they "don't understand".

We understand just fine Omega. We understand that it is mind boggling to criticize or otherwise find flaw within an act of donating 31 billion dollars to fucking charity with sincere and genuine intention of helping make the world a better place.

The last thing Mr. Buffet should be receiving is criticism. He deserves nothing short of all out praise for what he did.

And yes, I see that you are trying to convince that your intent was just to do some fun brainstorming on how we would've donated, but through some of your replies and even in the OP it is clear you took issue with him and how he chose to donate HIS goddamn money. You think he wasn't 'creative' enough in the method in which he donated? Hey, if that's what you find to be important so be it. But forgive me for thinking that the fact that he just donated 31 billion dollars to fucking charity is what is truly important.

God bless you Mr. Buffet, and may others learn from your example.

[omega minimo]

19. Wow

:wow: "I mean seriously, are you for real???? What exactly does it take for you to not friggin be bitter?"

[OPERATIONMINDCRIME]

22. Yes, I Posed That Question. I Don't See Anything So Shocking About It.

What I do find shocking is finding flaw in a donation of 31 billion dollars to charity instead of offering praise.

But to each their own take on things omega.

Nitey nite now. I have husbandly things to go attend to. :evilgrin:

[fishwax]

18. for buffett, I think, it's all about efficiency

Or could an enormous sum be spent less efficiently and absorb the structural costs of setting up the process and go from there?

I think that was his original plan. For years, he expected that his wife would handle the distribution of his estate (he has always intended that it go to philanthropy), but she died a couple of years ago. So his idea then became to give it to his wife's foundation, which would then have to invest much of that wealth into the structural costs. But then he hatched the GF scheme. It's really not in keeping with his style to build such a foundation from the ground up--he says that his real gift has always been allocating resources so that those resources can be used effficiently. He didn't make his fortune by building a business, like ray kroc or sam walton, but rather just by putting money where it could be used most efficiently. So this way is really in keeping with his general philosophy.

The amount in question here is really absurd. Imagine if he gave 100,000 to several different organizations--that would be a total of about 36,000 organizations! The mind boggles. In addition to the GF, his wife's foundation and the foundations run by each of his three children will be getting big gifts of B-H stock as well.

But as far as brainstorming other ideas go, I like the suggestion of developing a truly effective and independent media network. :) If I had a billion to toss around, that's what I'd do :thumbsup:

[omega minimo]

23. There ya go. Good one.

Perfect in fact. Another might be a foundation to guarantee free and fair elections. Or clean socks for everyone on the planet. :evilgrin:

:yourock:

[lumpy]

44. Let's hear your ideas, omega minimo

Just how does one go about distributing megabucks to those in need?

[Hardrada]

20. This is all good but I wish Buffet or someone would buy out

Richard Mellon Scaife's newsrags and consign him to obscurity.

[unkachuck]

21. if we had a....

....democracy and a properly progressive tax code these two guys and their crowd would never have been allowed to amass these obscene fortunes in the first place....

....part of that money is our Universal Healthcare system we don't have....or books and Pell money for our students....or third world debt relief so countries can develop and take care of their own citizens....or a reduced national debt our grandkids will have to pay off....or

[omega minimo]

25. publically owned infrastructure (and airwaves!!) protected from

privatization of the commons!!!!! :hi:


I don't know how broad-spectrumed the Gates money funnel would be. Do we really need one mega rich mega foundation for the planet?

[unkachuck]

37. one mega rich....

....mega foundation, more powerful than most elected governments in the world would be a fascists' wet-dream....

....I can hardly wait for that new 'broad-spectrumed money funnel' controlled by no more than a few choosen people not choosen by the people handing out private wealth that was accumulated at public expense for what they deem is a public need....

....throw away the Diebolds, we won't need government any more with our capitalist masters in charge....

[Lars39]

38. What a summation!

:gulp: Between that scenario and the faith-based charities...:scared:

[omega minimo]

42. Microsoftia Uber Alles

....with a global tie-in to the pharmaceuticals

"...controlled by no more than a few choosen people not choosen by the people handing out private wealth that was accumulated at public expense for what they deem is a public need...."

....oh and the water privatizers

"...controlled by no more than a few choosen people not choosen by the people handing out private wealth that was accumulated at public expense for what they deem is a public need...."

[Raster]

39. I hear what you're saying. I am no Gates fan. However, I am a huge fan

of the Gates Foundation. They have turned their back on traditional foundation endeavors and have gone towards curing AIDS, alleviating hunger in Africa, protecting the environment. Check out the foundation. They are doing some truly remarkable things.

[Sailor for Warner]

24. I would venture to say that the Bill and Melinda Gates Foundation

Is better managed and does more good with the money that it has than somethign like UNICEF. I give my money every year but I have been giving steadily more to the B&M GF than anything else. I dont know what you have against the rich. I would say that a rich philanthropist is the best kind someone who knows how to manage money is the best person to know how to give it away as long as their heart is in the right place.

[omega minimo]

27. Why consolidate great wealth to spread it around? What effect will that

consolidation and control have on HOW it is spread around?

Asking the question doesn't mean ".....what you have against the rich." Inviting DU to consider what they might do in his position doesn't mean ".....what you have against the rich."

"I would say that a rich philanthropist is the best kind someone who knows how to manage money is the best person to know how to give it away as long as their heart is in the right place. "

And how do you determine if their heart is in the right place?

[Sailor for Warner]

28. That is your decision

Since when has the governement ever done a good job seeing our tax money is not abused. At least when I give money to the Gates foundation, I have a pretty good idea where my money is going and what it is going to. But it is my choice to make, it being my money and all. When the governement takes my money I have NO CLUE whether it is a cause I believe in. Warren Buffet's money is the same way.

[omega minimo]

32. Who said anything about the government? God forbid the only choices be

Gatesmart or government.

[Sailor for Warner]

33. I am just saying

I give to local charities but when I pick a large-scale charity, I choose BMGF to make a global impact rather than UNICEF.

[Lars39]

34. ~

*snicker* Gatesmart.Decided to run with it,eh? :D

[Sailor for Warner]

35. Oh my Lars

Youve created a monster :puffpiece:

[omega minimo]

40. Of course with a tip of -- to you Lars39 -- a tip of the

:spray:

[Lars39]

41. All my reframing practice paid off.

:silly:

[Lars39]

29. Good questions.

IOW, could the Gates Foundation become a sort of 'Walmart' of charities, possibly inadvertently drying up smaller, more local charities?

[Sailor for Warner]

30. Good Question indeed

[omega minimo]

31. OMG LOL Lars39

:yourock: :rofl:

[upi402]

26. Bill Gate's dad will do a fine job seeing that the funds are not abused