Billionaire Buffett to give away his wealth

know1know1 Posts: 6,762
edited June 2006 in A Moving Train
http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=google&guid=%7B677259D4-F475-4F3F-AF43-EC09D3EF319F%7D&keyword=

And I'm sure that the money will be utilized much better than the way our government does. This is what I'm talking about when I say that we would be better off if most social programs were handled privately through charity and donations.
The only people we should try to get even with...
...are those who've helped us.

Right 'round the corner could be bigger than ourselves.
Post edited by Unknown User on
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Comments

  • Cool stuff.
  • chopitdownchopitdown Posts: 2,222
    it's cool that he's doing it but isn't it funny that the Bill Gates foundation is getting most of it...one billionaire giving help to another billionaire's foundation (which does a lot of good and is a great thing and I'm glad they're getting the money rather than the gov't).
    make sure the fortune that you seek...is the fortune that you need
  • jeffbrjeffbr Seattle Posts: 7,177
    chopitdown wrote:
    it's cool that he's doing it but isn't it funny that the Bill Gates foundation is getting most of it...one billionaire giving help to another billionaire's foundation (which does a lot of good and is a great thing and I'm glad they're getting the money rather than the gov't).

    I don't find it funny at all. It makes perfect sense. The Gates foundation is one of the most efficient charitable foundations out there in terms of dollars that make it to the actual recipients. It is also of large enough scale that real change can happen. Plus, Buffet and Gates are friends. Add to that the fact that Gates is leaving Microsoft in a couple of years to devote himself to full-time work with the foundation, and it looks like Buffet couldn't have made a better decision.
    "I'll use the magic word - let's just shut the fuck up, please." EV, 04/13/08
  • jeffbr wrote:
    I don't find it funny at all. It makes perfect sense. The Gates foundation is one of the most efficient charitable foundations out there in terms of dollars that make it to the actual recipients. It is also of large enough scale that real change can happen. Plus, Buffet and Gates are friends. Add to that the fact that Gates is leaving Microsoft in a couple of years to devote himself to full-time work with the foundation, and it looks like Buffet couldn't have made a better decision.

    I think the better decision would have been to give $40 billion to one person....one person with the power to change the world with his mind. I don't think Bill Gates is that person now, though he once was. That said, I don't know if that person exists.
  • I can't stand his song "Margaritaville".
    "Of course it hurts. You're getting fucked by an elephant."
  • Uncle LeoUncle Leo Posts: 1,073
    All board politics aside. Good for him. Very commendable.
    I cannot come up with a new sig till I get this egg off my face.
  • chopitdownchopitdown Posts: 2,222
    jeffbr wrote:
    I don't find it funny at all. It makes perfect sense. The Gates foundation is one of the most efficient charitable foundations out there in terms of dollars that make it to the actual recipients. It is also of large enough scale that real change can happen. Plus, Buffet and Gates are friends. Add to that the fact that Gates is leaving Microsoft in a couple of years to devote himself to full-time work with the foundation, and it looks like Buffet couldn't have made a better decision.

    i wasn't trying to say that it was "ha ha" funny. But when you see the title Billionaire Buffet to give away his wealth and he is giving it to the foundation of one of the richest men in the world, i'm sorry but it's funny. I never questioned the decision and I think it's a great one...sorry if you didn't get that from my post.
    make sure the fortune that you seek...is the fortune that you need
  • killroykillroy Posts: 739
    This is really great stuff. I wish all the best to the people who choose to directly influence the problems the world faces today. I mean, it's 37 billion dollars!?!
    I can't even imagine how much money that really is.

    One question, though. If I remember correctly, didn't Eddie used to bash Bill Gates, playing "Soon Forget" for him or something at some point? If it's true, this is one thing where I completely disagree. Whatever the reasons Gates runs the charity foundation, and it seems genuine, it's good that such large amount of money goes to the ones who really need it.
  • know1know1 Posts: 6,762
    chopitdown wrote:
    i wasn't trying to say that it was "ha ha" funny. But when you see the title Billionaire Buffet to give away his wealth and he is giving it to the foundation of one of the richest men in the world, i'm sorry but it's funny. I never questioned the decision and I think it's a great one...sorry if you didn't get that from my post.

    There's a reason they became some of the richest men. They're smart and very business-savvy. Who better to run a charity???
    The only people we should try to get even with...
    ...are those who've helped us.

    Right 'round the corner could be bigger than ourselves.
  • chopitdownchopitdown Posts: 2,222
    killroy wrote:
    This is really great stuff. I wish all the best to the people who choose to directly influence the problems the world faces today. I mean, it's 37 billion dollars!?!
    I can't even imagine how much money that really is.

    if you gave away 100,00 dollars each and every day it would take you 1013 years to give away 37 billion dollars... it's a lot of money
    make sure the fortune that you seek...is the fortune that you need
  • chopitdownchopitdown Posts: 2,222
    know1 wrote:
    There's a reason they became some of the richest men. They're smart and very business-savvy. Who better to run a charity???

    exactly and they are opportunistic and with that kind of funding they should do VERY well with their charity work
    make sure the fortune that you seek...is the fortune that you need
  • fifefife Posts: 3,327
    i think that this is great and i hope that the money goes to the people who really need it. i have to give credit when credit is due and wow does Gates, Bono and Buffett deserve credit.
  • killroykillroy Posts: 739
    chopitdown wrote:
    if you gave away 100,00 dollars each and every day it would take you 1013 years to give away 37 billion dollars... it's a lot of money

    LOL!!!

    I guess I'll have to find three more extra jobs and find a way to beat death. But... I can do it!
    :)
  • know1know1 Posts: 6,762
    "Buffett said there had never really been a question of whether he would give his money away, saying, "I'm not an enthusiast for dynastic wealth, especially when the alternative is six billion people much poorer (than we are) having a chance to benefit from the money.""
    The only people we should try to get even with...
    ...are those who've helped us.

    Right 'round the corner could be bigger than ourselves.
  • know1 wrote:
    "Buffett said there had never really been a question of whether he would give his money away, saying, "I'm not an enthusiast for dynastic wealth, especially when the alternative is six billion people much poorer (than we are) having a chance to benefit from the money.""

    It's kind of mind-boggling to think about the fact that this guy could cut a check for $7 to every person in the world.

    I hope Buffet and the Gates foundation understand what it takes to cash a check, however.
  • keeponrockinkeeponrockin Posts: 7,446
    I think its a great idea.
    Believe me, when I was growin up, I thought the worst thing you could turn out to be was normal, So I say freaks in the most complementary way. Here's a song by a fellow freak - E.V
  • AbuskedtiAbuskedti Posts: 1,917
    know1 wrote:
    http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=google&guid=%7B677259D4-F475-4F3F-AF43-EC09D3EF319F%7D&keyword=

    And I'm sure that the money will be utilized much better than the way our government does. This is what I'm talking about when I say that we would be better off if most social programs were handled privately through charity and donations.

    How can you be so sure?

    and though it may be true - if it is, its just another indication of where we are headed.
  • Abuskedti wrote:
    if it is, its just another indication of where we are headed.

    We're already there kiddo.
  • Without the estate tax (which Buffett supports) less would leave their estates to charity.
  • Without the estate tax (which Buffett supports) less would leave their estates to charity.

    Without the estate tax, many would leave more leave more to charity.
  • Without the estate tax, many would leave more leave more to charity.

    Don't masturbate on A Moving Train.

    Repeal of the estate tax would substantially reduce charitable giving.

    http://www.cbo.gov/showdoc.cfm?index=5650&sequence=0
  • Don't masturbate on A Moving Train.

    Repeal of the estate tax would substantially reduce charitable giving.

    http://www.cbo.gov/showdoc.cfm?index=5650&sequence=0

    I didn't disagree with your statement. I simply pointed out a different way to look at it, though looking at it again I realize it was good drunken English. What I meant to say is this:

    "Without the estate tax, many would leave more to charity."
  • I didn't disagree with your statement. I simply pointed out a different way to look at it.

    Your statement is deceptive about the outcome. And I don't follow the cause/effect reasoning behind it.
  • El_KabongEl_Kabong Posts: 4,141
    I didn't disagree with your statement. I simply pointed out a different way to look at it, though looking at it again I realize it was good drunken English. What I meant to say is this:

    "Without the estate tax, many would leave more to charity."


    and you know this b/c.....?
    standin above the crowd
    he had a voice that was strong and loud and
    i swallowed his facade cos i'm so
    eager to identify with
    someone above the crowd
    someone who seemed to feel the same
    someone prepared to lead the way
  • Your statement is deceptive about the outcome.

    How? It wasn't intended to be.
    And I don't follow the cause/effect reasoning behind it.

    The less some people have to give to the estate tax, the more is available for them to give to charity. I'm talking about individual options here.

    Certainly without charity as a tax avoidance extortion mechanism, less overall money would be given to charity. But that tells you a lot about your estate tax.
  • El_Kabong wrote:
    and you know this b/c.....?

    I know this because charitable giving is an option that is cut into by the required estate tax. Many people leave part of their estate to charity while also having to pay the estate tax. Removing the estate tax provides a larger cut to all the remaining parties, often including the charity.
  • How? It wasn't intended to be.

    Because your post implies the opposite of the actual overall effect of estate tax repeal.

    http://www.ocpp.org/cgi-bin/display.cgi?page=060531estategivi
  • Because your post implies the opposite of the actual overall effect of estate tax repeal.

    http://www.ocpp.org/cgi-bin/display.cgi?page=060531estategivi

    It doesn't imply that at all. It implies that if the estate tax was repealled charitable givers would be able to give more to charity. I certainly don't deny that a repeal of the estate tax would lower overall giving. I simply reject extortion as a valuable means to charity.
  • El_KabongEl_Kabong Posts: 4,141
    I know this because charitable giving is an option that is cut into by the required estate tax. Many people leave part of their estate to charity while also having to pay the estate tax. Removing the estate tax provides a larger cut to all the remaining parties, often including the charity.


    hmm, sounds like an assumption to me ;)
    standin above the crowd
    he had a voice that was strong and loud and
    i swallowed his facade cos i'm so
    eager to identify with
    someone above the crowd
    someone who seemed to feel the same
    someone prepared to lead the way
  • "Without the estate tax, many would leave more to charity."

    One would infer from this statement that the without the estate tax more would be left to charity and the opposite is true.

    http://www.cbpp.org/8-3-04tax.htm
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