Sunday, June 25, 2006
MORE THAN WE NEED
Buffett to Give Billions to Gates Charity and Others
By CHRISTINE HAUSER
Published: June 25, 2006
Warren E. Buffett, considered the world's second richest person, is to start in July giving away 85 percent of his stock in his company, Berkshire Hathaway, to five foundations, with most of it to The Bill and Melinda Gates Foundation , according to transcripts and an article published on Fortune magazine's Web site today
At last year's World Economic Forum in Davos, Mr Gates told world leaders that he had a duty to ensure his wealth "goes back to global society in the most impactful way".
Since his involvement with the foundation, Mr Gates has become something of a "walking encyclopaedia of medical knowledge", according to Warren E Buffett, the chief executive of financial services firm Berkshire Hathaway.
"I have heard him speak many times on this subject and each time I have been amazed by the breadth of his knowledge," Mr Buffett told Time magazine.
Mr Gates' wife also keeps a close eye on the effectiveness of the foundation's activities, Mr Buffett said.
"Melinda, for her part, travels the world so that she can understand what a cheque from Seattle is actually accomplishing 10,000 miles away."
In terms of assets, the Bill and Melinda Gates foundation dwarfs that of other well-known names in US philanthropy, such as the Rockefeller Foundation or the Ford Foundation.
The Gates' Foundation
Endowment of $27bn.
$7.1bn in grants since 1994.
Largest grant: $1bn to the United Negro College Fund.
Average grant: $903,711.
Supports work in more than 100 countries.
Warren Buffet and Bill Gates Jr. appeared on the Charlie Rose Show last night,6/27/06 @12:00 midnight. It was a great interview that gave insight to the philosophy of both men, who believe that a large share of their wealth should be returned to the people. Bill again stated that he is going to put all of his energies into the Bill and Melinda Gates foundation, and that getting the money to the places where it will do the most good will be a primary consideration. Buffet and Gates, who see eye to eye on this and many other aspects of charity, look forward to seeing more healthcare for more people throughout the world. If Bill Gates is half as successful at this as he was with Microsoft, we may be seeing some meaningful change.
There is an example being shown here that applies to all of us. We don't have to be rich to help the needy and underpriveliged. It is up to each and every one of us to make the best of what we have and to make the best use of our energies and influence, to produce change in our ecological, environmental, and humanitarian policies. Warren Buffet never took a salary of over $100,000 per year, and still lived in the home that he bought in the 1930's. I'm sure that he would tell you that he has more than he needs, just as many of us, who are in the lower income brackets, can tell you that we have way too much stuff.