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Warren Buffett to give bulk of his wealth to Gates Foundation
KING5.com ^ | June 25, 2006 | KING5.com

Posted on 06/25/2006 1:14:44 PM PDT by HAL9000

Excerpt -

SEATTLE - Warren Buffett, the world's second richest man, is starting this year to give much of his wealth to charity, with the bulk of over $40 million in Berkshire Hathaway stock going to the Bill and Melinda Gates Foundation.

In a letter dated Monday, Buffett, who is chairman of Berkshire Hathaway Inc., tells Bill and Melinda Gates that the first annual donation would go to the foundation this year. It's expected to total about $1.5 billion.

Up until now, all the money given away by the Gates Foundation has come from Bill and Melinda Gates.

The money from Buffett comes with a signficant catch. The letter says Buffett wants all his money to be distributed in the year it is donated, not added to the foundation's assets for future giving. He is giving the foundation a few years to get used to the idea of giving away a lot more money.

~ snip ~


(Excerpt) Read more at king5.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: berkshirehathaway; billgates; billionaires; buffett; fundingtheleft; gates; philanthropy; warrenbuffett
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1 posted on 06/25/2006 1:14:50 PM PDT by HAL9000
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To: HAL9000

Buffett has spent a lot of his money promoting abortion, a cause Gates also favors. Wonder if that's where the money will go. I'm sure George Soros would be willing to chip in if need be.


2 posted on 06/25/2006 1:18:19 PM PDT by madprof98
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To: HAL9000

Well, it is his money and he deals with it as he sees fit. The nice touch is that he piggybacks on an existing foundation instead of the hassle of setting his own.


3 posted on 06/25/2006 1:19:57 PM PDT by GSlob
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To: HAL9000

And the Gates Foundation will invest it in Berkshire Hathaway.


4 posted on 06/25/2006 1:20:38 PM PDT by beethovenfan (If Islam is the solution, the "problem" must be freedom.)
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To: HAL9000
" Warren Buffett, the world's second richest man, is starting this year to give much of his wealth to charity, with the bulk of over $40 million in Berkshire Hathaway stock going to the Bill and Melinda Gates..."


Good that it's going to a worthy cause.
5 posted on 06/25/2006 1:21:02 PM PDT by Berlin_Freeper (ETERNAL SHAME on the Treasonous and Immoral Democrats!)
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To: Berlin_Freeper

Confused. Giving 1.6 bil this year? Then maybe that 40 million should be 40 Billion?


6 posted on 06/25/2006 1:22:56 PM PDT by at bay ("We actually did an evil....." Eric Scmidt, CEO Google)
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To: madprof98

Mr. Buffet is the Mr. Universe of business, the “Oracle of Omaha,” the “Wizard of Wall Street.” He’s the world’s second richest man ($35 billion), chairman and controlling shareholder of Berkshire Hathaway, a holding company comprised of some 60 corporations (2002 revenues over $42 billion). Clearly, Mr. Buffet knows business.

Mr. Buffet is also a major donor to abortion and population control causes. Recent grants include: $4.7 million to International Projects Assistance Services, a company that makes portable suction abortion devices and supplies them, along with clinics and training, in 11 countries; $3.5 million to the Population Council, the outfit that brought RU-486 to the U.S.; $2.1 million to Planned Parenthood Federation of America and 11 local chapters; $1.5 million to the National Abortion Rights Action League (now renamed “NARAL Pro-Choice America”); and lesser sums to the Center for Reproductive Rights (the legal group that helped strike down state bans on partial-birth abortion) and the non-Catholic organization calling itself “Catholics for a Free Choice.”

Biographer Roger Lowenstein attributes Mr. Buffet’s interest in population control to a “Malthusian dread that overpopulation would aggravate problems in all other areas – such as housing, food, even human survival.” Human survival? Food, vaccines, clean water, education contribute to human survival. The groups he funds aren’t concerned with human survival. Their “services” are designed to kill off members of the next generation.

Worse, his generous funding of the abortion industry may escalate a thousand-fold after his death, when his shares in Berkshire (the bulk of his net worth) pass to the Buffet Foundation, increasing its assets from about $25 million to $25 billion or more. Can anything be done to change Mr. Buffet’s penchant for funding anti-family, anti-life groups?

Recently, to mollify the sales staff (primarily homemakers) of The Pampered Chef (TPC) which Berkshire acquired last year, and to protect TPC’s earnings, Berkshire ended its corporate contributions program, under which pre-tax earnings were donated to charities (like the Buffet Foundation) designated by shareholders in proportion to their holdings. One journalist suggested Mr. Buffet reached this decision by following a precept “in his ‘Owner’s Manual’ for Berkshire shareholders: ‘We feel noble intentions should be checked periodically against results.’”

If Mr. Buffet were to follow in earnest this excellent advice, he’d see the dire results of the population control measures he’s funding. Far from validating the “overpopulation” myth, results show a real and far greater danger to human survival – worldwide population decline and a demographic inversion, with proportionately more elderly people than young people entering the labor force. That means too few workers to support national economies and social programs for the elderly and needy. The U.N. Population Division forecasts continued population declines in developed countries, with 33 countries having fewer people in 2050 than today: 14% fewer people in Japan; 22% fewer in Italy; 30-50% fewer in former Soviet satellites. The percentage of the population over 60 in developed regions will grow to 32% in 2050, from 19% today. Already there are more elderly than children aged 0-14.

Even in less developed regions, total fertility has fallen from 6 to 3 children per woman. By 2050, fertility will decline to replacement level and may continue falling.

Abortion has failed women and caused untold suffering to them and their families. But unless Mr. Buffet and others like him stop funding abortion and population control, worse is yet to come. Mrs. Wills is associate director for education, U.S. Conference of Catholic Bishops’ Secretariat for Pro-Life Activities.

http://www.usccb.org/prolife/publicat/lifeissues/081503.htm


7 posted on 06/25/2006 1:23:31 PM PDT by Nihil Obstat
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To: HAL9000
What a waste. The Gates' foundation is a PC (no double entendre intended) AIDS-centric pile of dung. It has to be infested with liberals. Other than throwing cash at AIDS, Billy boy likes to give away Windows licenses. How freakin' generous! Africa's problems are caused by promiscuity, communism, radical Islam, dictators and American leftists.

If I were a billionaire, I would target my money at something beneficial to mankind that private industry could not do or would have a hard time doing, such as colonization of the moon or Mars for instance.

8 posted on 06/25/2006 1:24:49 PM PDT by StockAyatollah
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To: madprof98

No kidding.....these three billionaires border on evil with their Zero Population Growth stance and abortion stance.


9 posted on 06/25/2006 1:26:10 PM PDT by Suzy Quzy ("When Cabals Go Kaboom"....upcoming book on Mary McCarthy's Coup-Plotters.)
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To: HAL9000
"the first annual donation would go to the foundation this year. It's expected to total about $1.5 billion." "Buffett wants all his money to be distributed in the year it is donated"
Well, then he better not wait till December 30. Or maybe he were to give them 365 days from the moment of donation.
10 posted on 06/25/2006 1:26:38 PM PDT by GSlob
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To: madprof98

I've always wondered why so many of the super-rich are abortion enthusiasts. Do they really see other human life-forms as landfill?


11 posted on 06/25/2006 1:27:27 PM PDT by Mrs. Don-o (Abortion: trashing our own.)
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To: madprof98
Buffett has spent a lot of his money promoting abortion, a cause Gates also favors.Wonder if that's where the money will go.

Buffet is a huge pathelogical supporter of abortion, and while Bill Gates is in favor of abortion, he is at best, indifferent to it as an issue.

Look for him to spend the money on either education causes or something to do with aids.

This money would actually be better off if it was either as a venture capital fund or used for micro financing.

12 posted on 06/25/2006 1:29:42 PM PDT by Sonny M ("oderint dum metuant")
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To: StockAyatollah

"What a waste. The Gates' foundation is a PC (no double entendre intended) AIDS-centric pile of dung. It has to be infested with liberals. Other than throwing cash at AIDS, Billy boy likes to give away Windows licenses. How freakin' generous! Africa's problems are caused by promiscuity, communism, radical Islam, dictators and American leftists.
If I were a billionaire, I would target my money at something beneficial to mankind that private industry could not do or would have a hard time doing, such as colonization of the moon or Mars for instance."

The Gates Foundation provides 1 billion dollars in college scholarships that caucasian students are not allowed to apply for: The Gates Milennium Scholarships are for minority group members only.


13 posted on 06/25/2006 1:30:31 PM PDT by jamese777
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To: HAL9000

I dont suppose any of this money or Gates money ever makes it to our military heroes in need?


14 posted on 06/25/2006 1:30:51 PM PDT by Names Ash Housewares
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To: StockAyatollah
"If I were a billionaire, I would target my money at something beneficial to mankind that private industry could not do or would have a hard time doing, such as colonization of the moon or Mars for instance."
Then become a billionaire. What is holding you back? Buffett could spend his money in any [legal] way he wishes, and although some might entertain an idle wish for some portion of it, their wishes do not count.
15 posted on 06/25/2006 1:31:21 PM PDT by GSlob
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To: StockAyatollah
There is nothing the private industry can not do that is more beneficial to mankind, then leave it alone and let it work.

This money would have been better served helping people in either a venture capital fund or used as capital for micro-financing.

16 posted on 06/25/2006 1:32:25 PM PDT by Sonny M ("oderint dum metuant")
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To: HAL9000
NOTE: BUFFET (and GATES) WILL NOT PAY ESTATE TAXES.....but they WANT EVERYONE else to.

They have enough money to pay the litany of attorneys it takes to set up Foundations for their pet causes.....and then hire their friends and family (Gates, at least)....

17 posted on 06/25/2006 1:35:38 PM PDT by goodnesswins ( "the left can only take power through deception." (and it seems Hillary & Company are the masters)
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To: Mrs. Don-o

Yes, it's obvious. I know a fair number of very rich people, and they all have some involvement in planned parenthood.

They square it with their consciences by talking about the rights of women, every child a wanted child, and so forth. But I suspect that the real reason is that they resent all those peasants and rednecks cluttering up the earth. I don't know if they ever really admit it to themselves, but it is certainly there at some deep level of their beings.

If you read the story of the founding of this movement--I'm afraid I forget the exact details, but I remember the essay pretty clearly--it all came together when one of these socially superior liberal schmucks was in Calcutta, and suddenly was frightened to death by the presence of all those POOR PEOPLE crowding around him and threatening to overwhelm him with their sheer numbers.

There's an obvious connection with social Darwinism and Nazi eugenics, movements with which Margaret Sanger was involved at times. Too many undesirable people, inferior races, idiots, and the like cluttering up the earth, using up resources, exhaling greenhouse gasses, and crowding the really superior people who eagerly fund Planned Parenthood.


18 posted on 06/25/2006 1:36:16 PM PDT by Cicero (Marcus Tullius)
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To: HAL9000

Its funny to me that no matter how rich or powerful
someone is, the second they die they will be
completely broke and will face God just like a poor man.


19 posted on 06/25/2006 1:40:10 PM PDT by No Blue States
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To: HAL9000
There`s going to be a lot of rich warlords...

"Yo, check it out! Gates just threw us another $10 mill to fight AIDS! Yeah! Yeah, let`s buy more guns and tanks to fight that AIDS! Bwa ha ha ha! YEAH! We gonna rule!"

20 posted on 06/25/2006 1:40:26 PM PDT by Screamname (Is your terror group depressed? Call 1-800-Demo-crats.....We give hope!)
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To: GSlob

The truth is, the work of piling up money is often a great deal better for the world than the subsequent donation of that money to "charity."

The Rockefellers are a good example. The first Rockefeller built Standard Oil. The leftists attacked him as a selfish capitalist. Later generations of Rockefellers spent their lives giving money away to charities, unfortunately mostly destructive charities like Population Control and abortion.

They decided that the best way to deal with the numerous poor was to kill them off. Then there wouldn't be so many poor people around.

You could even say that about the Kennedys. Joe Kennedy did less damage to the world smuggling liquor during Prohibition than his children have done using the inherited money for leftist causes.

Is it their money? Sure. Can they spend it as they like? Sure. But that doesn't mean it's a good thing.


21 posted on 06/25/2006 1:40:30 PM PDT by Cicero (Marcus Tullius)
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To: Nihil Obstat

BILL GATES' PLANNED-PARENTHOOD-PRESIDENT DAD INSPIRED PRO-ABORT FUNDING

NEW YORK, May 9, 2003 (LifeSiteNews.com) - In a lengthy interview with Bill Moyers released today, Microsoft billionaire Bill Gates reveals the inspiration for his funding of pro-abortion population control measures. Responding to a question by Moyers on how he came to fund "reproductive issues" Gates answered, "When I was growing up, my parents were always involved in various volunteer things. My dad was head of Planned Parenthood. And it was very controversial to be involved with that. And so it's fascinating. At the dinner table my parents are very good at sharing the things that they were doing. And almost treating us like adults, talking about that."

http://www.lifesite.net/ldn/2003/may/03050902.html


22 posted on 06/25/2006 1:41:50 PM PDT by Nihil Obstat
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To: Cicero
"But that doesn't mean it's a good thing."
Actually, it is irrelevant - good, not so good, bad, or otherwise. What it does mean [to me at least] is that instead of entering into consideration of their charitable activities I need to loudly say "none of my business!!" [and of anyone's else, too]. This also complies with the injunction that in the works of charity the left hand ought not know whose pocket the right hand is picking.
23 posted on 06/25/2006 1:48:55 PM PDT by GSlob
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To: Nihil Obstat

If you want to destroy an activity, tax it or give it boatloads of money for no economic return. "All the money in the world" will hurt not help Buffet's causes.


24 posted on 06/25/2006 1:55:43 PM PDT by kenavi (Save romance. Stop teen sex.)
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To: goodnesswins
NOTE: BUFFET (and GATES) WILL NOT PAY ESTATE TAXES.....but they WANT EVERYONE else to. They have enough money to pay the litany of attorneys it takes to set up Foundations for their pet causes.....and then hire their friends and family (Gates, at least)....

You are so right! I have gone through the Gates Foundations financial records (you can see them at their website) and guess what? In charitable contributions, the Gates' don't even spend the yearly *interest* that is collected on their fortune, let alone the estate capital itself. In fact, they spend $92 million a year just to administer the estate!

This is looking more and more like a permanent jobs program for Gates family members for many generations to come, with NO estate taxes paid! Bill Gates' father is a total hypocrite on the estate tax!

25 posted on 06/25/2006 1:58:31 PM PDT by Ronaldus Magnus Reagan
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To: Nihil Obstat

Buffet is a worthless human he wants to kill potential consummers how is that good bussines?


26 posted on 06/25/2006 2:02:17 PM PDT by al baby (Dick Trickle is not a medical condition)
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To: Sonny M
This money would have been better served helping people in either a venture capital fund or used as capital for micro-financing.

Well said. I would have done the same too.

27 posted on 06/25/2006 2:07:16 PM PDT by Extremely Extreme Extremist (Undocumented FReeper)
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To: HAL9000

Of course, he's going to pay estate taxes on this, correct? He hasn't done anything to avoid the death tax, has he? I know he's a proponent of the inheritance tax -- it's only fair, right? Now is this the same Warren Buffett who has enjoyed friendly deals to take over Solomon Brothers, and other nice insider deals, because he is such an icon? He didn't leverage this to his personal benefit did he?


28 posted on 06/25/2006 2:09:29 PM PDT by ReleaseTheHounds
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To: HAL9000

No more tax exempt foundations. They are destroying this country. Time to get rid of them.


29 posted on 06/25/2006 2:11:07 PM PDT by hedgetrimmer ("I'm a millionaire thanks to the WTO and "free trade" system--Hu Jintao top 10 worst dictators)
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To: HAL9000

Bill and Melinda, dont forget "The Woofie Fund"


30 posted on 06/25/2006 2:12:12 PM PDT by woofie
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To: woofie
careful with that, they might want to spay/neuter you
31 posted on 06/25/2006 2:13:27 PM PDT by Nihil Obstat
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To: HAL9000

Well good for him.

That means that he's totally supportive of the youth and the ability of the Gates Foundation to totally vet the millions of "charity money-grubbers" looking for donations, and decide the best issues to fund, amongst the melee.

Fantastic news, and it points to his not being willing to pay huge salaries to an infrastructure, ala United Fund; US Red Cross, and others (Of course Salvation Army excluded from this rant!)


32 posted on 06/25/2006 2:15:04 PM PDT by aShepard (Maybe the UN should donate UNICEF proceeds to the Gates Foundation, and fold!)
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To: beethovenfan
And the Gates Foundation will invest it in Berkshire Hathaway.

There is no "market play" in Buffett giving Berkshire Hathaway shares to the Gates Foundation, for the Foundation then to sell those shares and then reinvest the proceeds (net of commission) back into Berkshire Hathaway. The only one that "scheme" enriches is the broker.

Besides, according to the article, Buffett will require the Gates Foundation to spend all he donates within one year from when it is given.

The $1.5 billion annual giving represents an amount that is less than 1/3 of the trading volume in BH stock in ONE DAY! That is why Buffett can afford to give away so much stock without pushing down the price and stiffing his fellow shareholders.
33 posted on 06/25/2006 2:30:23 PM PDT by kenavi (Save romance. Stop teen sex.)
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To: HAL9000
I never could understand why Gates is such a liberal, after Bubba Klintoon spent more money and energy going after Gates and Microsoft than he did going after terrorists.

Well, maybe Gates isn't so smart after all.....

34 posted on 06/25/2006 2:31:14 PM PDT by libs_kma (USA: The land of the Free....Because of the Brave!)
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To: HAL9000

There is a LOT of misinformation on this thread. The staunchly pro-abortion person in the family was Buffett's wife. She died a couple of years ago or so. She was separated from Warren (and lived on the left coast) for MANY years before that. However, it was MUCH cheaper for Mr. Buffett to finance her with as much money as she could spend rather than divorce her and give her half of it. There is no quesiton that he has supported her causes, but I don't really believe he is as rabid an abortion supporter as the people here are posting. He has already (actually many years ago) said he is not leaving his money to his kids since it would ruin them. I will trust that he has similar sense in other things.


35 posted on 06/25/2006 2:32:42 PM PDT by jim_trent
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To: GSlob
Well, it is his money and he deals with it as he sees fit. The nice touch is that he piggybacks on an existing foundation instead of the hassle of setting his own.

He set up the Buffet Foundation years ago.

36 posted on 06/25/2006 2:38:23 PM PDT by OmahaFields
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To: jim_trent
There is absolutely zero value in either praising or hammering Buffett or Gates for their spending proclivities. My heavens, they hold wealth that is positively unimaginable; they owe society nothing in exchange (I would argue they have improved it collaterally anyway).

It's disappointing that they're not on my side, politically, but so what? And for those of you who concern yourselves with any potential estate tax evasion, get over it. I'd legally evade any tax I could; reminds me of the old saw about offering a woman $1 million and then $10 to have a little romp. It's all relative.

And by the way, the Gates foundation has provided millions for cancer research, which is in my opinion the best use of exhorbitant wealth.

37 posted on 06/25/2006 2:46:09 PM PDT by Mr. Bird
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To: GSlob
Actually, it is irrelevant - good, not so good, bad, or otherwise. What it does mean [to me at least] is that instead of entering into consideration of their charitable activities I need to loudly say "none of my business!!" [and of anyone's else, too]. This also complies with the injunction that in the works of charity the left hand ought not know whose pocket the right hand is picking.

Exactly. Envy is such a waste of time.

38 posted on 06/25/2006 3:14:24 PM PDT by balrog666 (There is no freedom like knowledge, no slavery like ignorance. - Ali ibn Ali-Talib)
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To: HAL9000

Mr. Buffet, please send me a million dollars. I promise to invest it wisely ...


39 posted on 06/25/2006 3:18:04 PM PDT by John Lenin (The RAT party is still Stuck on Stupid)
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To: HAL9000

So how will this affect all of the Berkshire companies??


40 posted on 06/25/2006 3:22:57 PM PDT by Imgr8t
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To: Mr. Bird

Abortion aside. The Gates foundation does have a useful focus. They are trying to use mostly existing technologies to attack disease worldwide (for example vaccines that do not require refrigeration etc). Such approaches can serve to alleviate suffering worldwide (a goal all conservatives should be in favor of).

I also agree with Buffett's decision to force the funds to be sent the year given and not be carried inside an evergrowing foundation which will outlive you and can be used for crap (like Rockefeller etc) which have morphed way beyond what they were intended.


41 posted on 06/25/2006 3:29:12 PM PDT by exhaustguy
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To: HAL9000

Billionaires who start giving huge sums to charity have a big "I'm Guilty!" sign on their backs and are trying to make things right before they go. One has to wonder of what are they guilty...


42 posted on 06/25/2006 3:32:45 PM PDT by pabianice
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To: Nihil Obstat
My dad was head of Planned Parenthood How ghoulish!

Luke 12

"16 The ground of a certain rich man brought forth plentifully:

17 and he reasoned within himself, saying, What shall I do, because I have not where to bestow my fruits?

18 And he said, This will I do: I will pull down my barns, and build greater; and there will I bestow all my grain and my goods.

19 And I will say to my soul, Soul, thou hast much goods laid up for many years; take thine ease, eat, drink, be merry.

20 But God said unto him, Thou foolish one, this night is thy soul required of thee; and the things which thou hast prepared, whose shall they be?

But God said unto him, Thou foolish one, this night is thy soul required of thee; and the things which thou hast prepared, whose shall they be?

This day will surely come for both of these men. I would not want to have to give an account that my wealth was spent murdering babies.

43 posted on 06/25/2006 3:33:07 PM PDT by AmericaUnited
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To: pabianice

Billionaires who start giving huge sums to charity have a big "I'm Guilty!" sign on their backs and are trying to make things right before they go. One has to wonder of what are they guilty...




They just want to secure a legacy. Rarely do the companies they built survive more than two or three generations after they take the inevitable dirt nap.


44 posted on 06/25/2006 3:36:18 PM PDT by durasell (!)
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To: pabianice

All you mindless millions who give your money every year to Bill Gates from Hell are the cause of all this!

Yes you!


45 posted on 06/25/2006 3:36:52 PM PDT by observer5 ("Better violate the rights of a few, than of all!)
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To: beaelysium
The Gates Foundation provides 1 billion dollars in college scholarships that caucasian students are not allowed to apply for: The Gates Milennium Scholarships are for minority group members only.
What is even more wrong is that these corporation and foundations, are operating in the international arena where Caucasians are only 17% of the world population. Caucasian are the minority in the world.

46 posted on 06/25/2006 3:43:34 PM PDT by antonia (Build the Wall Now!)
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To: observer5

LOL! I have two Dell's and a Gateway. They work just fine.


47 posted on 06/25/2006 3:48:37 PM PDT by plain talk
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To: Nihil Obstat

LOL


48 posted on 06/25/2006 3:52:52 PM PDT by woofie
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To: hedgetrimmer
"No more tax exempt foundations. They are destroying this country. Time to get rid of them."

No, the government is destroying this country with their over spending. You want to give them MORE? Tax the churches too then.

49 posted on 06/25/2006 3:53:03 PM PDT by Normal4me
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To: Normal4me; hedgetrimmer

hedgetrimmer, are you calling for more taxes?


50 posted on 06/25/2006 3:56:32 PM PDT by durasell (!)
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