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Posted on 10/04/2002 8:19:33 AM PDT by Tumbleweed_Connection
Warren Buffett despises nuclear and unconventional weapons so much he is giving several million dollars to a group, founded by Ted Turner and former Senator Sam Nunn, to lessen the threat of nuclear, biological and chemical weapons. Buffett, more well-known for his profitable investment picks rather than his philanthropic gestures, says the threat posed by nuclear weapons is the "ultimate problem” confronting mankind, reports The New York Times.
The Chairman and CEO of Berkshire Hathaway plans to give $2.5 million over five years to the Washington-based Nuclear Threat Initiative and become an adviser to its board. Buffett says "it’s not that much money,” and he hopes his gesture will spark other businessmen to get involved.
When pressed for commentary about the creation of the atomic bomb in the 1940s, Buffett said there is no way to put the genie back in the bottle. He adds, "the best answer is what Sam Nunn is doing.”
Nuclear Threat Initiative was founded two years ago by a stock pledge held by Ted Turner with a value of $250 million. However, with AOL Time Warner stock down almost 78 percent this year, Turner’s pledge appears to have a shortfall. Turner assuaged the foundation he would do what he can to meet the $250 million commitment.
The foundation has spent nearly $37 million on a variety of projects, and does not have any plans to reduce its work staff or eliminate current projects. Former Senator Sam Nunn tells The New York Times the group will not be taking on any new projects until more money has been raised.
Buffett’s concern about the threat of nuclear weapons is long-standing, yet America’s second wealthiest man did not become involved until he learned more about the issues through cultivating a closer friendship with Nunn on the Coca-Cola board.
Buffett, a Liberal, supports President Bush’s stance on Iraq to limit the dangers of Hussein’s unconventional weapons.
The New York Times indicates Turner and Nunn look toward Buffett to assist them with fundraising and persuading pharmaceutical companies and other related sector firms to invest in research and development using the skills of former Soviet scientists.
I misread this - I thought you said they were holding an fundraising Anti-Nuke Buffet.
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