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View Full Version : Warren Buffett to Give Away Bulk of His $42 Billion Fortune


mlyonsd
06-25-2006, 02:51 PM
Warren Buffett to Give Away Bulk of His $42 Billion Fortune

Sunday , June 25, 2006
Associated Press



OMAHA, Neb. — Billionaire investor Warren Buffett announced plans Sunday to give the bulk of his roughly $42 billion fortune to five foundations in annual gifts of stock starting next month. The decision represents a stark reversal for the world's second-richest man, who for years had said his wealth would be pledged to philanthropies after his death.

Moreover, his vast holdings of Berkshire Hathaway Inc. stock had been expected to go largely to the Susan Thompson Buffett Foundation, begun by his late wife. Her foundation has given millions of dollars to hospitals, universities and teachers, as well as to Planned Parenthood and other abortion rights groups.

Instead the 75-year-old chairman and chief executive of Berkshire Hathaway plans to give the largest contribution to the Bill and Melinda Gates Foundation, established by Buffett's friend and Berkshire board member Bill Gates.

Buffett's gift will increase the resources of the Gates Foundation, which is already the world's largest philanthropy with assets of about $29.1 billion.

Calls to Berkshire Hathaway's offices were not immediately returned Sunday, but letters outlining the gifts were posted on the company's Web site. Fortune magazine reported on Buffett's decision earlier.

The Gates' issued a joint statement applauding Buffett's decision.

"We are awed by our friend Warren Buffett's decision to use his fortune to address the world's most challenging inequities, and we are humbled that he has chosen to direct a large portion of it to the Bill & Melinda Gates Foundation," Bill and Melinda Gates said.

Over time Buffett plans to give away 12,050,000 Class B shares of Berkshire Hathaway stock to the foundations, but he will have to convert some of his 498,320 Class A shares to complete the gifts. One Class A share, which sold for $92,100 on Friday, can be converted into 30 Class B shares, which sold for $3,071 Friday on the New York Stock Exchange.

The gifts would be worth nearly $37 billion at Friday's Class A share prices.

Buffett said he plans to earmark 10 million B shares for the Gates Foundation, 1 million B shares for the Susan Thompson Buffett Foundation named in honor of his wife and 350,000 shares for the three foundations run by each of his children.

Buffett plans to give each foundation 5 percent of his total pledge each year in July.

Buffett's health has been the subject of speculation. He has said a succession plan is in place at Berkshire but refuses to name a successor.

In the letters, Buffett wrote, "My doctor tells me that I am in excellent health, and I certainly feel that I am."

mlyonsd
06-25-2006, 02:52 PM
Even though it sounds like Warren has already picked the foundations he's giving his money to I wonder if it's not to late to show him my cat juggling tapes.

Jenson71
06-25-2006, 02:53 PM
"We are awed by our friend Warren Buffett's decision to use his fortune to address the world's most challenging inequities, and we are humbled that he has chosen to direct a large portion of it to the Bill & Melinda Gates Foundation," Bill and Melinda Gates said.

I wonder...did they say this in unison, or at different times?

Moooo
06-25-2006, 02:54 PM
I could use about 2000 bucks for a car... I wonder if I classify as a philantropy.

Moooo

alanm
06-25-2006, 02:55 PM
I wonder how Susie, Howie and Peter. feel about this? :)
I went to kindergarten thru HS with Peter. Susie and Howie are his older siblings.

the Talking Can
06-25-2006, 03:00 PM
think of all the weed you could buy....

NaptownChief
06-25-2006, 03:05 PM
That is a big blow to the US government tax collection and the liberals that believe half of his assets should be sent back to Washington.

SBK
06-25-2006, 03:23 PM
That is a big blow to the US government tax collection and the liberals that believe half of his assets should be sent back to Washington.

ROFL

That's exactly why's he's doing it...haha. :clap: Good for him!

Adept Havelock
06-25-2006, 03:24 PM
I wonder how Susie, Howie and Peter. feel about this? :)
I went to kindergarten thru HS with Peter. Susie and Howie are his older siblings.

Who gives a damn? He worked for his money. Let them do the same. ROFL

Good for you Warren. Very nice move. This ranks up there with your (and Bill Gates) public opposition to repealing the estate tax in order to encourage others to do things just like this! :D

Well Done!

NJ Chief Fan
06-25-2006, 03:31 PM
tell his ass im in need of money a-sap

Moooo
06-25-2006, 03:39 PM
That is a big blow to the US government tax collection and the liberals that believe half of his assets should be sent back to Washington.

liberals still believe charities should be tax-deductible. If he had willed it to his children, THEN the liberals would be all over it.

Moooo

Rain Man
06-25-2006, 03:47 PM
You know you're rich when you decide to leave your money to Bill Gates.

Rain Man
06-25-2006, 03:50 PM
His other option would have been to leave $140 to every man, woman, and child in America.

Or better yet, hold a lottery among cities, and divide his money among all registered voters in the city that gets picked. If he picked a city with 10,000 registered voters, each voter would get $4.2 million.

ROYC75
06-25-2006, 04:55 PM
Hello, Uncle Warren, remember me, your nephew Roy ? Be nice to me, please, I have one Uncle who treats me like shit..... Uncle Sam.

Wile_E_Coyote
06-25-2006, 05:10 PM
Jane or Anne Hathaway?

beavis
06-25-2006, 05:18 PM
You know you're rich when you decide to leave your money to Bill Gates.
ROFL

Mojo Rising
06-25-2006, 05:33 PM
What about the Lamar Hunt foundation? The poor Chiefs who are well under the cap can't afford 2 starting CB's.

chief52
06-25-2006, 05:49 PM
You know you're rich when you decide to leave your money to Bill Gates.


That is funny...

Logical
06-25-2006, 05:55 PM
Given the Swing in the Supreme Court planned parrenthood and the abortion rights groups sure could use that money.:clap:

Baconeater
06-25-2006, 08:22 PM
Buffett plans to give each foundation 5 percent of his total pledge each year in July.
At that rate it's still going to take 20 years for him to give all the money away. He'll make another 42 billion in half of that time.

Oh, and just in case anyone wonders what kind of house a guy worth that much lives in, here ya go:
http://webarc.co.douglas.ne.us/groups/Photos/39/R10262900000001.JPG

chief2000
06-25-2006, 08:26 PM
What does this do to Berkshire stock ????

It has to go down.

SLAG
06-26-2006, 12:54 AM
DQ is a Berkshire Company hehe

Miles
06-26-2006, 12:58 AM
What does this do to Berkshire stock ????

It has to go down.

Why would it?

Fish
06-26-2006, 08:20 AM
Anybody else get an eerie feeling about the potential power Bill Gates has amassed?

I mean honestly.... if the guy wanted to..... don'tcha think he could easily buy enough "stuff" to control the continent of his choice?

And that's not taking into consideration that just about every powerful corporation in the world is running software created by M$....



If he straight went crazy.... Lex Luther style..... what damage could he do?

chief2000
06-26-2006, 09:40 AM
Why would it?

Mass selling ?

Idahored
06-26-2006, 12:40 PM
Great. More billions of dollars to fund left wing organizations.
And here I have always been told that it was the Republicans that are the rich SOBs.