Money 40 billionaires pledge to give away half of wealth - Page 2

|Zach| · 08-04-2010, 12:31 PM

Gates, Buffett lead campaign to persuade America's wealthiest to donate their fortunes

little over a year after Bill Gates and Warren Buffett began hatching a plan over dinner to persuade America's wealthiest people to give most of their fortunes to charity, more than three-dozen individuals and families have agreed to take part, campaign organizers announced Wednesday.

In addition to Buffett and Gates — America's two wealthiest individuals, with a combined net worth of $90 billion, according to Forbes — 38 other billionaires have signed The Giving Pledge. They include New York Mayor Michael Bloomberg, entertainment executive Barry Diller, Oracle co-founder Larry Ellison, energy tycoon T. Boone Pickens, media mogul Ted Turner, David Rockefeller, film director George Lucas and investor Ronald Perelman.

"We're off to a terrific start," Buffett, co-founder and chairman and CEO of Berkshire Hathaway, said in a conference call also attended by Bloomberg and San Francisco hedge-fund manager Tom Steyer and his wife Kat Taylor, founder of OneCalifornia Bank.

Buffett said he and Gates, the Microsoft co-founder, and Gates' wife Melinda made calls to fellow billionaires on the Forbes 400 list of wealthiest Americans — in many cases, people they had never met — to try to persuade them to join the giving pledge.

"We contacted between 70 and 80 people to get the 40. A few were unavailable. We don’t give up on them. Every saint has a past, every sinner has a future. We’ll keep on working," Buffett said.

Bloomberg, who made the bulk of his estimated $17.5 billion fortune from financial news and information services company Bloomberg L.P., said it didn't make sense to leave everything to his children and have them go through life as members of "the lucky sperm club."

"You don’t want to leave them so much money that it ruins their lives," Bloomberg said. "You want kids who can look back and say, 'Yeah my family helped me but I did something on my own.'
"
Added Steyer: "We need to support each other. I look at this as replanting your garden so that future generations will have a full bounty of crops."
The United States has roughly 400 billionaires — about 40 percent of the world's total — with a combined net worth of $1.2 trillion, according to Forbes. If they all took the pledge, that would amount to at least $600 billion for charity.

The 40 names that have pledged to date have a combined net worth surpassing $230 billion, according to Forbes. Several of them have said they plan to give away much more than 50 percent of their wealth. Buffett has promised to donate more than 99 percent of his wealth.

http://www.msnbc.msn.com/id/38556042/ns/us_news-giving/

Frazod · 08-04-2010, 01:35 PM

Quote:

Originally Posted by Marcus_Halberstram

We have to provide food and shelter for the homeless, and oppose racial discrimination and promote civil rights, while also promoting equal rights for women. We have to encourage a return to traditional moral values. Most importantly, we have to promote general social concern and less materialism in young people.

I think we should divide the homeless in half, and feed one half to another. That would solve all kinds of problems.

|Zach| · 08-04-2010, 01:39 PM

Quote:

Originally Posted by H5N1

no, not even ****ing close.

It would make a dent. Their combined wealth was 1.2 trillion.

The national deficit is just above 13 or so. Not a lot but...a dent.

**Saulbadguy** · 08-04-2010, 01:39 PM

Quote:

Originally Posted by Marcus_Halberstram

We have to provide food and shelter for the homeless, and oppose racial discrimination and promote civil rights, while also promoting equal rights for women. We have to encourage a return to traditional moral values. Most importantly, we have to promote general social concern and less materialism in young people.

Marcus. How thought provoking.

ToxSocks · 08-04-2010, 01:43 PM

Guess it's time for me to start a charity. Hrmm....maybe a Charity to help all the reeruns on ChiefsPlanet? What should I name it though?

Ebolapox · 08-04-2010, 01:47 PM

Quote:

Originally Posted by |Zach|

It would make a dent. Their combined wealth was 1.2 trillion.

The national deficit is just above 13 or so. Not a lot but...a dent.

small dent. not even 10% of the federal deficit. to me, that's not even ****ing close (when you're talking about that much money)

Discuss Thrower · 08-04-2010, 01:48 PM

My conspiracy theorist side is in panic mode right now. Why would rich people give away their money unless they know shit's about to go tits up in a hurry?

**Rausch** · 08-04-2010, 01:48 PM

So they have agreed to give their money away to less intelligent people.

Who will receive this money for free.

Honestly, I think what Gates is doing is ****ing awesome, but as soon as he's removed from teh picture, considering the money involved, this $3it goes south like Wal-Mart Post-Walton...

wutamess · 08-04-2010, 01:51 PM

Quote:

Originally Posted by Detoxing

Guess it's time for me to start a charity. Hrmm....maybe a Charity to help all the reeruns on ChiefsPlanet? What should I name it though?

Chiefplanetardian Foundation.

|Zach| · 08-04-2010, 01:53 PM

Quote:

Originally Posted by H5N1

small dent. not even 10% of the federal deficit. to me, that's not even ****ing close (when you're talking about that much money)

A dent...isn't something huge.

I guess we just disagree on what a dent means.

blaise · 08-04-2010, 01:55 PM

Good for them. I have to laugh a little though when I read these comments every so often from one of these guys saying they don't believe in leaving everything to their kids. I'm guessing the kids will be cashing a gigantic check someday from these guys. "I didn't leave my kids a billion, just 25 million. Now they'll have to go work for themselves."

**Rausch** · 08-04-2010, 01:57 PM

Quote:

Originally Posted by J-Town Fan 1988

My conspiracy theorist side is in panic mode right now. Why would rich people give away their money unless they know shit's about to go tits up in a hurry?

Guilt...

**Rausch** · 08-04-2010, 01:58 PM

Quote:

Originally Posted by wutamess

Chiefplanetardian Foundation.

Pointless.

Me and Goat-****er would get all the money...

blaise · 08-04-2010, 01:58 PM

Quote:

Originally Posted by Rausch

So they have agreed to give their money away to less intelligent people.

Who will receive this money for free.

Honestly, I think what Gates is doing is ****ing awesome, but as soon as he's removed from teh picture, considering the money involved, this $3it goes south like Wal-Mart Post-Walton...

Well, if they died and hadn't done it the government would be getting most of it. So decide for yourself who deserves it less.

**Rausch** · 08-04-2010, 02:00 PM

Quote:

Originally Posted by blaise

Well, if they died and hadn't done it the government would be getting most of it. So decide for yourself who deserves it less.

"Sir, would you prefer to dip your testicles in acid or a wood-fired oven?...."

Thig Lyfe · 08-04-2010, 02:02 PM

Holy shit, America has 400 billionaires? Doesn't that seem like a lot? There are 400 Scrooge McDucks out there, swimming in gold coins. Nice that 40 of them are giving back in a big way, though.

08-04-2010, 12:31 PM
\|Zach\| For The Glory Of The City Join Date: Sep 2002 Location: Kansas City Casino cash: $2996768	40 billionaires pledge to give away half of wealth Gates, Buffett lead campaign to persuade America's wealthiest to donate their fortunes little over a year after Bill Gates and Warren Buffett began hatching a plan over dinner to persuade America's wealthiest people to give most of their fortunes to charity, more than three-dozen individuals and families have agreed to take part, campaign organizers announced Wednesday. In addition to Buffett and Gates — America's two wealthiest individuals, with a combined net worth of $90 billion, according to Forbes — 38 other billionaires have signed The Giving Pledge. They include New York Mayor Michael Bloomberg, entertainment executive Barry Diller, Oracle co-founder Larry Ellison, energy tycoon T. Boone Pickens, media mogul Ted Turner, David Rockefeller, film director George Lucas and investor Ronald Perelman. "We're off to a terrific start," Buffett, co-founder and chairman and CEO of Berkshire Hathaway, said in a conference call also attended by Bloomberg and San Francisco hedge-fund manager Tom Steyer and his wife Kat Taylor, founder of OneCalifornia Bank. Buffett said he and Gates, the Microsoft co-founder, and Gates' wife Melinda made calls to fellow billionaires on the Forbes 400 list of wealthiest Americans — in many cases, people they had never met — to try to persuade them to join the giving pledge. "We contacted between 70 and 80 people to get the 40. A few were unavailable. We don’t give up on them. Every saint has a past, every sinner has a future. We’ll keep on working," Buffett said. Bloomberg, who made the bulk of his estimated $17.5 billion fortune from financial news and information services company Bloomberg L.P., said it didn't make sense to leave everything to his children and have them go through life as members of "the lucky sperm club." "You don’t want to leave them so much money that it ruins their lives," Bloomberg said. "You want kids who can look back and say, 'Yeah my family helped me but I did something on my own.' " Added Steyer: "We need to support each other. I look at this as replanting your garden so that future generations will have a full bounty of crops." The United States has roughly 400 billionaires — about 40 percent of the world's total — with a combined net worth of $1.2 trillion, according to Forbes. If they all took the pledge, that would amount to at least $600 billion for charity. The 40 names that have pledged to date have a combined net worth surpassing $230 billion, according to Forbes. Several of them have said they plan to give away much more than 50 percent of their wealth. Buffett has promised to donate more than 99 percent of his wealth. http://www.msnbc.msn.com/id/38556042/ns/us_news-giving/
Posts: 54,754

08-04-2010, 01:43 PM	#19
ToxSocks Needs more middle fingers Join Date: Mar 2005 Location: San Diego Casino cash: $1993063	Guess it's time for me to start a charity. Hrmm....maybe a Charity to help all the reeruns on ChiefsPlanet? What should I name it though? __________________ Life is like a dick. Sometimes it gets hard for no reason, but it can't stay hard forever.
Posts: 65,925

08-04-2010, 01:48 PM	#21
Discuss Thrower "You like to drink?" Join Date: Jun 2006 Location: "I like to drink." Casino cash: $-430000	My conspiracy theorist side is in panic mode right now. Why would rich people give away their money unless they know shit's about to go tits up in a hurry? __________________ Chiefs 2016 Opponents: Home: JAX, TEN, NO, TB, NYJ. Away: HOU, IND, ATL, CAR, PIT Chiefs 2017 Opponents: Home: BUF, MIA, PHI, WSH, AFC North. Away: NE, NYJ, NYG, DAL, AFC South
Posts: 45,273

08-04-2010, 01:55 PM	#25
blaise In Search of a Life Join Date: Aug 2007 Location: Plano, TX Casino cash: $9989900	Good for them. I have to laugh a little though when I read these comments every so often from one of these guys saying they don't believe in leaving everything to their kids. I'm guessing the kids will be cashing a gigantic check someday from these guys. "I didn't leave my kids a billion, just 25 million. Now they'll have to go work for themselves."
Posts: 22,189

08-04-2010, 02:02 PM	#30
Thig Lyfe Banned Join Date: Jan 2004 Location: Thigpen's America Casino cash: $10004900	Holy shit, America has 400 billionaires? Doesn't that seem like a lot? There are 400 Scrooge McDucks out there, swimming in gold coins. Nice that 40 of them are giving back in a big way, though.
Posts: 25,680