Buffet donates $37 billion to charity

Gatsby · 06-27-2006, 12:22 AM

Quote:

Originally Posted by cnn.com

NEW YORK (CNNMoney.com) -- Berkshire Hathaway CEO Warren Buffett said Monday his decision to leave most of his wealth to charity now was "logical," adding that he feels "terrific" about the reversal of his long-stated plan to distribute his billions upon his death.

Buffett, the second richest man in the world, announced his plans to gradually give 85 percent of his wealth to five foundations in an exclusive interview with Fortune magazine published over the weekend.
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Bill Gates (left), his wife Melinda and Buffett discuss the donation at a news conference.
Warren Buffett gives it away

The vast majority will go to the Bill and Melinda Gates Foundation, run by Microsoft chairman - and the world's richest man - Bill Gates and his wife, Melinda. The foundation, which has about $30 billion in assets, focuses on world health as well as improving U.S. libraries and schools. Buffett's contribution will double the foundation's current assets.

Buffett said there had never really been a question of whether he would give his money away, saying, "I'm not an enthusiast for dynastic wealth, especially when the alternative is six billion people much poorer (than we are) having a chance to benefit from the money."

Starting in July and continuing every year, Buffett will give away a set number of Berkshire Hathaway B (down $28.00 to $3,043.01, Charts) shares, starting with 602,500 in 2006 and decreasing by 5 percent a year. The value of the shares to be given away is currently about $37 billion.

the man should be given the keys to every city in the world
i think its incredible to do something like that

carvinC980t_kid · 06-27-2006, 03:45 AM

that is really cool!! i wish i could be able to help out people like that! it must feel so good being able to do something like that!

SisterMidnight · 06-28-2006, 06:38 PM

i've never heard of this man before.. but yeah..

that's so incredibly generous it almost boggles the mind.. this is a man who knows the real value of money..

06-27-2006, 03:45 AM	#2
carvinC980t_kid Eskimo Regular Join Date: May 2006 Location: noblesville indiana, aka people with too much money producing ignorant children Posts: 2,662	that is really cool!! i wish i could be able to help out people like that! it must feel so good being able to do something like that! __________________ "And live for the moment, Lord knows I'm gon' die And when I get to hell, Lord knows I'm gon' fry" young jeezy - i luv it

06-28-2006, 06:38 PM	#3
SisterMidnight Jellyfishsting Join Date: Mar 2004 Location: Is this heaven? Posts: 5,500	i've never heard of this man before.. but yeah.. that's so incredibly generous it almost boggles the mind.. this is a man who knows the real value of money..