Gates-Buffett: Generosity Comes From Liberalism

[Guest]

This is wonderful news. That is why I am posting it here.

Warren Buffett, the 2nd richest man in the world, is giving away over $30 billions to Bill Gates, the worlds richest man. The purpose? Philanthropy.

Long live the liberals!

[RashanGary]

Liberals are usually more educated. I think there is a rule that every red-neck moron with half a brain and a trailer has to be conservative.

Long live Liberals.

[Anti-Polar Bear]

Liberals are usually more educated. I think there is a rule that every red-neck moron with half a brain and a trailer has to be conservative.

Long live Liberals.

Well said, Nick!

[PackerPro42]

How old are you guys?

[the_idle_threat]

Classic!

[RashanGary]

I'm 25. I'm not really a die hard liberal. I've just heard some of the most rediculously ignorant statements from conservative morons. I like to fuck with them becuase the die hard conservs seem so stupid. I take each issue one at a time, not really lib or conserv...A little of both with some libertarian thrown in there.

[SkinBasket]

Together they constitute half of one of those "trailer park conservative" brains. Nothing new here.

[SkinBasket]

Of course, as another example of how open-minded and deep thinking they are, they have once again insulted another large segment of the liberal machine - people living in trailer parks.

[GrnBay007]

While the cats away, the rats will play. I'm callin the cops!



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[SkinBasket]

Fucking morons.

*edit: Obviosly (I hope) I didn't mean you 007.

[SkinBasket]

*nicki scurries away*

[Anti-Polar Bear]

Warren Buffett signs over $30.7B to Bill and Melinda Gates Foundation
USA Today

Warren Buffett's contribution of about $1.5 billion a year to the Bill & Melinda Gates Foundation will be used to seek cures for the world's worst diseases and improve American education, Bill Gates said Monday.
"There is no reason we can't cure the top 20 diseases," Gates said while appearing with Buffett during a donation ceremony at the New York Public Library.

The Buffett and Gates families, as well as onlookers, were beaming as the so-called Oracle of Omaha officially made his benevolence a reality.

"There is more than one way to get to heaven, but this is a great way," said Buffett. He presented the biggest gift to Gates, and $1 billion donations to his own foundation and the foundations run by each of his three children.

"I am not an enthusiast for dynastic wealth, particularly when the alternative is 6 billion people having much poorer hands in life than we have," Buffett said at the ceremony.

In a letter dated Monday, Buffett had informed Bill and Melinda Gates that the first donation of Berkshire Hathaway stock would go to the foundation next month.

The foundation, which has assets of $29.1 billion, spends money on world health, poverty and increasing access to technology in developing countries. In the United States, it focuses on education and technology in public libraries.

The money from Buffett, who is 75 but considered strong and healthy, comes with a significant 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. The foundation gave away $1.36 billion in 2005, so the Buffett commitment would effectively double its spending.

Buffett had said he would give away 12,050,000 Class B shares of Berkshire Hathaway stock (BRKB) to the five foundations.

The gifts would be worth nearly $37 billion, which represents the bulk of the $44 billion that Buffet's stock holdings are worth today. Five-sixths of the shares, roughly $30.7 billion, will be earmarked for the Gates Foundation.

The donation doubles the Gates Foundation's size to $60 billion, five times larger than any other U.S. charitable group and larger than the gross domestic product of Kuwait.

"This is his life's work," Gates said at the ceremony. "Now that the money (in the foundation) is going to be as much Warren's as the money my job helped generate, it's almost scary."

He prompted laughter when he added: "If I make a mistake with my money, it doesn't feel the same."

In his letter to the Gates Foundation, Buffett said he admires the foundation and wants to extend its "future capabilities." Until now, all the money given away by the Gates Foundation has come from the couple.

In a statement over the weekend, Bill and Melinda Gates spoke of their relationship with Buffett over the past 15 years and his influence on their philanthropy.

"Warren has not only an amazing intellect but also a strong sense of justice. Warren's wisdom will help us do a better job and make it more fun at the same time," they said. The couple said they are "awed" by Buffett's decision.

The Buffett pledge also requires that Bill and Melinda Gates remain alive and active in the policy-setting and administration of the foundation. Buffett plans to give each foundation 5% of his total pledge each year in July.

Bill Gates, the world's richest man, announced earlier this month that he would be stepping back from his day-to-day responsibilities at Microsoft in July 2008 so he can spend more time on the Seattle-based foundation. The foundation followed his announcement by saying Melinda Gates would also be taking a more active role in their philanthropic work.

Buffett, the world's second-richest man, said in an interview with Fortune magazine that the timing of the two announcements — one week apart — was just "happenstance."

Buffett's gift is "really significant," not just for its size but for its potential to encourage other giving, said Diana Aviv, president and CEO of Independent Sector, a non-profit coalition of about 550 charities, foundations and corporate giving programs that includes The Gates Foundation.

"I'm sure there are lots of young, wealthy individuals who have made their fortunes and who are watching this very carefully," she said. "These business leaders are icons."

Buffett's donations of Berkshire shares means the ultimate value of his gifts will be tied to the company's share price.

"I would be surprised, disappointed, if we can't manage Berkshire well enough so the increase on value, on average, (isn't) more than 5% a year." Buffett said.

Berkshire owns large stakes in such blue-chip companies as American Express and Coca-Cola and owns some 50 businesses, including Dairy Queen ice cream, Fruit of the Loom underwear and Geico auto insurance.

Berkshire shares have lagged the Standard & Poor 500 index over the last two years, but have far outgained that benchmark since Buffett took over Berkshire, then a struggling textile maker, in 1965.

The shares fell as much as 2.9% on Monday as investors looked toward Buffett's eventual retirement, and the possible sale by the foundations of Berkshire stock to help fund giving.

"Those who are selling haven't thought this through," said Thomas Russo, a principal at Gardner, Russo & Gardner, which owns Berkshire stock. "Warren will no longer have to distract himself with charitable donations, and can focus on the company."

Stacy Palmer, editor of the Chronicle of Philanthropy, credited as prudent Buffett's decision to forgo establishing a charitable foundation in his own name although it is a departure from the legacies of such titans as Rockefeller, Carnegie, Mellon and even Gates, whose names live on through their philanthropies.

"Part of giving away money is you make mistakes along the way," said Palmer. She credits the Gates Foundation with establishing global competencies in health and educational grant giving, enabling Buffett to avoid squandering his wealth while bequeathing it.

However, Palmer cautioned, "There are also people concerned about this clustering of power and money in the hands of a very small organization.

[Anti-Polar Bear]

long live liberals !!!

[SkinBasket]

long live liberals !!!

So you are going to provide proof these people are liberals tank? Maybe you have access to their voting records? Very exciting stuff.

[Anti-Polar Bear]

long live liberals !!!

So you are going to provide proof these people are liberals tank? Maybe you have access to their voting records? Very exciting stuff.

Would a conservative disappoint anti-abortionists?

NEW YORK (AP) -- Warren Buffett's new philanthropic alliance with fellow billionaire Bill Gates won widespread praise this week, but anti-abortion activists did not join in, instead assailing the two donors for their longtime support of Planned Parenthood and international birth-control programs.