Forty US billionaires pledge to give away half their fortunes to charity | Technology | guardian.co.uk

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The world of philanthropy got a huge financial boost today as more than 30 American billionaires pledged to give away at least half of their fortunes to charitable causes, signing up to a campaign launched by Warren Buffett and Bill Gates. In an unprecedented mass commitment, top figures including New York's mayor Michael Bloomberg, the hotel heir Barron Hilton, CNN media mogul Ted Turner, and the Star Wars director George Lucas lent their names to the "giving pledge", an initiative founded last month to encourage America's richest families to commit money to "society's most pressing problems". The pledge is not a legally binding contract but is described as a moral commitment. Buffett, the legendary Nebraska-based financier known as the "sage of Omaha", welcomed the influx of support: "At its core, the giving pledge is about asking wealthy families to have important conversations about their wealth and how it will be used. We're delighted that so many people are doing that." He added that many of those involved were committing sums far greater than the 50% minimum. Buffett himself is handing the vast bulk of his $47bn fortune to the Bill and Melinda Gates Foundation, which is largely orientated towards tackling disease in developing countries. Among those committing to give away money are the Oracle software tycoon Larry Ellison, the banker David Rockefeller, and oilman T Boone Pickens. The media entrepreneur Barry Diller is on the list along with his wife, fashion designer Diane von Furstenberg. There are also names from Wall Street and the hedge fund industry including David Rubenstein, co-founder of the Carlyle private equity group, and the financier Julian Robertson, plus a former Citigroup boss, Sandy Weill. The pledge does not define any specific causes that the billionaires will target with their fortunes, and it does not involve all the individuals pooling their money. Instead, it will be left up to each individual to determine which endeavours they wish to fund. The Hollywood director George Lucas said his chosen cause would be education: "My pledge is to the process; as long as I have the resources at my disposal, I will seek to raise the bar for future generations of students of all ages." New York's mayor, who made his fortune in Bloomberg financial information terminals, said: "By giving, we inspire others to give of themselves, whether their money or their time."

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Originally Posted by Zichao

...an initiative founded last month to encourage America's richest families to commit money to "society's most pressing problems".

OKay.

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Buffett himself is handing the vast bulk of his $47bn fortune to the Bill and Melinda Gates Foundation, which is largely orientated towards tackling disease in developing countries.

First mistake - How increasing the amount of people on this Earth can actually be said to tacle society's most pressing problems? It's making them worst!

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The pledge does not define any specific causes that the billionaires will target with their fortunes, and it does not involve all the individuals pooling their money. Instead, it will be left up to each individual to determine which endeavours they wish to fund.

Therefore, it actually doesn't change from what they are already doing and 50%, in any case, would be the tax rate they'd pay - if they weren't successfully evading taxes.

Hmmm.... I mean, it's nice and all and stuff. But basically, it's bullshit and, while it may do wonders for some individuals, it will not tackle society's problems.

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I wont some, with a mere million my life could be drastically improved.

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Give unto Caesar that what is Caesar's, and lie like hell to keep as much of the rest of your shit as you can.

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Originally Posted by LiberalNation

I wont some, with a mere million my life could be drastically improved.

Actually, yes and no. A mere million wouldn't set you up for life. It'd finance a decent lifestyle for about 10-15 years and then that's it, it'd be spent.

Or you could buy a really nice house and some toys but you'd still need to finance your on-going expenses...

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I don't need to be set for life, just my school paid for, a nice fast car and motorcycle........

Got to leave some for the starving africans.

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Give unto Caesar that what is Caesar's, and lie like hell to keep as much of the rest of your shit as you can.

"If you want something said ask a man...if you want something done, ask a woman" Margaret Thatcher

Originally Posted by Gilles de Rais

Actually, yes and no. A mere million wouldn't set you up for life. It'd finance a decent lifestyle for about 10-15 years and then that's it, it'd be spent. Or you could buy a really nice house and some toys but you'd still need to finance your on-going expenses...

A million for 10-15 years? What kind of lifestyle do you have exactly? xD

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Try living in London. As an adult rather than as a student. And see how far off I am...

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Out of curiosity (and because that's one my proposed solution to solve the world's problems), I used the Forbes list of billionaires. They go to a 1,000. I took and added the first 100.

The 100 richest people (some are family) have an aggregated fortune of USD 1,443 billions.

Taking a flat 90% out of it (which would leave the ranking intact - as well as the relative distance between them) comes at $1.3 trillion.

That could solve quite a few problems - Greece has a national debt of $300 billions. The entire US subprime market is supposed to be around $700 to $800 billions.

so, sure, it would be giving houses to people who really don't deserve it or helping assholes like the Greeks. But that still falls under "the greater good" category far more than letting these guys keep a wealth they can't really use...

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