Warren Buffett, Bill Gates ask billionaires to give away wealth

Nothing for endowments? Not a good idea. Giving the money away effectively means giving control over the underlying companies to Wall Street, which will make things worse, not better. One of the main reasons capitalism has degenerated so much is that the corporations are now controlled by speculators without any long term vision or sense of social responsibility instead of by private individuals. Only a mass transfer of control to endowments can counteract this problem.

Yes, lets chastise ambitious individuals who are donating BILLIONS of dollars to those in need, the world would be a much better place without people like them….honestly dude…..wake up

“The surest way to level the playing field again is through a revolution and hang these SOBs from piano wire. I’ve had enough of trickle down…I mean tricked on economics!”

yeah, that sounds great. Lets hang all the people that build companies to give YOU a job. Hope that works out for ya.

This is the stupidest comment I’ve ever read.

I agree, these guys are giving away billions, those whiners is what they are.
There are are no entitlements. They do need to wake up.

Hey Bangsplat,

Why don’t we hang you with piano wire? Then there would be one less sponge to suck up what the rest of us make.

@bangsplat

You depend on luck to feed your family?

This is admirable on an individual basis, but it doesn’t address America’s underlying problems. The American dream has become a deceit perpetrated on a gullible public. Poor Americans are less likely to improve their lot than people in most other developed or industrialising countries – there are plenty of statistics that demonstrate this. Philanthropy is a mere sticking plaster, and can never solve the underlying problem. When it comes to personal status and dignity, only money that people earned for themselves really counts.

The U.S. needs to reduce inequality by reducing the supply of labour and increasing its quality.
This means restricting immigration of unskilled workers, which mainly benefits the rich through providing cheap labour (especially domestic labour), and improving educational levels. Unfortunately the American right doesn’t care if the country has massive social problems, so long as life is good for the rich, and the American left wing elite sees unskilled workers as a vote bank which should be expanded as much as possible, even if this hurts the people they claim to want to help. As for improving educational standards, despite a lot of talk, no-one that counts has really been serious about it for decades.

You want a level playing field? Commie –
that seems to work real well.

Bangspat – sounds like your brains went bang – splat.

There seems to be a difference of opinion between those who are commenting – and quite frankly, some of the comments are fairly goofy. On the other hand, what do I know about disturbed people?

Let’s see I had a job once a long time ago that paid well with health & welfare but it got sent over seas benefitting only the big boss man.Than I had another job that paid well & also had health & welfare but got replaced with illegal labor that benefited only the big boss man & his political friends.OK hang em with the piano wire :)

Philanthropy has been the generator of marvelous things, for example The Smithsonian Institution, and all the Carnegie Libraries in the nation. If these people want to give away their money they have a right to, and they do not owe anyone an explanation of how or why they do it. They don’t have to level the playing field for anyone, fund endowments or whatever. IT”S THEIR MONEY! If they do anything nice for others I am grateful.

Bangsplat is the “whiny underachiever” who bites the hand that feeds him.

Business owners work for their money and provide regular employment to tens of thousands.

Suppose bangsplat works at McDonalds for minimum wage. Under his rule, he should be forced to give his entire McDonalds paycheck to the next poorest family.

That’s marxism – pulling others down to “help” other people rise. It’s WRONG.

The sad reality is nothing will change until the permanent war economy is non existent, maybe I live on the wrong planet…

Buffet and Bill Gates are GREAT men who are willing and able to HELP humanity !!! THREE CHEERS!!

I came to this country legally in my early teen years and although I was at a bit of a disadvantage, having to learn the language, culture, etc, I have to say that anyone with average determination can make the american dream happen….even today. Perhaps more easily than in any other period of American history! What with low inflation and competing in a culture where most of the citizenry is negative, with a negative outlook! That couldn’t distinguish opportunity if it passed it in a narrow hall! Quit complaining and look at yourself as a mini-corporation…there are business opportunities all around us! I’m not saying is easy. I failed in my first two business attempts, but if one keeps trying, one succeeds…and at least one is more positive all along the way!!!!

Hey Bill and Warren,
How about letting the working class keep 20% of net profits at their place of work BEFORE you distribute their hard earned share to charities?
Allow businesses to plow up to 20% of net profits back to employees, and then give your business a tax credit for the profitsharing. This would be a decentralized and democratic way to distribute your wealth to the people who actually earn that wealth.
check out the profitsharinguprising online. The free book PAYBACK explains it all. Thanks for your generosity.
Darian L. Smith

Right on bang splat. That’s the only way things are gonna change is when We the People rise up and make the change. Still plenty of Americans voting against their own class interest though.

As for Gates, why not INVEST a few of those spare BILLIONS into tech venture and entrepreneurs who can use it to re-establish the USA as a tech and world leader, rather than creating a dependent class that expects hand-outs?

…Or simply continue to hire skilled foreign workers using H1-B visas for cheap labor at the expense of our own US citizens with IT skills!

OK, I guess I understand – giving to charity just makes you “feel better” about putting the screws to your own domestic skilled laborers?

With so much corruption by our elected involving preventing accountability or selected accountability for the media to further the goal a of controllable populations. like the energy inventions buried by US PTO. Good will by Gates and Buffet is fruitless.They could and should promote sustainable green energy instead of there bribe and go.where will they Live? oil soaked beaches and private Islands are soon to be reality.

And also, theres nothing wrong with the “educational standards.” The problem starts and ends at home. If the student wants to learn, are you going to tell me that they are at a disadvantage here?… in the world center of free knowledge and information! The problem is with parents that pretend the school system is some sort of machine where you introduce kids at one end and obtain a college graduate at the other! Wrong!

why use piano wire?

There is nothing ‘communistic’ about what Gates and Buffett are suggesting. Long ago Jesus Christ told the rich to give what they have to the poor. Anyone ever hear of the term “noblesse oblige” and “to him who much is given much will be required.” It is the DUTY of everyone to help out the less fortunate, not just billionaires.

Large pools of money (resources/power) should be controlled by the public because too much private wealth creates nepotism. Mankind is not served when individuals or businesses are able to accumulate more than say, a billion dollars. How can affluence be an end unto itself when we’re all trying to live together in peace on this earth?

Osomec wrote, “The American dream has become a deceit perpetrated on a gullible public. Poor Americans are less likely to improve their lot than people in most other developed or industrialising countries.” Your argument is meritless. The U.S. has the highest economic mobility –meaning the ability to move from rags to riches or vice versa– than any other country, which is why so many want to come here (and do come here) to start successful businesses like donut shops, sleazy motels, coin-op laundries, video stores, and restaurants. Meanwhile, certain segments of Americans with an entitlement mentality (like you) are raised to believe there is no opportunity here. Those people stand on top of the SuperDome in New Orleans, waiting for the gov’t to rescue them, when they could’ve saved themselves by just watching the news.

A worldwide catastrophic event would surly level the playing field.. make money worthless, and you will quickly see billionaires eating out of the same dog dish simpletons do.

Why not lower the cost of products/commissions so we can all put our charity money where we want it and not where they want it?

To the post that of Jun 16, 2010 2:53pm EDT bangsplat.
Are you kidding me? You have just read about some of the most generous donations that this world has ever known and your reaction is “hang these SOBs from piano wire”? You have taken your jealousy to a new level that this world has never known. Shame on you!

They would not be making their billions without the workers…who can barely support their families on their wages!

Is it fair that a CEO should make 500 times what his employees are making, when the workers are the ones doing all the work?

Maybe the workers should be paid a bit more, and the CEOs a bit less!

I think it is admirable what they are doing. But I would really like to know if they would be doing this if there were no crisis? Gates had already started doing this, but even he knew beforehand about the crisis we are now end. Not that people can have a change of heart, but if the forecast wasn’t so gloomy, would these men or other billionaires really give away their wealth? Hum? Its cool that they are doing it though.

They were both givers before DAH, but perhaps felt it was time to ask others to do the same. Goodness can have a ripple effect. Buffet always planned to give away his fortune, choosing to not leave it to his children as he felt it would be harmful to them to do so. Gates was a philanthropist prior to establishing his Foundation in 2000

Giving to others can be beneficial to your self esteem, wipe away guilt and be a healthful as a vacation. And you need not give that much to feel it.

Although giving away billions by multi-billionaires may seem the right thing to do, there are more scrooges in the world… who would never consider giving an ounce of anything away, be it praise, good will or $$.

We should be thankful not all are scrooges.

People should start thinking about sharing rather than giving.

All these rich dudes are part of the problem, not the solution.

If we could switch our view to find value and self worth in terms other than monetary, the world would be a better place.

We can all change this world… not the rich people. There are people who need your company and care, there are things you can do to make a difference. Take what you know and spread the seed of your knowledge. Spend time visiting a home or hospital. Smile to your neighbor. Be kind with people that serve in stores and restaurants. Help out. Do one good thing everyday, just for the sake of it.

You can change the world, we don’t need money we need to change our misled perceptions.

Most, if not all, billionaires will be giving much more than 50% of their wealth to charity. The debate is whether they should do it while they are alive and still able to create more wealth, or after they are dead. I don’t know why these guys think it is so important to convey the impression that charity from the wealthy is their idea.

Without a doubt Gates and Buffett are modern-day Saints on a mission to make the world a fine place for all.

What about the poor people of Bhopal, India. An American company Union Carbide killed 4000 people and permanently damaged 100’s of thousands. They are still suffering. Surely they should benefit from American billionaires, who profitted from not paying what is due to these people, in damages.

This would also go some way towards reducing the hatred the majority of the world displays for Americans.

Pessimist88 wrote, “Is it fair that a CEO should make 500 times what his employees are making, when the workers are the ones doing all the work? Maybe the workers should be paid a bit more, and the CEOs a bit less!” And missmaria wrote, “All these rich dudes are part of the problem, not the solution.”

Perhaps you two Marxists should move to Argentia, where Chavez panders to such populist views?

Who said life was fair? If the “workers” want to get paid more, perhaps they should taks some risk –like those mean, old CEOs once had to do– and go out and start their own companies? Why do the CEOs owe anything to “the workers?” Is this Bolshevik Russia? This sense of entitlement and demands are bewildering to me.

It’s a great philosophy. My hope would be that they manage the money they give away to avoid having it wasted as public funds are so often. Private wealth can buffer the needs of the masses, especially in poor times. But giving it away indiscriminately may not be as good of a suggestion as it sounds. A certain amount of private wealth should be maintained so it can be directed, privately, as needed and when needed. I actually support endowments and have enjoyed being a beneficiary of endowments to the arts. Most of us have. The world has much potential for human capital in our grasp but fail to nurture it to maturity so it can succeed and in turn contribute. Surprising that this comes from Gates though. Is it the influence of his late mother who was a philanthropist, his father, or his wife Melinda? Perhaps all three have converged in his psyche to create a philanthropist. This is only one poor person’s view on wealth. Regardless, thank you.

The example of Bhopal is more in line with the private sectors obligations, liabilities, and litigation. That’s indemnification. I think Bill & Melinda Gates are speaking more generally as philanthropists to pro-actively help in a sea of need. Even they cannot solve the woes of the world, but they can help.

If some of these billionaires were really smart, they would fund radical new technologies. Things like AGI, rejuvenation therapies and energy startups. Look at companies like Lawrenceville Plasma Physics with their Focus Fusion technology.. Spend the last 10 years trying to get a few million in funding when they could potentially (even if its a long shot) solve all of the world’s energy problems which would save millions and millions of lives. Donate 500 million dollars to SENS and you could save billions of lives. These are the types of organizations I would be donating to. It is great that these billionaires are being charitable, but they just don’t seem to be thinking big.

Large pools of money (resources/power) should be controlled by the public because too much private wealth creates nepotism. Mankind is not served when individuals or businesses are able to accumulate more than say, a billion dollars. How can affluence be an end unto itself when we’re all trying to live together in peace on this earth?

finally realizing that they really ‘can’t take it with them, when they go’?

That’s easy to do when you’ve got it. And to get it . . . dream on.

“Large pools of money (resources/power) should be controlled by the public”. And do what with the money exactly? Give it to the poor? In case you haven’t realized, the public is terrible at properly handling money.

“How can affluence be an end unto itself when we’re all trying to live together in peace on this earth?”

Until there is an end to scarcity, there will never be peace on this earth. Mankind is served by technological progress and progress in driven by greed. We want systems that encourage people to make as much money as possible. Hurray capitalism.

I’m sure gates is saving lives in Africa with his charity work and giving his money away may make him feel more rewarded in life. Wish they could devert a little to help educate the millions of Americans that will find it hard to survive in the next 50 years.

Search engines are your friend… darfut Besides having given away computers to schools and libraries for decades, the Gates foundation provides education funds and grants are for the USA as well.

Like scholarships
http://www.gatesfoundation.org/topics/pages/scholarships.aspx

Grants
http://www.gatesfoundation.org/united-states/Pages/united-states-education-strategy.aspx

“greed is good” ;-)

Sweet,, Lets let the eugenics gates foundation persuade the richie rich.. f that give to your local community schools, buy books or computers or playgrounds for daycares, local funding for special need orgs for children and elderly, anything but gates and nothing for the churches either please!

I applaud Mr. Buffett and Mr. and Mrs. Gates for their innovative efforts to share their wealth with those less fortunate than themselves.

However, as a practical American and senior citizen, I believe that charity begins at home. I would challenge Mr. Buffett, Mr. and Mrs. Gates, and others who join them in their generous charity work, to consider the following needs here at home:

(1) Bring jobs back to Americans that American companies have ‘outsourced’ to foreign citizens. I detest getting someone in India when I call CitiCard;

(2) Bring our troops home and have them fight our drug war with Mexico;

(3) Endow Social Security so that we who are on it… and those who will be on it in the future… will have a decent retirement they can depend on;

(4) Aid those in cities all across America who have established temporary housing for homeless families and individuals;

(5) Take health insurance away from politics and government and provide decent, reasonably priced health insurance to all Americans;

(6) And last but certainly not least… look at the untold number of average Americans who believed in your companies, only to see their investments go down the tubes… while each of you became millionaires. Every time I read of your charities, I wish I could ask you to add one that would reimburse those whose hopes were veritably wiped out.

Think of the jobs that would be available to Americans if these steps were implemented, as well as the Americans who would benefit from the programs.

With deepest respect,

Sandi Tewes

philanthropy is not “giving back.” It is displacing one form of investment for another.

Instead of hoping that billionaires will, out of the “goodness of their hearts,” decide to give their money away [to charities that THEY deem worthy], why not grab some of the money before it gets into their hands? I.e., raise taxes on the top tier of citizens.

Billionaires are never going to give to pay teachers, hire nurses, build roads and schools, and create JOBS. Take the money from them and spend it how WE choose.

The billionaires say philanthropy is a wonderful feeling… good for them. I’d say it would be more wonderful if they simply paid their employees more (and caused others to follow suit) and paid themselves less. Incorporation is a reversal of everything that builds a company and its products… for the sake of cashflow, and corporate officer aristocracy, vassal shareholders, serf employees, and eco-asset consumers. So much could be improved with higher wages, which would be a pittance off their profits… wages for education, local philanthropy/prosperity, small business, etc., etc… instead of reserving the wonderful feelings for themselves. But at least they recognize the concept, unlike the other hoarders of wealth.

esoxlucios, there’s nothing marxist about asking for higher wage investment in ourselves. Our wages now have less buying power than our father’s did… the disparity only increases. The corporate mismanagement more glaring. The obscene profits aren’t because the rest of us don’t start our own businesses. CEO’s elsewhere make multiple times their ‘common’ worker, but nowhere near the multiples of our own corporate aristocracy here at home… nobody is worth hundreds of times more than the rest of us… they just take it… compensation boards of corporate officers voting each other more compensation. Paying bribery perks to keep the robber baron ‘talent’ from going elsewhere is just corporate spin to keep it all well-lubricated with cashflow… the king of incorporation.

Little guys like me can think big too, it is ideas that enhance our world, not money. Thanks Bill for your ideas and leadership.

I was startled that Buffet apparently doesn’t like endowments, but I find it impossible to criticize a man so wealthy who is giving almost all of it away sooner or later.

Why does a CEO make so much?

Why not? Why can’t Bill Gates, who started the company from ground up, have 53 billion dollars? The company is worth well over 200 billion. He built it, why isn’t it his wealth?

All these people who say “workers should get paid more” should start a company who does just that. Example, Ben and Jerry’s ice cream. They tried paying the CEO only 5 times more, bad CEO. Tried more, bad CEO. Turns out the CEO is paid well over 100 times the average worker. But, after all, the CEO is making money.

Sorry to break it to you all. The only reason why this nation is rich is because of our economy. If you were to turn it into an entitlement state, we will slowly lose our wealth and turn out to be like one of the euro states. Look what happens when you over pay workers(Greece) for their worth.

Want more money? Get an education. Want even more? Take a risk.

Oh, and I agree. If they wan’t to help the most, they need to invest in future technologies. Just giving things away unconditionally doesn’t help. I remember watching a commercial where instead of just giving away all these materialistic things, they give goats away. A goat can have babies. Milk. Meat. It is a livelihood and they work for it. Not some giv-a-way. That is what the world needs.

If I were Warren Buffet or Bill Gates, I wouldn’t give away anything. People in general are ungrateful. Look at many of the comments posted here! There are a few grateful people, but most people are jealous and direct their anger towards the wrong people.