Warren Buffett gives away $1.9 billion worth of stock
Source: Omaha World Herald-AP
Billionaire Warren Buffett has handed out $1.9 billion worth of Berkshire Hathaway Inc. stock as part of his plan to gradually give away most of his $44.1 billion fortune.
Buffett disclosed his gifts of 22.4 million Class B Berkshire shares Monday. The biggest gift of about 18.4 million shares worth more than $1.5 billion went to the Bill & Melinda Gates Foundation.
Buffett also gave 1.8 million shares to his own foundation and 643,203 shares to his three children's foundations.
He gave 238,165 shares ($20 million) to eight unnamed charities, and 10 shares to 15 elementary school children who were finalists in a contest.
Read more: http://www.omaha.com/article/20120710/MONEY/120719987/1685#warren-buffett-gives-away-1-9-billion-worth-of-stock
MrSlayer
(22,143 posts)I could use some of that scratch.
bluestateguy
(44,173 posts)That money would be well needed right now.
meow2u3
(24,764 posts)Dems need all the help we can get.
ObaMania
(2,054 posts).. with what the Repukes have in motion to secure the coming election it is a more winning proposition to invest in something you'll get back tenfold over the next four years.
With the way the Dems have managed the campaign so far it would be like pissing money away giving it to any progressive PAC.
denvine
(802 posts)justice1
(795 posts)bluedigger
(17,086 posts)JusticeForAll
(1,222 posts)They each got 10 shares?!?
1.25M! even if it's divided....$84,000 is a nice haul!
armodem08
(203 posts)Berkshire Hathaway-B closed near $83, meaning they each get roughly $830, not $84K. Still, a nice gesture.
unblock
(52,253 posts)SDjack
(1,448 posts)7wo7rees
(5,128 posts)I've been reading DU too long to see this as some grand giveaway.
In my opinion, The Bill and Melinda Gates Foundation is a contraption designed to park billions in a tax-free haven indefinitely.
Billionaires like Bill and Warren don't walk away after winning the game of historical money-earning.
They dress up a philanthropy as a permanent rest home for their legacies.
Again, just my thoughts. JD Rockefeller gave away millions in dimes, but kept the hard cash at home.
P.S. Don't think in any way I'm bashing philanthropy in general. This rant is about retiring billionaires' "card" games.
Mrs. Ted Nancy
(462 posts)The Gates Foundation is involved in some nefarious activities:
By Anthony Cody on July 4, 2012 11:47 AM
Guest post by Chemtchr. Part One of Two.
Philanthropy wonk Lucy Bernholz defines the buzzword leverage
as "the idea that you can use a little money to access a lot of money."
It's hard to think of the Gates Foundation's $26 billion leverage effort
as "a little money", especially since it's been spread over the globe to gain access to vastly more resources than it contributes, including U.S. tax dollars, the foreign exchange of emerging African nations, and United Nations funds for international development and world health.
Gates' leveraged philanthropy model is a public-private partnership to improve the world, partly through targeted research support but principally through public advocacy and tax-free lobbying to influence government policy. The goal of these policies is often to explicitly support profitability for corporate investors, whose enterprises are seen by the Gates Foundation as advancing human good. However, maximum corporate profit and public good often clash when its projects are implemented.
For example, chemical giant Monsanto has partnered with the Gates Foundation, which reportedly works to suppress local seed exchanges and environmentally sustainable agricultural practices through its global agricultural charity work. Fraud-prone drug giant GlaxoSmithKline is a partner in the Foundation's work to leverage its own relatively fractional contribution to vaccination efforts, so that it centrally controls enormous world funds for purchase, pricing, and delivery of vaccines for world public health. And in its U.S. education reform charity work, the Gates Foundation has increasingly shifted its funding to promote market domination by its British corporate education services partner, Pearson Education...
http://blogs.edweek.org/teachers/living-in-dialogue/2012/07/the_gates_foundations_leverage.html
Then there is the $498,055 grant to develop the "Galvanic skin Response Bracelet".
the purpose of the grant is "... to conduct a pilot study to measure student engagement physiologically with Galvanic Skin Response (GSR) bracelets, which will determine the feasibility and utility of using such devices more broadly to help students and teachers.
Also, there was a $621,265 grant given to the National Center on Time and Learning. Its purpose is "to measure engagement physiologically with Functional Magnetic Resonance Imaging and Galvanic Skin Response to determine correlations between each measure and develop a scale that differentiates different degrees or levels of engagement."
http://www.washingtonpost.com/blogs/answer-sheet/post/gates-changes-galvanic-bracelet-grant-description/2012/06/12/gJQAPkEAYV_blog.html
Apparently, the Gates foundation has sponsored an astroturf advocacy group.
By SAM DILLON
Published: May 21, 2011
INDIANAPOLIS A handful of outspoken teachers helped persuade state lawmakers this spring to eliminate seniority-based layoff policies. They testified before the legislature, wrote briefing papers and published an op-ed article in The Indianapolis Star.
They described themselves simply as local teachers who favored school reform one sympathetic state representative, Mary Ann Sullivan, said, They seemed like genuine, real people versus the teachers union lobbyists. They were, but they were also recruits in a national organization, Teach Plus, financed significantly by the Bill and Melinda Gates Foundation.
For years, Bill Gates focused his education philanthropy on overhauling large schools and opening small ones. His new strategy is more ambitious: overhauling the nations education policies. To that end, the foundation is financing educators to pose alternatives to union orthodoxies on issues like the seniority system and the use of student test scores to evaluate teachers.
In some cases, Mr. Gates is creating entirely new advocacy groups. The foundation is also paying Harvard-trained data specialists to work inside school districts, not only to crunch numbers but also to change practices. It is bankrolling many of the Washington analysts who interpret education issues for journalists and giving grants to some media organizations..."
http://www.nytimes.com/2011/05/22/education/22gates.html?_r=1
Warren Buffet's wealth could be put to much better use than this.
7wo7rees
(5,128 posts)As time passed, I prayed for Octafish come in and substantiate my feelings.
As it turns out, you're just the superhero I was waiting for.
AdHocSolver
(2,561 posts)DCKit
(18,541 posts)I wish Mr. Buffet had that information.
BadgerKid
(4,553 posts)malthaussen
(17,204 posts)Why not just beat the child as in the good old days? Education will never improve until children are abused again. Especially since rote-response is all we want from our education system these days.
-- Mal
JDPriestly
(57,936 posts)The philanthropist says, "I'm going to give you money, but you have to use it the way I want you to." Anything to avoid paying taxes because tax money is used for public purposes, that is for purposes that the philanthropist can't dictate or get credit for. Of course, big foundations hire a lot of employees who make the decisions about the details, but the philanthropist determines the direction and gets lots of control and credit for it.
This is from someone who worked to raise money for a homeless project.
AdHocSolver
(2,561 posts)His huge donation to the Bill and Melinda Gates foundation by itself makes his motives and goals suspicious.
Dokkie
(1,688 posts)away to his so called charity just means less money that will come into the govt as taxes and if he successfully gives it all away before he dies then very little amount he has to pay in estate tax. This is a tax evading scheme and some of us here are supporting it
truthisfreedom
(23,148 posts)Although we all know that can't be done.