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Laughing all the way, Warren Buffett with Melinda and Bill Gates.

It's a Movement: Warren Buffett gives away his fortune
"FORTUNE EXCLUSIVE: The world's second richest man - who's now worth $44 billion - tells editor-at-large Carol Loomis he will start giving away 85% of his wealth in July - most of it to the Bill & Melinda Gates Foundation."

Loomis and Buffett are old friends, and follows her news story with a comfortable interview that took place in advance of the announcement. It's both funny -- second-richest man giving billions to first-richest man -- and a revealing conversation about how Buffett thinks about life.

...(as) someone who was compounding money at a high rate, I thought, was the better party to be taking care of the philanthropy that was to be done 20 years out, while the people compounding at a lower rate should logically take care of the current philanthropy.

But that theory also happened to fit what you wanted to do, right?

(He laughs, hard.) And how! No question about that...

Why he changed his mind:

The short answer is that I came to realize that there was a terrific foundation that was already scaled-up - that wouldn't have to go through the real grind of getting to a megasize like the Buffett Foundation would - and that could productively use my money now.

...I don't think I'm as well cut out to be a philanthropist as Bill and Melinda are. The feedback on philanthropy is very slow, and that would bother me. I'd have to be too involved with a lot of people I wouldn't want to be involved with and have to listen to more opinions than I would enjoy....

Some version of this plan I've got is not a crazy thing for some of the next 20 people who are going to die with $1 billion or more to adopt themselves.

In the main story, Loomis notes, "The Gateses credit Buffett, says Bill, with having "inspired" their thinking about giving money back to society," and now he's prodding others with overflowing wallets.

It's great that the wealthiest are championing service to others -- and in descending order, too. Basking in the glow of public approval, rather than merely envy, might be the hot new investment for those who already have everything else.

Paul Allen -- owner of the Seattle Seahawks, Portland Trailblazers, co-founder of Microsoft and Number 3 on the Forbes 400 -- should be a pushover. After that come Oracle founder Larry Ellison (Oracle database software) and Michael Dell (dude!), followed by five WalMart Waltons.

But what about the children? Buffett cites the silver spoon: "In effect, they've had a gigantic headstart in a society that aspires to be a meritocracy. Dynastic mega-wealth would further tilt the playing field that we ought to be trying instead to level."

More: NYT

Wi-Fi clouds need to be free. What if They Built an Urban Wireless Network and Hardly Anyone Used It? (NYT):

Peter Shyu, an engineer, spends most of his day out of the office, and when he needs an Internet connection he often pops into one of the many coffee shops in this city that offer free wireless access.

He could use WiFly, the extensive wireless network commissioned by the city government that is the cornerstone of Taipei's ambitious plan to turn itself into an international technology hub. But that would cost him $12.50 a month.

"I'm here because it's free, and if it's free elsewhere, I'll go there too," said Mr. Shyu, hunched over his I.B.M. laptop in an outlet of the Doutor coffee chain. "It's very easy to find free wireless connections."...

Some think unique content will generate subscriptions, but that seems dicey, and defeats the goal of universal Web access and literacy. Nobody needs another AOL.

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1 Comments

karen s said:

Hey There,

My name is Karen Shacham and I work with CNN Pipeline in Atlanta.

I thought you might be interested to know that CNN Pipeline will be featuring Warren Buffett’s Town Hall and press conference regarding his announcement to gradually give away 85% of his Berkshire stock to five foundations. He will be speaking at an invitation only Town Hall event, as well as a press conference later in the day. Both will be LIVE on CNN Pipeline today, the Town Hall at 11AM ET and the press conference at 1:30PM ET.

CNN Pipeline is an online, commercial-free, multiple live-news feed. It showcases four simultaneous news feeds from around the world and an on-demand function that allows you to select from a variety of news stories.

Please let your members know that they can go to http://www.cnn.com and click on the CNN Pipeline link to watch it *live* and get a two week free trial.

Thanks,
Karen

Sheila adds: After the two-week free trial, $2.95 a month will be billed to your credit card if you don't cancel. Source

Link | June 26, 2006 9:14 AM
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