53 replies to this topic

[Martin]

NEW YORK, June 25 (Reuters) - Billionaire investor Warren Buffett is donating a total of $37 billion -- most of his personal fortune -- to a foundation started by Microsoft Chairman Bill Gates and to several family foundations, making it the largest-ever individual charitable gift in the United States.

Buffett, 75, is the chief executive of investment firm Berkshire Hathaway (BRKa.N: Quote, Profile, Research). He is worth an estimated $44 billion, according to Forbes magazine, making him the second-richest man behind Gates, who is worth about $50 billion.

The $37 billion comprises about 85 percent of Buffett's fortune.

In a letter to the Bill and Melinda Gates Foundation, Buffett, 75, said he will set aside 10 million shares of Berkshire class B common stock (BRKb.N: Quote, Profile, Research) for the foundation.

Based on the stock's per-share price of $3071.01 as of Friday, the total amount for the Gates foundation comes to about $30 billion.

The amount is the largest commitment to a philanthropic cause ever made by one person in the United States, said Stacy Palmer, editor of the Chronicle of Philanthropy.

"Even if you look at what (John D.) Rockefeller and (Andrew) Carnegie gave historically -- even if you do it in today's numbers, it doesn't come close to that," she said.

The ariticle continues... Link
Its astonishing! The guy is giving away 85% of his fortune. Please give me a million!
Each of kids (3) will get 350,000 shares of stock and his wife will get 1million shares. This is the largest charitable comitment ever made in the U.S.

Edited by Martin, 25 June 2006 - 04:22 PM.

[Vegas]

Wow. That guy is surely going to heaven.

[Jeff]

If only everyone had that kind of money...Crazy what people do with it sometimes. Donating it to a charity is a good idea though, seeing that he is getting a little older. Hopefully Bill Gates will do something kind of like this.

[Martin]

Wow. That guy is surely going to heaven.

Ill say!

If only everyone had that kind of money...Crazy what people do with it sometimes. Donating it to a charity is a good idea though, seeing that he is getting a little older. Hopefully Bill Gates will do something kind of like this.

Im kinda pleased to see that his kids and wife aren't going to get it all! Make them work a little. Bill Gates is doing something like this with his kids too.

[Hawk]

If only everyone had that kind of money

If everyone had that kind of money gas would be several hundred thousand a gallon

[redlion]

Ill say!
Im kinda pleased to see that his kids and wife aren't going to get it all! Make them work a little. Bill Gates is doing something like this with his kids too.

Actually, if a single one of his kids was to sell his 350,000 shares at $3070, he'd have 1,074,500,000. Pretty much set for life with that kind of money.

Still, he did contribute an enormous amount of money. Its good to see that lasting legacies like the Hilton empire are going out of style.

[Funnlecake]

if everyone had that kind of money it would be worthless.
anyway, hes a nice guy.

[Hawk]

if everyone had that kind of money it would be worthless.

That was the point I made

Edited by hawk117, 25 June 2006 - 04:49 PM.

[Vegas]

Probably could own a small country with that donation.

[Martin]

Actually, if a single one of his kids was to sell his 350,000 shares at $3070, he'd have 1,074,500,000. Pretty much set for life with that kind of money.

Atleast they dont get more than 1 billion!

[Hawk]

Atleast they dont get more than 1 billion!

They dont need more than 1 billion. They could live a very comfortable life with as little as 10 million each.

[redlion]

Atleast they dont get more than 1 billion!

Actually, written out, that number is one billion, seventy four million, five hundred thousand, which gives them more than a billion.

[Hawk]

Actually, written out, that number is one billion, seventy four million, five hundred thousand, which gives them more than a billion.

Dont get smart with me, I was just quoting the person above me. I was saying they dont need more than 1 billion. Did I ever say they didnt have more than 1 billion?

[Lemonblood]

Dont get smart with me, I was just quoting the person above me. I was saying they dont need more than 1 billion. Did I ever say they didnt have more than 1 billion?

'edlion isn't smart

[redlion]

'edlion isn't smart

Says the man who can't spell out 'redlion'

Dont get smart with me, I was just quoting the person above me. I was saying they dont need more than 1 billion. Did I ever say they didnt have more than 1 billion?

And I wasn't talking to you? I was talking to martin, who actually did say that

[Vegas]

LOL for ignorance.

Hey ima skeptic too but you never know.....

[Freddy]

If everyone had that kind of money gas would be several hundred thousand a gallon

If everybody had that kind of money everything would be that price, because everybody rich (which is everybody) could pay that much for gas. lol, hard concept to grab, but truthful nevertheless. I'm glad to see somebody is going to give away like 85% of his fortune. Just makes me proud to me an american. lol

[Grizzly]

What a guy. If I had that amount of money I don't think I'd be able to donate such a percent.

And just to add on which I don't think the quote mentioned but the 85% is actually going to be given to 5 seperate foundations and the majority going to gates'.

[codester]

Wow, that man makes me feel poor...very poor. I commend Mr. Buffet for his great deed not many in today's world would do something like that.

[Martin]

Actually, written out, that number is one billion, seventy four million, five hundred thousand, which gives them more than a billion.

I was just rounding Mr. Smarty Pants JK I simply ment I would rather that they got around 1 billion each instead of 20+billion. Even if they dont have to work prehaps they will anyway to increase their fortune. Their father could have easily stopped making money after a billion but instead he decided to keep at it.

Keep your meaningless arguments private. No one wants to hear it.

Yes please do.

[hoju]

Atleast they dont get more than 1 billion!

Nice sarcasm there
Found it really funny
Anyways, that is a lot of money.

[Mason]

War in Iraq**

My response: Whatever

"Whatever"?

I believe you called me a pussy in my thread, but you back down just like that?

Come on.

[Valien]

Ha ha. I guess the other guy was more intimidating?

[Hawk]

Ha ha. I guess the other guy was more intimidating?

No, Mason is more intimidating.

[Mason]

He backed down from you, not me.