Warren Buffett signs over $30.7B to Bill and Melinda Gates Foundation

[TaborJet]

Warren Buffett signs over $30.7B to Bill and Melinda Gates Foundation

Warren Buffett's contribution of about $1.5 billion a year to the Bill & Melinda Gates Foundation will be used to seek cures for the world's worst diseases and improve American education, Bill Gates said Monday.

"There is no reason we can't cure the top 20 diseases," Gates said while appearing with Buffett during a donation ceremony at the New York Public Library.

The Buffett and Gates families, as well as onlookers, were beaming as the so-called Oracle of Omaha officially made his benevolence a reality.

"There is more than one way to get to heaven, but this is a great way," said Buffett. He presented the biggest gift to Gates, and $1 billion donations to his own foundation and the foundations run by each of his three children.

"I am not an enthusiast for dynastic wealth, particularly when the alternative is 6 billion people having much poorer hands in life than we have," Buffett said at the ceremony.

In a letter dated Monday, Buffett had informed Bill and Melinda Gates that the first donation of Berkshire Hathaway stock would go to the foundation next month.

The foundation, which has assets of $29.1 billion, spends money on world health, poverty and increasing access to technology in developing countries. In the United States, it focuses on education and technology in public libraries.

The money from Buffett, who is 75 but considered strong and healthy, comes with a significant catch. The letter says Buffett wants all his money to be distributed in the year it is donated, not added to the foundation's assets for future giving. The foundation gave away $1.36 billion in 2005, so the Buffett commitment would effectively double its spending.

Buffett had said he would give away 12,050,000 Class B shares of Berkshire Hathaway stock (BRKB) to the five foundations.

The gifts would be worth nearly $37 billion, which represents the bulk of the $44 billion that Buffet's stock holdings are worth today. Five-sixths of the shares, roughly $30.7 billion, will be earmarked for the Gates Foundation.

The donation doubles the Gates Foundation's size to $60 billion, five times larger than any other U.S. charitable group and larger than the gross domestic product of Kuwait.

"This is his life's work," Gates said at the ceremony. "Now that the money (in the foundation) is going to be as much Warren's as the money my job helped generate, it's almost scary."

He prompted laughter when he added: "If I make a mistake with my money, it doesn't feel the same."

In his letter to the Gates Foundation, Buffett said he admires the foundation and wants to extend its "future capabilities." Until now, all the money given away by the Gates Foundation has come from the couple.

In a statement over the weekend, Bill and Melinda Gates spoke of their relationship with Buffett over the past 15 years and his influence on their philanthropy.

"Warren has not only an amazing intellect but also a strong sense of justice. Warren's wisdom will help us do a better job and make it more fun at the same time," they said. The couple said they are "awed" by Buffett's decision.

The Buffett pledge also requires that Bill and Melinda Gates remain alive and active in the policy-setting and administration of the foundation. Buffett plans to give each foundation 5% of his total pledge each year in July.

Bill Gates, the world's richest man, announced earlier this month that he would be stepping back from his day-to-day responsibilities at Microsoft in July 2008 so he can spend more time on the Seattle-based foundation. The foundation followed his announcement by saying Melinda Gates would also be taking a more active role in their philanthropic work.

Buffett, the world's second-richest man, said in an interview with Fortune magazine that the timing of the two announcements

[spjets]

nut job...

[nj meadowlands]

The Gates Foundation is the single most important organization in the ENTIRE WORLD.

[faba]

Putting money to charitable causes how can you bash something like this- Buffet and Gates trying to better society -kudos to them

[PatsFanTX]

nut job...

Buffett handing over $30.7 bil is like you or I handing over $100.

[nj meadowlands]

Buffett handing over $30.7 bil is like you or I handing over $100.

This is true for TX.

Warren Buffet's net worth is 42 billion. His donation was nearly 75 percent of his entire worth. So a donation of this size would indeed translate into TX donating $100 of his $130 estate.

[nj meadowlands]

Actually, the number i'm hearing now is 85% of his fortune. This is philanthropy at its finest. God bless guys like Bill Gates and Warren Buffett.

[spjets]

Actually, the number i'm hearing now is 85% of his fortune. This is philanthropy at its finest. God bless guys like Bill Gates and Warren Buffett.

i heard he was giving up 40 of his 42 billion...he said living on 2 BILL is good enough...nice huh

[nj meadowlands]

i heard he was giving up 40 of his 42 billion...he said living on 2 BILL is good enough...nice huh

Of course it's nice. Even though I can't FATHOM that kind of money, it's still a wonderful wonderful wonderful thing that he's doing.

[vanDoug]

Just saw this on the 6 PM news.

Pretty cool.

How much is that in vCash?

[johnny green balls]

kudos for him for giving it up but this is similar to people praising george washington for freeing his slaves upon his death. sounds like the old man's read Matthew 19:24 lately.

[Green DNA]

That's some huge tax write off, so in reality we are paying for a portion of it indirectly.

[L.I.MikeBleedsGreen]

Warren Buffet must be SMOKING that Good Sh@T that Jimmy Buffet gave him.Pass that to Tom Cruise and Bill Gates and Brad Pitt and John Travolta and then maybe we can cure All the actors making over 20 million a Picture (NUTS). What's Next the QVC Lady making 10 million a Show!

[AFJF]

heard an excellent point on Howard Stern this morning about Buffet, Gates, and other billionaires giving this type of money to solve the worlds problems. Basically saying congress should be ashamed of themselves based on the fact that they're busy wasting tax payer dollars and voting on pointless amendments while wealthy, non public elected officials are trying to solve things that actually plague the world and have a real impact on peoples lives. No shots were taken at any political party (and I don't feel any were needed) but just congress as a whole.

[faba]

heard an excellent point on Howard Stern this morning about Buffet, Gates, and other billionaires giving this type of money to solve the worlds problems. Basically saying congress should be ashamed of themselves based on the fact that they're busy wasting tax payer dollars and voting on pointless amendments while wealthy, non public elected officials are trying to solve things that actually plague the world and have a real impact on peoples lives. No shots were taken at any political party (and I don't feel any were needed) but just congress as a whole.

It should be noted that most of the money in the health field especially given out bythe Gates Foundation is directed overseas to solve the AIDS and other health problems-trying to make the world a better place to live-hard for me to see all the sarcastic remarks about these people with the good things they are trying to do at least

[spjets]

heard an excellent point on Howard Stern this morning about Buffet, Gates, and other billionaires giving this type of money to solve the worlds problems. Basically saying congress should be ashamed of themselves based on the fact that they're busy wasting tax payer dollars and voting on pointless amendments while wealthy, non public elected officials are trying to solve things that actually plague the world and have a real impact on peoples lives. No shots were taken at any political party (and I don't feel any were needed) but just congress as a whole.

i heard that...youre right that is a excellent point..

[BwanaZulia]

Sad that we have to have private foundations help American Education when we contribute BILLIONS a year to it.

I sure hope that $350,000,000,000 was spent well in Iraq.

BZ

[johnny green balls]

Sad that we have to have private foundations help American Education when we contribute BILLIONS a year to it.

I sure hope that $350,000,000,000 was spent well in Iraq.

BZ

only $350B? deal of the century.

[nj meadowlands]

Warren Buffet must be SMOKING that Good Sh@T that Jimmy Buffet gave him.Pass that to Tom Cruise and Bill Gates and Brad Pitt and John Travolta and then maybe we can cure All the actors making over 20 million a Picture (NUTS). What's Next the QVC Lady making 10 million a Show!

The question is what are YOU smoking?

Do you not know that Bill Gates is the world's biggest philanthropist and his organization is the place where Buffett DONATED his money???? Do you not know that Bill Gates has given more than 80% of his entire fortune, which is more money than you or I even knows exist, to the research of diseases?

Further, do you not know that Brad Pitt and wife Angelina Jolie have been constantly contributing to charities and visiting some of the most horrible places in the world? He told Newsweek that he figured if the cameras were going to follow him and Angelina everywhere, they might as well lure them somewhere that needed the world's attention.

Maybe you should do your research before posting bad things about some of our country's most stand up people...

[SouthernJet]

Just as long as the Gates dont throw any Dukes way

[johnny green balls]

The question is what are YOU smoking?

Do you not know that Bill Gates is the world's biggest philanthropist and his organization is the place where Buffett DONATED his money???? Do you not know that Bill Gates has given more than 80% of his entire fortune, which is more money than you or I even knows exist, to the research of diseases?

Further, do you not know that Brad Pitt and wife Angelina Jolie have been constantly contributing to charities and visiting some of the most horrible places in the world? He told Newsweek that he figured if the cameras were going to follow him and Angelina everywhere, they might as well lure them somewhere that needed the world's attention.

Maybe you should do your research before posting bad things about some of our country's most stand up people...

now i'm confused, did brad pitt and angelina become stand up people before or after their adulterous affair?

[nj meadowlands]

now i'm confused, did brad pitt and angelina become stand up people before or after their adulterous affair?

What the hell does that have to do with what they contribute to society? Next time you go to poverty ravished Africa, let me know.

[SouthernJet]

What the hell does that have to do with what they contribute to society? Next time you go to poverty ravished Africa, let me know.

some might say your priorities are a little whacked

I heard Wayne Gacy contributed all his earnings from clown art to charity,,

I guess in 80s world he is Mother Theresa

[nj meadowlands]

some might say your priorities are a little whacked

I heard Wayne Gacy contributed all his earnings from clown art to charity,,

I guess in 80s world he is Mother Theresa

Brad Pitt's earnings come from his being a movie star. Pretty different from what you're talking about. I don't think he made any money off of having an affair, which is none of your business or mine. Get it?

[faba]

Confusing the issues here on people's personal lives- this gesture that Gates and now Buffet are doing for the better of mankind is not something to just blow off-they are trying to make society a better place

[SouthernJet]

Brad Pitt's earnings come from his being a movie star. Pretty different from what you're talking about. I don't think he made any money off of having an affair, which is none of your business or mine. Get it?

I get that you think someone can be a turd in the real world morally and throwin cash buys your soul back

like the mafia guys who cheat and swindel all week and then think by going to church o nsunday they are whole with God,,hahha

[nj meadowlands]

Confusing the issues here on people's personal lives- this gesture that Gates and now Buffet are doing for the better of mankind is not something to just blow off-they are trying to make society a better place

100% correct, and Brad Pitt falls under that same umbrella.

[SouthernJet]

Confusing the issues here on people's personal lives- this gesture that Gates and now Buffet are doing for the better of mankind is not something to just blow off-they are trying to make society a better place

no one doubted gates/buffet,,

jolie/pitt are the turds who i question,,

u cant have it both ways,, u end up eventually gettin judged

[nj meadowlands]

I get that you think someone can be a turd in the real world morally and throwin cash buys your soul back

like the mafia guys who cheat and swindel all week and then think by going to church o nsunday they are whole with God,,hahha

I didn't know that you had a crystal ball into Brad Pitt's soul. What gives you to the right to justify his motives in your twisted jealous little way? Talk whatever **** you want about his personal life, you can't take away from the good work that he is doing. Maybe you should try doing some of that good work. Maybe everyone should.

[nj meadowlands]

no one doubted gates/buffet,,

jolie/pitt are the turds who i question,,

u cant have it both ways,, u end up eventually gettin judged

More ludicrousy from you! Who are you to say that Gates/Buffet didn't ever have an affair, which seems to be your barometer for condemning people to the pits of hell in spite of all good deeds!?!?!

[SouthernJet]

More ludicrousy from you! Who are you to say that Gates/Buffet didn't ever have an affair, which seems to be your barometer for condemning people to the pits of hell in spite of all good deeds!?!?!

ok sparky,,

u can believe all the PR u want,,

as we speak he is leavin her and the kids who thought he was thier new daddy,,

stand up guy,,,

[nj meadowlands]

ok sparky,,

u can believe all the PR u want,,

as we speak he is leavin her and the kids who thought he was thier new daddy,,

stand up guy,,,

OR

He is continuing to send money to AIDS research in Africa

OR

He is still the spokesperson for the ONE Campaign

OR

He is still VISITING places like Africa with Jolie, and bringing the cameras with him

I didn't see "Southern Jet" on Newsweek's list of "15 People Who Make America Great"

[SouthernJet]

OR

He is continuing to send money to AIDS research in Africa

OR

He is still the spokesperson for the ONE Campaign

OR

He is still VISITING places like Africa with Jolie, and bringing the cameras with him

I didn't see "Southern Jet" on Newsweek's list of "15 People Who Make America Great"

nope,, but i have always been with my kids, coached little league, taught them by being there,,

I would rather teach and nurture my kids 1st than someone elses,,

I still dont think you get the point,,,

but thats ok,,

u r obviously very young,, u will learn grasshopper

[nj meadowlands]

nope,, but i have always been with my kids, coached little league, taught them by being there,,

I would rather teach and nurture my kids 1st than someone elses,,

I still dont think you get the point,,,

but thats ok,,

u r obviously very young,, u will learn grasshopper

If what I will "learn" is to become very jaded in the world of philanthropy, I think i'll wipe my ass with my college degree.

Brad Pitt and Angelina Jolie have 1 biological child. They have two adopted children, a Cambodian boy named Maddox and an Ethiopian girl named Zahara, whom they took in because her mother didn't have enough money to raise her. Is that what you mean by "someone else's?" Yeah, sounds really deplorable to me.

Again, I think people should do their research before they cast stones at others.

[SouthernJet]

If what I will "learn" is to become very jaded in the world of philanthropy, I think i'll wipe my ass with my college degree.

Brad Pitt and Angelina Jolie have 1 biological child. They have two adopted children, a Cambodian boy named Maddox and an Ethiopian girl named Zahara, whom they took in because her mother didn't have enough money to raise her. Is that what you mean by "someone else's?" Yeah, sounds really deplorable to me.

Again, I think people should do their research before they cast stones at others.

as I said young grasshopper , u will someday learn thet true charity starts at home