It looks like we’re not the only folks a tad skeptical about all the uncritical adulation Warren Buffett is getting for announcing he’s giving away the bulk of his fortune over the next few years. Today on SquawkBox, dapper young poltical reporter Andrew Sorkin of DealBook questioned whether the concentration of charitable money–the Gates Foundation will be the world’s biggest charity after Buffett’s donations–was really a good thing. And this morning’s New York Sun carries an editorial pointing out that Buffett’s progeny also profit from his giving.
The Gates Foundation isn’t the only recipient of his largesse – three foundations headed by Mr. Buffett’s three children, Susan, Howard, and Peter, will get hundreds of millions of dollars. Tax documents show that in 2004, Peter Buffett and his wife Jennifer each took a $40,000 a year salary for what they reported was 30 hours a week each of work on the foundation. Mr. Buffett has told Fortune (which broke the gift story) “Love is the greatest advantage a parent can give,” and no doubt he is right about that. But that isn’t all he’s giving his own children.
We might add that, according to this two-year old Associated Press story, in the 1970s Warren Buffett gave Peter (pictured above left) Berkshire Hathaway stock that today (or in 2004, when the story was written) would be worth about $50 million. But we aren’t arguing with the sage of Omaha. Love is the greatest gift a parent can give. That, $80K a year in a cushy charity job and $50 million will get you a pretty nice ride in life.
Buffett the Benefactor [New York Sun]
Damn him for being a generous father! Damn him to hell!
What a bunch of liberal crap. The point is that he has billions and he’s choosing to give only millions to his kids. What are you missing? Go whine about something else!
$80,000 a year and 50 million….. umm are you kidding? How much is he worth, 50 BILLION??? That’s the equivilent of being worth $1,000 and giving your kid a penny. This article is ridiculous.
this is the dumbest analysis ever, he is giving away 30+ billions which had he kept would guarantee that his ancestors would be in the richest 1000 or so people for generations to come
I cant believe that Google considers what is written here “news”. Feh!
Typical liberal junk just like willy says. Maybe if “their” billion/millionaires would give money to a charity instead of political websites with a communist/socialist agenda the world might be a better place instead of the BS philosophy those websites preach being forced on an unwanting public.
$80,000 a year and 50 million….. umm are you kidding? How much is he worth, 50 BILLION??? That’s the equivilent of being worth $1,000 and giving your kid a penny. This article is ridiculous.
Seriously, what can you possibly complain about here? The man gives tens of billions of dollars to charity and takes care of his kids with a fraction of what’s left over. Why should he be expected to give everything to charity??
(Your picture is creepy as hell, by the way.)
This article is shameful… a person gives away 40 BILLION DOLLARS to charity and you critize him for leaving a little for his kids… wow.
I DON’T GET YOUR POINT…THERE WOULD BE NOTHING WRONG WITH LEAVING ALL OF IT TO HIS CHILDREN, BUT HE IS LEAVING ALMOST ALL OF IT TO CHARITY (LIKE 97%) AND SOME (ENOUGH FOR THEM TO RETIRE LAVISHLY) TO HIS KIDS…THE ONLY PEOPLE WHO SHOULD BE WHINING HERE ARE HIS KIDS.
ONLY A LIBERAL WOULD TRY TO FIND SOME NEGATIVE IN THE LARGEST DONATION TO CHARITY EVER HEARD OF…GOOD LORD!!!
Typical liberal junk just like willy says. Maybe if “their” billion/millionaires would give money to a charity instead of political websites with a communist/socialist agenda the world might be a better place instead of the BS philosophy those websites preach being forced on an unwanting public.
Bastards….you find fault with mothers milk too!
Hey, what you been smoking dude? Or are the withdrawal symptoms finally kicking in at rehab?
And get a haircut!
They, the children, all probably live in Omaha with a lifestyle not much unlike thier father. Imagine, the 2nde richest man in the world orders the $2.95 lunch special at a luncheonette.
I have heard Bill Gates can be as much of a penny pincher, his high tech mansion aside. I read once he become anxious at a 7 11 when he couldn’t find the coupon for a 50 cent discount on an ice cream cone.
I look at it this way. Gates and Buffet contributed something that not only benefited society but made others wealthier also. Besides, they are giving something back.
Honestly man go find something else to whine about.
This is NOT liberal crap.. it is CRAP. Take your bias views elsewhere, or choose to see things as they really are.
Holy crap. The guy gives most of his money to charity and a small fraction of it to his kids and you complain? Amazing.
this is definetely liberal crap.
thanks warren
Liberal HATE had work, success and charity. They are eaten up by their own envy and anger. Yikes,John Carney, get a real job. I think Warren may have one for you.
the bill and melinda gates foundation is a pretty right on charity that does a lot of good work, particularly around education. i just thought i’d throw that in here. i also agree with the general mood here. if he gave a half billion to charity and the rest to family that would still be a good thing.
If you are a bipolar conservative, anything you don’t like (even if it is from another conservative) is liberal crap.
Others of us (not conservative, not liberal, but independent) just see crap.
sheesh! I agree with the other person: Google considers this “news”? Yuck. This whiner needs a haircut, a better photograph[er] and a new job. Neither is this, analysis, nor does it make any sense. What are you, dude? Jealous? Like all the others have told you already, go whine somewhere else. Maybe to your neighbour’s cat or something.
This is crap, but liberalsarewhiners is a little confused about Buffett. He IS a liberal.
Skip all the pathetic whining. Let’s get to the point. I agree with Dave about your picture being creepy!
sheesh! I agree with the other person: Google considers this “news”? Yuck. This whiner needs a haircut, a better photograph[er] and a new job. Neither is this, analysis, nor does it make any sense. What are you, dude? Jealous? Like all the others have told you already, go whine somewhere else. Maybe to your neighbour’s cat or something.Your’s will probably scratch you and then leave you.
Yes, Buffett is a liberal. Liberals will eat their own children if they can find a good way to whine about it.
This is crap but for reasons other than what you say.
Buffett and Gates make their fortunes screwing over the middle class. Sell us crappy computers that dont work since the days of 286 machines. Buffett rips you off with his insurance.
So they pile up this giant pile of money and what they do with it? Give it all to welfare mammies puffing away on marijuana cigarettes, crack cocaine, and hash pipes.
Always take from the middle class. Take take take, never give nothing back. That is why this is gross. He would do better give it to his kids. Charity is a racket. Those billions are going to deadbeats who will buy a rifle then shoot you in the head with it. Charity is a bad racket. They giving away billions to people who are troublemakers.
Skip all the pathetic whining. Let’s get to the point. I agree with Dave about your picture being creepy!
Thank you Fred for showing us how a person who does not use their brain functions.
You are whining right now, can’t you see?
A sincere thank you to Big Hugh who really understands things. People, stop being ‘conservative’ stop being ‘liberal’.. Analyze a problem and think of an appropriate solution, thats all that we need to do.
And a bit more on topic, thank you Warren Buffet for contributing 85% of your amassed wealth to charity, I hope that more billionaires follow suit.
I don’t think making $40k a year for 30 hours a week is such a great deal. I’d ask for a raise. C’mon man, you can’t be critical for this – what a ridiculous story. This is way out of scale. And don’t blame liberals for this stupid story – I’m a liberal, and I think this whiny article is ridiculous too. Sheesh.
Mr. Buffet has remained true to his values and expressed wishes for his children. One of his children lives in Omaha – and is an active and participatory member of the philanthropic community. Knowing some of the family members, I find it refreshing and a tribute to Mr. Buffet and his late wife that their children and grandchildren are down-to-earth, intelligent individuals who share his his commitment to the community.
Dumping sums of money earned through hard work on your kids who grew up in the shadow of money is not always a good idea. I see nothing wrong with Buffet ensuring that the fruits of his labors go to make the world a better place. Otherwise, had he given this money to his kids, how MANY hummers would they need to buy to feel good about themselves?
I think what Warren is doing is great!!
great job warren your right you cant take it with you so give it a way to the needy and store your treasures in Heaven :O)
Good deeds from good progressives. Republicans thinkers probably won’t be able to fathom why he didn’t give it to Pat Robertson’s ilk.
And with all your hard work, what are you leaving to charity and to your family?
I don’t think making $40k a year for 30 hours a week is such a great deal. I’d ask for a raise. C’mon man, you can’t be critical for this – what a ridiculous story. This is way out of scale. And don’t blame liberals for this stupid story – I’m a liberal, and I think this whiny article is ridiculous too. Sheesh.
The 2nd richest man in the world is giving most of his money to charity and you found a reason to complain about it? What the hell? You sir, are a douche.
hey man fix ur website so everyones comments don’t get repeated.
No, actually just delete this page from your website please.
Warren Buffet has the ability to give that money for AIDS. He can be single handedly responsible for the cure. What do you think?
What is the complaint here??? You’re not being receipient of the charity or not being one of his kids ?
His children do NOT need anymore money than they already have. If they would like more money in their pockets then take a page out of their father’s life and earn it for themselves; with their current wealth they will have a great start at it. As far as Mr. Buffets gift to others less fortunate in the world, my hat goes off to you!
A point of clarification: the picture attached to this article is Peter Buffett.
Foundations are mostly a tax-dodge for the rich. They are a way of setting up cushy jobs for the kids wthout getting taxed.
Gates foundation does pretty good work, but there are a lot of foundations that are less accountable.
That said, 40k/year doesn’t sound like much. Buffett is doing the right thing.
about the story -
i don’t care if Buffet or his children make money off of this deal. They are doing a nice thing, and if they make a little money from it – all the better. THERE ARE MUCH MORE SELFISH WAYS TO MAKE MONEY!!!
about the comments here -
until i read the comments i was unaware that this story even had lib/cons undertones!!! i’m independant, but if i had to choose sides, i’d chose LIBERAL…
i don’t know where all you ANN COLTER WANNABE’S get your ideas about liberals. most decent people (liberal or otherwise) are either happy about this story, or don’t really give a crap. (dont know which category i fall into.) and further: most ppl have a good amount of respect for personal property and freedom as well as valuing the needs of a society. but that kind of rationality might be undesirable for those COLTER fans – i don’t blame you tho!!! the truth is probably a little less exciting than colter’s name calling and victimized-republican rantings.
just FYI even airamerica radio had nice things to say about this story. so chill out.
How can you call this LIBERAL crap? It was published in the NY SUN… if anything this ludicrous criticism of Buffett is coming from the right wing press.
Wow thank god the two richest men in the world have decided to give huge chunks of money to benefit millions….they have set a great example and they can buy whatever they want but helping so many people will be much more rewarding……..As for this story it really is pathetic sniping….if they had offered the writer $50 million bucks he would still complain about how mean they were…
Thank goodness for these comments. You, Sir, are a loser and a scoundrel.
I once asked my mentor do I know I am wrong? He said when everybody in the room tells you. Take the hint.
I once asked my mentor how do I know I am wrong? He said when everybody in the room tells you. Take the hint.
How about giving to the homeless?, housing for them I mean. How about giving to the elderly who have to work to pay for their medicine? In the end, it has to be a lesson for all the rich people that you can’t enjoy money forever…
If I were Buffet’s kid I would actually be miffed that he’s only leaving me $50M from his fortune. That is pittance!
Anyone who has the gall of complaining that the poor kids took a salary of $40k (and NOT $80k as the article suggests) and suggesting that it’s a fat giveaway, is truly an idiot.
God bless Gates and Buffett. Let’s all take their lead, find our own ways to give back and provide for our families as we see fit (not as dictated to us by any government or corruption ridden UN) and go change the world.
Giving to world charities is a crock. Let those worthless countries and their worthless inhabitants take care of their own problems………afterall, they themselves caused them. Besides that, most of the so called poor countries are over populated and needs thinning out anyways. His billions would be better spent on medical cures such as diabeties, heart and cancer(but not for aids). And for most of all, college educations for our “native born” american citizens who can’t otherwise afford such.
What a bunch of cornballs most of the people posting are.
Do you believe all the stories about Warren Buffet and Gates that are written. We have no true idea about their characters.
Simply put it is a gift, whether from the heart, for financial or personal reasons, to me it does not matter. Now we want to influence how the gift is distributed. second guess the reason behind it, question the administration of it. WHY? Mr. Buffet has given us the template or set the example. We must not let him down. You did not earn it he did.
I can’t believe I just wasted two minutes of my day to read this incoherent dribble. How did this end up ranked on the Google News page?
total waste of time reading this nonsense. at the end of the day it’s not going to impact any one of these readers’ day to day lives so who really gives a flying …..
Both men spent their lives and careers acquiring wealth and status. For what ever reasons, the generosity is noteworthy.
“How might I spend millions if I won the lottery tomorrow?” Not so easy to answer…. Beyond our basic needs satisfied, there is no better thing to do than share. If you have the means and insight to be effective, charity can satisfy another human need….to care, protect and advocate for other human beings. Sometimes, I think we lose sight of the fact that we are all in this together…only as strong as our weakest link…
Bill & Melinda Gates Foundation also strives to get governments involved in helping these causes too! There really is enough MONEY>MATERIAL GOODS>HEALTH CARE & EDUCATIONAL RESOURCES to solve the problem….it is only our lack of our creative will to do what we know is right….
Sometimes it’s been said before and it STILL needs to be said again…
If we do a little math we find that deep inside this insidious stealth-cover donation of $31,000,000,000… 0.005% of it might possibly go to some one frivolously.
What a productive article.