Quote: Originally Posted by Fox News OMAHA, Neb. — Billionaire investor Warren Buffett announced plans Sunday to give the bulk of his roughly $42 billion fortune to five foundations in annual gifts of stock starting next month. The decision represents a stark reversal for the world's second-richest man, who for years had said his wealth would be pledged to philanthropies after his death.

This would have to be one of the most generous actions I've heard of in a long time. The bulk of $42 billion is just too much for me to think about right now. To which foundations these donations are being made to is yet to be announced, until then I'm giving him the benefit of the doubt that it will be for the greater good. Once the foundations have been announced I'll post an update about it. Knowing that he is a business master mind, I would think that in some way these donations would still have to benefit his estate in some way or another, but like I said, he'll get the benefit of my doubts lol.

Once confirmation of this action is released, we'll see whats really under the sheep's clothing.

What would you, like him to do with the money?
Where would you put the money?
LOL I wish I had that problem.

I would like him to put some into a Cancer research foundation, MDS foundation and some into a Marine Biology Foundation because there is still a lot of untapped resources in our oceans.

If I had that money, a large donation to those foundations would be made as well as a few other ones. A large chunk put away for future family generations, and then the rest would be play money so I can own my own island in the philippines with a castle and guard towers and a few tigers .

Can you imagine if he put 42 billion dollars into F@H rigs?

What about the United Spectrum Fund?

Quote: Originally Posted by Spectrum What about the United Spectrum Fund?

I heard the CEO of that fund bankrupted the foundation single-handedly, blowing through all the donations on stuff like fast women and even faster computers...

Twizted mentioned this story to me, and also said there might be a bit more to it than meets the eye. The lion's share of the donation will be to the Bill Gates Foundation, which makes me wonder if we're just talking about a power shift here rather than a true philanthropical act.

Quote: Originally Posted by Wordbiker I heard the CEO of that fund bankrupted the foundation single-handedly, blowing through all the donations on stuff like fast women and even faster computers... Twizted mentioned this story to me, and also said there might be a bit more to it than meets the eye. The lion's share of the donation will be to the Bill Gates Foundation, which makes me wonder if we're just talking about a power shift here rather than a true philanthropical act.

Ah yes, my bad for forgetting to mention that in the article. That is where my suspicion spawned from, so I'm very curious to see what this mogul is actually pulling....

Quote: The money from Buffett, 75, 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 said he plans to give away 12,050,000 Class B shares of Berkshire Hathaway stock to five foundations, which also include the Susan Thompson Buffett Foundation named in honor of his wife and 350,000 shares for the three foundations run by each of his children.

well after a little research I found out the foundations that his three children run; Howard, Peter and Susan.

Howard's foundation supports wildlife and environmental causes, education and human services programs.

Susans's foundation in Omaha, which supports early childhood education for low-income families, the arts, reproductive health, and Christian organizations.

Peter's foundation "Spirit" also in Omaha, supports arts, education, and human service organizations.

Each of these foundations i read got a head start from there mother, also named Susan, with $50 million when she died.

....

He is also donating billions to the Gate's foundation.

Sounds like it will go to good use. Maybe not the *best* use of the money, but better then sitting in some bank.

from USA today this morning:

roughly 30 billion to the bill and melinda gates foundation
3.5 billion to a nother founation.... i forget which now and i dont have the USA today anymore....
roughly 1.2 billion each to his 3 children's foundations

total donation - around 37 billion

i think thats about right, i dont have it with me anymore, but it sounds right to me

The Gates foundation is the second largest charity in the USA (world?), Warrens is the first at this time.

I agree with DN, at least its not sitting in a bank waiting for nothing, donations will start almost immediately after his estate is divided

Quote: Originally Posted by beachbum86 I agree with DN, at least its not sitting in a bank waiting for nothing, donations will start almost immediately after his estate is divided

That sounds frighteningly like my ex-wife's viewpoint. She'd spend my paycheck before it ever saw my wallet...

Quote: Originally Posted by Wordbiker That sounds frighteningly like my ex-wife's viewpoint. She'd spend my paycheck before it ever saw my wallet...

Eek....never had to go through that. Doesn't sound like too much fun

The bulk of those billions should be granted to the "Save the Coelacanth" foundation. We really need to repopulate...

There are alot of firemans funds for the kids of fallen firefighters they should be looking at too.