Warren Buffett gives 'reverse birthday gift' to children's foundations ($2.08 billion)

[Omaha Steve]

Source: Omaha World Herald

By Steve Jordon

Warren Buffett is celebrating his 82nd birthday today by doubling what remains of his original pledge of stock shares to the three foundations run by his children, Susan, Howard and Peter.

That means he will donate about $100 million a year to each foundation, up from an average of $64 million annually. By the time his pledge is fulfilled, the three foundations will receive what, at today's share price, amounts to $2.08 billion.

Over the past six years, the foundations already have received $1.16 billion.

“What a wonderful thing to do on his birthday,” said Peter, a New York musician and co-chairman of the Novo Foundation with his wife, Jennifer. “When he thinks about doing something, he gets excited about it. It's sort of a reverse birthday gift.”

FULL story at link.


Read more: http://www.omaha.com/article/20120830/NEWS/708309921

[truthisfreedom]

1. Yay!

Yay!

[scheming daemons]

2. i wish he'd give a couple hundred million to Obama friendly superPACs

[Angry Dragon]

3. It is a perfect tax hedge

and it gives his children permanent employment

[Posteritatis]

4. God, the things people here get offended by. (nt)

[Angry Dragon]

5. I am not offended by it

I just stated facts

It is only available to the wealthy

Bill Gates did the same thing

They make it sound like they donated it, but they still have control of their money. This is the main factor.
It works as a great way to give jobs to friends and family.

They can do great things with their money. In the case of Gates he has used his money to tell this country that education needs to change and go the private route.

[Gormy Cuss]

6. Offended? That was a statement of fact.

It's not negating the value of whatever charity/good works are done by the family foundations. It's just pointing out that it's also a way of providing guaranteed income to heirs. I went to college with some children of absurdly wealthy people. For some of them, their professional careers have consisted of nothing more than sitting on the boards of family foundations. There was no struggle, there were no lean years building up the resume. It was just handed to them because they were family.

[4th law of robotics]

8. Meh

If Romney had set up a charity run by his kids and gave money to that people here would be calling it a cynical ploy to give money to his kids while writing off the tax-deductible donation.

[Angry Dragon]

10. Romney does have a foundation set up

[4th law of robotics]

7. He realized he can't take it with him

now he's finding ways to give it to his kids without going through the IRS.

Not a bad idea. But yeah I'd hesitate to label him a saint for it.

[Angry Dragon]

9. Buffet does it, Romney does it, Gates does it

it has been done for over a hundred years
Carnegie did it ......... I believe he created libraries

It only pays if you are super rich