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The billionaire giveaway challenge
Alfred E. Mann
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TEXT OF INTERVIEW
Bob Moon: They say, "You can't take it with you." And it seems some people are taking that to heart -- a few very, very rich people. Today, the Giving Pledge, a charitable organization run by the two richest Americans, Bill Gates and Warren Buffett, announced a list of forty new billionaires who've promised to give away more than half their fortunes to charity. Among them, New York Mayor Michael Bloomberg and media mogul Ted Turner.
Also on the list: Alfred E. Mann -- net worth, $2.2 billion. He's the CEO of MannKind, a diversified biopharmaceutical firm, and he's on the line with us now. Mr. Mann, welcome to the program.
Alfred E. Mann: How do you do, sir?
Moon: Mr. Mann, this Giving Pledge challenge involved giving away at least half your fortune, but you've gone beyond that. You said you intend for at least 90 percent of your estate to be devoted to philanthropy. Where do you want that money to go?
Mann: My estate is primarily to be used for developing medical products to improve the quality of life and extend life for people.
Moon: I understand that you have a special interest in licking diabetes. Why this special interest in that area?
Mann: It was an unmet need that I felt was important, and if you look at the world today, the greatest threat to health care throughout the world is diabetes. Today, roughly 300 million people with diabetes, and that number is expected to grow at least to almost half a billion people over the next couple of decades.
Moon: Now is this giving away of your fortunes something that you were planning before Mr. Gates and Mr. Buffett issued this challenge? And what message would you give other billionaires about why this is a good idea?
Mann: Well, first let me say that I made the decision in 1985 to give away my estate. It's grown substantially since then, and so it's more significant today. Why do I think it's a wise thing to do? I believe that inherited money is not wise. I think it can destroy people when you take away their will to be productive, and so I've taken care of my family in modest ways and I want to use the money to try to do what I can for civilization.
Moon: Now you say that you don't believe in inheritance. I have to ask you, how does your family feel about that?
Mann: They've known for the last several decades that this was my intention and they -- whether they're comfortable with that, I don't know -- but they certainly accept it.
Moon: Now, do you think this Giving Pledge approach is going to be a strong force for philanthropy? Do you hope this inspires others?
Mann: Well, we hope so. Bill and Melinda Gates and Warren Buffett and a number of us have been meeting and talking, hoping to set examples, so people will become more oriented and more motivated to give their estates away, hopefully, during their lifetimes. It seems to me to make more sense to see the good that you can achieve with your money before you die, rather than afterwards.
Moon: Alfred E. Mann is the founder of the Alfred E. Mann Foundation and he's giving away 90 percent of his estate to be devoted to philanthropy. Thank you very much for joining us, sir.
Mann: You bet.
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I was wondering if you could help me I would like to get my wife home from christmas this year since she has been up in Canada for three years taking care of her mother. Last November her mother has passed away and I have been ever since then trying to get her home to me in Utah but everything that I have tried I have denied I would like to have my wife here with me this christmas if possible. If you can not or do not want to help I understand. We need $2,000 dollars in order to get my wife home to Utah because she is has been dogs that she is bring with her that is why it cost so much.
We hope that his funds will help more than just type 2 but type 1 (whom is not caused by the person or lifestyle but by Autoimune problems unknown) That his funds will go to more research in a cure than just more pumps better pumps.. pumps are not a cure.
@Nancy Lee Trihey from SC - Your statement about diabetes being brought on by a person's lifestyle shows that you need to take the time and use Google. There are TWO main category of diabetes, Type 1 and Type 2. The type of diabetes in which a good portion of individuals aquire through poor lifestyle choices is Type 2. But even then not all Type 2 individuals are the cause of their own disease. Type 1 individuals, which affects about 10% of the diabetic population, are diabetic because their immune system has killed off the insulin producing cells. So to be clear Type 1 is an autoimmune disorder like lupus, rheumatoid arthritis, ect. And yes, I am a Type 1 and uneducated comments such as yours need to be corrected and responded to. You are not only inaccuate, but irresponsible in our words and more you are hurtful to the many individuals suffering with this disease.
"... to try to do what I can for civilization." This man has spent his life working to help others and will continue to do so after he's gone. How many of us can say we endeavored to do the same in our lives. To the petty folks who cast negative comments ... you cannot be helped. Your disease is incurable. Thank you Al Mann and all those like him.
As an Outpatient Diabetes educator and Registered Dietitian I am heartened by his devotion to diabetes. I work for Virtua Health and we struggle mightily
to scrape together diabetic supplies for the recently unemployed and uninsured- many previously firmly ensconsed in the middle class. Resources are surprisingly few and far between.Diabetes happens to many folks who are normal weight- with good lifestyles but not all the facts available to them. I do my job not for the small salary- but because of the potential impact relevant education can make in improving quality of life. Still much of prevention goes without insurance reimbursement. Thank you for giving me hope this will some day change. C Genetta, RD, CDE
While he does not state it clearly, Mr. Mann's interest in diabetes is clearly Type 1 and not Type 2. I say this based on this report (http://investing.businessweek.com/businessweek/research/stocks/people/pe... ). He was Executive Chairman and Office of the Chief Executive of Medtronic MiniMed (an insuling pump manufacturer), owns a company developing a inhalable insulin and was Father of the Year from Juvenile Diabetes Research Foundation in 1998. Type 1 Diabetes is NOT a lifestyle disease. It is an autoimmune disease with no cure (yet). Diabetics must take insulin injections and test their blood sugars everyday for the rest of their lives. While the symptoms and complications can be similar to Type 2 Diabetes, it is a distinctly different disease. There are 1-2 million Type 1's in the US.
So, yes, I am probably too cynical for my own good, and yes, it is probably best not to look a gift horse in the mouth, BUT, why the sudden change of heart? A lot of these guys stepped on a lot of people to get their gains, and that takes a certain amount of lack of empathy for your fellow person to achieve. Are they really doing this out of the goodness of their hearts, or is there some other benefit for them and theirs that we are not privy to?
This is all fine and good that these super-rich are giving away part of their fortune...certainly better than it has been in the past; however, their pet projects today may not be so useful and beneficial tomorrow. Also, with everyone deciding for themselves were their money should go, we may end up with certain causes getting more money than they needs, and others starving for cash. And, I would bet, hardly any of the charities directly benefit the poor in this country.
So, I am lamenting that these individuals were not taxed heavily and will not see a huge estate tax. See, putting the money in the hands of the government could help ensure that the money could go where it is most needed and best served. It could make sure that the little guy gets help, too. I just don't think it is going to be beneficial in the future to have so much wealth controlled by a few trusts. We still have all this money taken out of our society. We need a re-distribution program to funnel more money to all of us and all causes. And, that is one of the benefits of high taxes on the wealthy and corporations.
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