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How good the 'Giving Pledges' really may be

Warren Buffett (L) and Bill Gates.

TEXT OF STORY

Tess Vigeland: Mark Zuckerberg, Warren Buffett and Bill Gates have many things in common, not least of which is the fact that their wealth is tallied in billions. They've also signed a pledge to give away the majority of their money. Zuckerberg and 16 other billionaires are among the newest to sign onto the effort.

Marketplace's Jennifer Collins looks at what they're really pledging and what it buys them beyond the PR buzz.


Jennifer Collins: Let's face it, Facebook CEO Mark Zuckerberg could use a little good PR right now. Since he's not always done so well with the ladies, at least according to the movie about him.

"The Social Network": You're going to go through your life thinking that girls don't like you, because you're a nerd. But I want you to know from the bottom of my heart that that won't be true. It'll be because...

We scratched that next word. So maybe Zuckerberg's joining something called the Giving Pledge to generate nicer words about himself. Billionaires Bill Gates and Warren Buffet launched the effort to get the super rich to give away more than half their wealth. But much of this wealth is tied up in investments. So how real are these pledges?

Betsy Zeidman: Probably 100 percent of it is not real because much of it is paper money.

Betsy Zeidman is a senior research fellow at the Milken Institute. Her chairman, Michael Milken, who made a fortune off junk bonds, also signed onto the pledge.

Zeidman: But I think that even if it isn't all real, ultimately, it is still a significant amount of money.

Daniel Borochoff at the American Institute of Philanthropy says much of the money will go to private foundations that only have to give out about 5 percent of their endowment a year.

Daniel Borochoff: So this may not be helping out as much as we'd like to think this is helping out.

But one thing's for sure, these donors won't end up in the poor house. If Warren Buffet, for one, gave away 99 percent of his wealth, that would still leave him with a tidy $450 million.

I'm Jennifer Collins for Marketplace.

About the author

Jennifer Collins is a reporter for the Marketplace portfolio of programs. She is based in Los Angeles, where she covers media, retail, the entertainment industry and the West Coast.
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And indeed there is an attempt to clean up the super rich economic crisis tahriintunutta reputation.
They are trying to show the whole world how "good billionaires" they actually are.
But all that money contributed by the first ryövätty everybody else.
This is a similar situation as if someone would have a number of bandits plundering, and to enlist them after half the money back to the "charity".

To some extent has provoked dismay in the media, the fact that some of Giving Pledge members have promised to donate up to 99% of his wealth.
But even if someone is a billionaire donate 99% of his wealth to charity, so for him would still be a massive pile of money.
For example, if someone owns "only" one billion, and donate about 99%, then he would still remain 10 million.
In order to achieve that 10 million, receiving a monthly salary of 1000 euros a person should do work for 833 years.
99% of the donation rate may sound like a lot, but those types that does not mean anything.

In addition, this type of charity is another side.
When only one person supports millions of eg a school or an area of ​​science, then the donor can virtually dictate what is taught in school, what science is developed and what is not.
Kuvitteleppa if David Rockefeller offered to pay for your children's school attendance in school, which was established funds contributed by him.
Do you think that you or your kids would have no choice or say in the contents of training?
Or imagine if I own the one billion, and lahjoittaisit about 99%, ie 990 million, even in science.
In practice, you could provide that research, the research center who is released to work, and cooperation with the firmojen, and what is the official "scientific truth" about something.
Then, just take a couple of gang miljardöörikaveriasi, and you can already order the world in science.

This is a kind of investing that has been practiced before somewhere, though not yet on this scale.
This elite may be more influence, indirectly.
Another option would, of course, buy directly from schools and science labs, but then the thing would be much more transparent.
The donor's motives are not suspected as easily as the buyer's motives.
But in practice it is the same thing.

Elite status is largely based on the fact that ordinary people admiring them "better people".
Donate money is known as one of the best ways to get your attention on.
Many celebrities are known for their donations, but at the same time, they are the world's richest people.
It is double standards and your own plate kiilloittamisesta.
Elite philosophy is this:
Wealth = Incomparable moral principles
So they want the ordinary people think.
They want the people see them as heroes and role models in high himself.
Because it is a person admires, he can not oppose or even suspected.
OWO wants to be at the top in all matters, whether or business for charity.
They are literally masters of the world, which are ubiquitous.

Still, OWO's presence in power until the end time is dwindling.
Giving a Pledge paniikkiele to an elite still tries to strengthen its position as crumbly.
But ordinary people are already starting to see through their arrogance, it's very bitter comments on this latest gesture aroused.
The only party who is a fan of the OWO-owned media.

Let's see, that's 5% of the PROFITS of a "charitable" foundation.

These guys are real heroes!

I live in Jerome, Az a town of less then 500 people…. My income is approximately $1,600. Per month…
I believe in giving locally, during the holiday season one year I asked the town whose water would be turned off next and I paid their water bill, one year I found out that a single mom of two children and a local waitress had her tips stolen her tips were to pay bills that were overdue, I give her a card with $100.00, not an extreme amount but enough, another short order cook trying to support a family of 5 on minimum pay, receiving an extra $100. During the season seemed to be a miracle
I believe if you look around your local town, keep up with your neighbors, and give what little you can, could be just enough to help one unfortunate person on the edge.
i also contribute to npr (knau)
aka deni the woodworker of jerome

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