Insomnia (insomnia) wrote,

Outsourcing charity?!

Don't ask billionare Warren Buffet for anything... 'cause he gave at the office.

On Monday, Mr. Buffet signed over much of his $44 billion fortune to the Bill & Melinda Gates Foundation, uniting the world's two richest people in a bid to fight disease, reduce poverty and improve education.

Buffett's donations of Berkshire Hathaway shares means that the ultimate value of his gifts will be tied to the company's share price.

"I would be surprised, disappointed, if we can't manage Berkshire well enough so the increase on value, on average, (isn't) more than 5 percent a year." Buffett said.

Berkshire shares fell as much as 2.9 percent on Monday as investors looked toward Buffett's eventual retirement, and the possible sale by the foundations of Berkshire stock to help fund giving.

"Those who are selling haven't thought this through. Warren will no longer have to distract himself with charitable donations, and can focus on the company." - Thomas Russo, Gardner, Russo & Gardner

Not to diminish Buffet's extremely, unbelievably generous contribution, but can you really buy off your conscience with just one good deed? Perhaps so...

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