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He was giving it to the Gates Foundation for Bill & Melinda Gates to manage, but that deal went into limbo when Bill showed up in the Epstein files and Melinda

He was giving it to the Gates Foundation for Bill & Melinda Gates to manage, but that deal went into limbo when Bill showed up in the Epstein files and Melinda divorced him.

csdreamer7 8d ago
The money he is giving away is going to foundations managed by his children (last I read).
- nostrademons 8d ago
  That's recent, just as of the last couple months. Historically the children's foundations have been a sideshow and he's given the bulk of his wealth away to the Gates Foundation. You can see that from the dollar amounts: this year's gift to the children's foundations was 1M BRK-B shares (the equivalent of about $500M) to each, while he's given away a total of $66B, over 120x as much.
- bluGill 8d ago
  Though unlikely the case here, family foundations should always be looked at as a likely source of corruption. You cannot bribe me directly - that would be caught. However you can donate money to my family foundation and my kids (or spouse) will draw a large salary from it while doing almost nothing and they do some good for the world so it looks like a charity. Of course the kids/spouse will support me in various ways that all rich kids will. Again, probably not what is happening here, but every time you hear of a family foundation you should ask who they are using it to corruption in some form. Even when it doesn't seem to be you should still look.
  - aetherson 8d ago
    Even very large salaries are probably not a very significant amount of wealth for these people. I think this is a case where "all large numbers look the same." If Warren just directly gave his money to his three children equally, and paid 40% inheritance tax on that money, and then the children each just used 1% of that wealth per year, then they'd each get: 144000000000 * 0.6 / 3 / 100 = $288 million each year. No foundation pays its CEO 10% of that much money. I think we may have to accept that in fact this is a way to give money to charitable causes, not just horde it.
    - bluGill 8d ago
      In this case yes. However that is not the case for all charities and so you need to look.
    - paleotrope 8d ago
      I wonder if they could even unwind the fortune to pay 40% in cash.
      - aetherson 7d ago
        I believe they wouldn't have to because of the stepped-up-basis, but my point is that even if somehow they were paying the full 40%, it's still an inconceivably large amount of money.
  - mcdonje 7d ago
    Even if that kind of corruption isn't there, these charities are still a net negative for society. Why do the super rich rail against taxes but then donate all of their money to family foundations? There are multiple reasons. Pull on that thread.
  - aswegs8 5d ago
    It's more of a way to secure the fortune. You can't "secure" the personalities of all your offspring. If one of them gets out of line it could have disastrous consequences. Keeping it in a controlled institution boxes them in.

He was giving it to the Gates Foundation for Bill & Melinda Gates to manage, but that deal went into limbo when Bill showed up in the Epstein files and Melinda divorced him.

csdreamer7 8d ago

The money he is giving away is going to foundations managed by his children (last I read).

nostrademons 8d ago
That's recent, just as of the last couple months. Historically the children's foundations have been a sideshow and he's given the bulk of his wealth away to the Gates Foundation. You can see that from the dollar amounts: this year's gift to the children's foundations was 1M BRK-B shares (the equivalent of about $500M) to each, while he's given away a total of $66B, over 120x as much.
bluGill 8d ago
Though unlikely the case here, family foundations should always be looked at as a likely source of corruption. You cannot bribe me directly - that would be caught. However you can donate money to my family foundation and my kids (or spouse) will draw a large salary from it while doing almost nothing and they do some good for the world so it looks like a charity. Of course the kids/spouse will support me in various ways that all rich kids will. Again, probably not what is happening here, but every time you hear of a family foundation you should ask who they are using it to corruption in some form. Even when it doesn't seem to be you should still look.
- aetherson 8d ago
  Even very large salaries are probably not a very significant amount of wealth for these people. I think this is a case where "all large numbers look the same." If Warren just directly gave his money to his three children equally, and paid 40% inheritance tax on that money, and then the children each just used 1% of that wealth per year, then they'd each get: 144000000000 * 0.6 / 3 / 100 = $288 million each year. No foundation pays its CEO 10% of that much money. I think we may have to accept that in fact this is a way to give money to charitable causes, not just horde it.
  - bluGill 8d ago
    In this case yes. However that is not the case for all charities and so you need to look.
  - paleotrope 8d ago
    I wonder if they could even unwind the fortune to pay 40% in cash.
    - aetherson 7d ago
      I believe they wouldn't have to because of the stepped-up-basis, but my point is that even if somehow they were paying the full 40%, it's still an inconceivably large amount of money.
- mcdonje 7d ago
  Even if that kind of corruption isn't there, these charities are still a net negative for society. Why do the super rich rail against taxes but then donate all of their money to family foundations? There are multiple reasons. Pull on that thread.
- aswegs8 5d ago
  It's more of a way to secure the fortune. You can't "secure" the personalities of all your offspring. If one of them gets out of line it could have disastrous consequences. Keeping it in a controlled institution boxes them in.