5 ms·

FYI, Harvard currently has a $30B endowment.

by _gwint 12y ago

_gwint 12y ago
So Gates retires, spends his fortune trying to reduce global poverty and cure malaria. Ballmer retires, spends his fortune on a basketball team and donates to what is already the richest school in the country.
- Dewie 12y ago
  It's like those movies/narratives with the well-off/talented protagonist who decides to dedicate their time to the local basketball team and helping kids from the 'hood get an education. Except the basketball team is in the NBA and the kids from the 'hood are Ivy League students. But I can't judge him. He isn't trying to be like Bill Gates and that's fine.
- Someone1234 12y ago
  Pretty much. They're both trying to create a legacy, just in their own respective ways. It should be noted that Ballmer did attend Harvard so it isn't just some random donation out of the blue.
  - mhartl 12y ago
    Indeed, unlike billg, Ballmer actually graduated! I've learned over the years that, when a bio says "So-and-so attended Harvard", it means So-and-so went there but didn't finish. Not that I object! Harvard dropouts like Gates, Zuck, and Matt Damon often do exceptionally well—they typically leave because they have an opportunity that's even better than attending Harvard.
- objclxt 12y ago
  Perhaps you're not aware that the CS faculty at Harvard is currently housed in a building funded by Bill Gates as part of a previous donation (with Ballmer). I think it's possible to donate to a wide variety of causes - a similar argument cropped up on some of the ESA discussions here yesterday, with some people asking why we should bother spending money in space when there's a lot of pressing problems on earth. Investing in education could result in discoveries being made that could benefit millions of people. We are probably in agreement about buying a basketball team being a waste of money though!
  - hkmurakami 12y ago
    Also, don't forget the Gates CS building @ Stanford.
    - walexander 12y ago
      And the Bill and Melinda Gates building @ UT Austin. I'm guessing there are even more?
    - stdgy 12y ago
      UT Austin also has a Gates CS Building/Complex. https://www.cs.utexas.edu/about-us/new-building https://www.cs.utexas.edu/about-us/new-building
    - vilhelm_s 12y ago
      Aparently there are seven computer science department buildings named after Gates: http://en.wikipedia.org/wiki/William_Gates_Building http://en.wikipedia.org/wiki/William_Gates_Building
  - hsod 12y ago
    > We are probably in agreement about buying a basketball team being a waste of money though! A basketball team is an asset. It's not like he spent the money on blow. It's an investment, just like anything else (although it happens to be one he's passionate about).
- Scuds 12y ago
  Being the head of the Bill and Melinda Gates foundation is a full time job. B&M has just as much need for organization and automation of bookkeeping as a medium sized company.
- taylorwc 12y ago
  So my disclaimer is that if I ever retired with a net worth in that neighborhood, I would also put the bulk of it to work combating poverty. That said, it's his money. He can spend as he sees fit and unless he sees clubbing baby seals or something equally morally reprehensible as his aim, who are we to take aim?
  - yequalsx 12y ago
    In general I agree with you but with one caveat. Right now the very rich pay the lowest percent of their wealth in taxes in many decades. Taxation is the means by which society is able to make its desires known. I would agree wholeheartedly if the taxation was significantly greater than what it currently is int he U.S. (for the wealthy).
    - refurb 12y ago
      Do you have a source? The data that I've seen shows that the very rich pay about the same effective rate as back in the '50s. The rates were higher in the '50s, but the exemptions were much more liberal.
      - melling 12y ago
        I was curious so I looked it up. According to this article the top 10% pay 68% of all taxes. http://www.heritage.org/federalbudget/top10-percent-income-earners http://www.heritage.org/federalbudget/top10-percent-income-e...
        foldr 12y ago
        That’s the wrong statistic. The question is whether, say, Bill Gates pays a greater or lesser percentage of his income in tax than someone earning 50K.
        melling 12y ago
        Most of his income is probably from capital gains, which is only taxed at 15%. I think it's valid to point out very few individuals are paying a lot of the federal taxes.

FYI, Harvard currently has a $30B endowment.

by _gwint 12y ago

FYI, Harvard currently has a $30B endowment.

So Gates retires, spends his fortune trying to reduce global poverty and cure malaria. Ballmer retires, spends his fortune on a basketball team and donates to what is already the richest school in the country.

Dewie 12y ago
It's like those movies/narratives with the well-off/talented protagonist who decides to dedicate their time to the local basketball team and helping kids from the 'hood get an education. Except the basketball team is in the NBA and the kids from the 'hood are Ivy League students. But I can't judge him. He isn't trying to be like Bill Gates and that's fine.
Someone1234 12y ago
Pretty much. They're both trying to create a legacy, just in their own respective ways. It should be noted that Ballmer did attend Harvard so it isn't just some random donation out of the blue.
- mhartl 12y ago
  Indeed, unlike billg, Ballmer actually graduated! I've learned over the years that, when a bio says "So-and-so attended Harvard", it means So-and-so went there but didn't finish. Not that I object! Harvard dropouts like Gates, Zuck, and Matt Damon often do exceptionally well—they typically leave because they have an opportunity that's even better than attending Harvard.
objclxt 12y ago
Perhaps you're not aware that the CS faculty at Harvard is currently housed in a building funded by Bill Gates as part of a previous donation (with Ballmer). I think it's possible to donate to a wide variety of causes - a similar argument cropped up on some of the ESA discussions here yesterday, with some people asking why we should bother spending money in space when there's a lot of pressing problems on earth. Investing in education could result in discoveries being made that could benefit millions of people. We are probably in agreement about buying a basketball team being a waste of money though!
- hkmurakami 12y ago
  Also, don't forget the Gates CS building @ Stanford.
  - walexander 12y ago
    And the Bill and Melinda Gates building @ UT Austin. I'm guessing there are even more?
  - stdgy 12y ago
    UT Austin also has a Gates CS Building/Complex. https://www.cs.utexas.edu/about-us/new-building https://www.cs.utexas.edu/about-us/new-building
  - vilhelm_s 12y ago
    Aparently there are seven computer science department buildings named after Gates: http://en.wikipedia.org/wiki/William_Gates_Building http://en.wikipedia.org/wiki/William_Gates_Building
- hsod 12y ago
  > We are probably in agreement about buying a basketball team being a waste of money though! A basketball team is an asset. It's not like he spent the money on blow. It's an investment, just like anything else (although it happens to be one he's passionate about).
Scuds 12y ago
Being the head of the Bill and Melinda Gates foundation is a full time job. B&M has just as much need for organization and automation of bookkeeping as a medium sized company.
taylorwc 12y ago
So my disclaimer is that if I ever retired with a net worth in that neighborhood, I would also put the bulk of it to work combating poverty. That said, it's his money. He can spend as he sees fit and unless he sees clubbing baby seals or something equally morally reprehensible as his aim, who are we to take aim?
- yequalsx 12y ago
  In general I agree with you but with one caveat. Right now the very rich pay the lowest percent of their wealth in taxes in many decades. Taxation is the means by which society is able to make its desires known. I would agree wholeheartedly if the taxation was significantly greater than what it currently is int he U.S. (for the wealthy).
  - refurb 12y ago
    Do you have a source? The data that I've seen shows that the very rich pay about the same effective rate as back in the '50s. The rates were higher in the '50s, but the exemptions were much more liberal.
    - melling 12y ago
      I was curious so I looked it up. According to this article the top 10% pay 68% of all taxes. http://www.heritage.org/federalbudget/top10-percent-income-earners http://www.heritage.org/federalbudget/top10-percent-income-e...
      - foldr 12y ago
        That’s the wrong statistic. The question is whether, say, Bill Gates pays a greater or lesser percentage of his income in tax than someone earning 50K.
        melling 12y ago
        Most of his income is probably from capital gains, which is only taxed at 15%. I think it's valid to point out very few individuals are paying a lot of the federal taxes.