Tuesday, April 24, 2007

LEGACY

It seems a growing trend among the super-rich is giving their money to charitable foundations.

Helen Walton, the widow of Sam Walton died last week and has bequeathed her share of Wal-Mart (worth about $16.4 billion dollars) to the Walton Family Foundation. The Foundation is a large supporter of public school reform and backs charter schools and private school vouchers.

First, Microsoft founder Bill Gates started the Bill and Melinda Gates foundation with a gift of $11.5 Billion dollars, then Berkshire-Hathaway mogul Warren Buffet pledged most of his $31 billion dollar fortune to the Bill and Melinda Gates Foundation (1.5 billion dollars annually) and now this from Helen Walton.

What has brought about this huge generosity? Is it an attempt to give something back to the world? Is it an attempt to specify where their money is spent by giving it to the charity of their choice rather than giving it to the government in taxes? Or is it a little of both?

Whatever it is, the world is grateful and hopes the trend continues.

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4 comments:

Mike M said...

Probably trying to buy their way into heaven. If it help somebody, I am all for it :)

Don't feel bad, Paul. Tom and Tom Jr have had more adventures that I have too.....and he is my stuffed monkey!!!

Paul Champagne said...

mike m ... yeah I know for a fact that even my luggage is more traveled than I am. Sometimes it takes days of extra travel while I am on vacation :P

Tarquin Churchwell said...

I noticed you couldn't say anything about Oprah's charity.

Paul Champagne said...

Tarquin ... A Charity is something personal, it is between the giver and his/her conscience. I would never say that someone gives too little, though in this post, I commended those that do a lot.