Buffett, Gates Unite on $60 Billion Foundation
From Yahoo! News: Top Stories:
His friend and bridge partner Buffett, 75, became known as the Sage of Omaha as he built the world's second biggest personal fortune running Berkshire Hathaway Inc., an insurance and investment company.
"I am not an enthusiast for dynastic wealth, particularly when the alternative is 6 billion people having much poorer hands in life than we have," Buffett said at a signing ceremony with the Gateses at the New York Public Library.
Gates, 50, this month said he plans in July 2008 to step down from his day-to-day Microsoft role to focus on his foundation, one of the goals of which is to improve access to technology in U.S. public libraries.
Buffett pledged 10 million Berkshire Class B shares to the Gates Foundation.
The total donations of about $37.1 billion amount to 85 percent of Buffett's net worth and constitute the largest single act of U.S. charitable giving ever.
At a news conference, Gates said serious talks about a donation to the Gates Foundation began early this year.
Buffett's gift to that foundation will be in stages and conditioned on money being distributed the year it is donated.
The foundation gave away $1.36 billion in 2005, so Buffett's first gift of $1.5 billion, in July, may double its spending.
Both Buffett and Gates emphasized the importance of keeping philanthropy separate from Berkshire's day-to-day operations.
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 fund giving.
Berkshire stock dips as Buffett donates $37 billion Reuters via Yahoo!
Read more from this post.
