Journal Standard Editorial:The rich guy with a heart
Published: Tuesday, June 27, 2006
http://tinyurl.com/k67eq
The issue: Warren Buffet's generosity
Our view: His decision to give away his fortune is a welcome counterpoint to our greed-is-good culture.
Warren Buffet is an example of what the United States, the richest nation on Earth, should be known for: generosity and hope in a world in which millions have to struggle daily to survive. While other Wall Street barons shamelessly lobby for more tax breaks for their rich friends, which Buffet opposes, he's decided to show them with a bold stroke of his pen the power of wealth to change the world.
And that, in our view, is the real power of capitalism.
The world's second richest man last weekend announced he was leaving nearly his entire fortune, nearly $31 billion, to the Bill and Melinda Gates Foundation. The foundation formed by the Microsoft founder is committed to using Gates' billions to have an impact on issues of child health, poverty and education. Now, thanks to Buffet, the foundation has doubled its money and potential impact.
Bill Gates and the 75-year-old Buffet have been pals since the 1990s, a friendship that obviously has trust at its core. For his part, Gates said he plans to retire from the company he founded in his garage at the start of the tech boom to devote himself full-time to his charity. He quipped at a press conference to announce the gift that he's more nervous about spending Buffet's money than his own, but we suspect that Buffet knows his fortune's in good hands.
Buffet famously once said that he planned to leave enough money for his kids to do what they wanted in their lives, but not enough so they could do nothing. Sounds like the kind of pragmatism this country needs more of.
At a time when the gap between the rich and poor in America is at an all-time high, it's good to see people like Buffet and the Gateses demonstrate that wealth can be a force for universal good, rather than mere personal enrichment.
