Monday, February 05, 2018

JOHN CHUCKMAN COMMENT: GENUINE PHILANTHROPY VERSUS THE AMERICAN FOUNDATION MODEL - THE CASE OF BILL GATES WHOSE LIFE SUGGESTS ANYTHING BUT A GENEROUS SPIRIT


COMMENT POSTED TO AN ARTICLE IN THE GUARDIAN

How Bill Gates aims to clean up the planet
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Response to “He’s giving away most of his money, which is more than most wealthy (and non-wealthy) people”:

Sorry, I think you have that wrong.

Creeps like Bill Gates thrive on such misunderstanding, and he is a creep owing to a career spent screwing both his customers and competitors. There is no evidence there of a large spirit.

There have been a few genuine philanthropists who literally gave most of their money away for truly worthy causes.

I think the best known, and one of the most admirable, was Andrew Carnegie with the countless libraries he bestowed on communities all over plus a few other worthy efforts.

He was a tough businessman but not the kind of man who dumped obsolete or inferior goods on the market.

However, the modern American Foundation laws, under which the likes of Bill Gates operate, achieve something else entirely.

Foundations such as his enable the owner of a great fortune essentially to keep control of it forever without taxes.

Gates and others only have to give a certain amount away regularly for the tax concessions.

In many cases this can be achieved by giving away the interest on the capital and not the capital.

Gates gets to sit on throne in effect the rest of his days, having people come and propose interesting projects to him and keenly hoping for some money.

It would be hard to imagine a more interesting and entertaining way to spend your days. Must often feel like ancient royalty being solicited for a favor.

So long as he doesn't give away the capital, the game can go on forever, bestowing blessings on your name and memory, as well as jobs for progeny. Your family stays as "somebodies."

We see this in older foundations like the Rockefeller Foundation still operating.

We perhaps need a new term for this American creation.

I think “philanthropist” is highly inaccurate. That could be Carnegie's title but not Gates'.

He preserves both his fortune and his power over it and buys effectively with the interest a very entertaining lifestyle with many bright people seeking his favor.