[Kictanet] 2nd richest man donates to microsoft

[Alice Wanjira]

I wonder if we could tap into this

alas most of it goes to India’s earth
quake relief etc.
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Richest II and I make charity history Buffett billions for Bill trust
K.P. NAYAR

  <http://www.telegraphindia.com/1060627/images/27bugate.jpg>
Warren Buffett with Melinda and Bill Gates in New York on Monday. (AP)

Washington, June 26: The world's second richest man has decided to donate
about 85 per cent of his wealth to the world's richest man.

The world's richest man, in turn, has decided to wind down his day-to-day
work and concentrate more of his time and efforts on charitable work.

A $37-billion gift by Warren Buffett - most of it to the charitable
foundation run by Bill Gates in his name and that of his wife Melinda - has
effectively doubled its capacity to spend on reducing poverty and increasing
access to technology and health care for the poor in developing countries.

Buffett's donation is the biggest single act of charity ever recorded in the
US.

Buffett, chief executive of Berkshire Hathaway, and Gates, the founder of
Microsoft, have been good friends and bridge partners for many years.

In addition, Gates is a director of Berkshire Hathaway, Buffett's investment
firm. Buffett and Melinda together serve on the board of the Washington Post
Company.

In his letter to the Gates Foundation today, Buffett spoke of his admiration
for the foundation, the world's largest charity with assets of $29.1
billion, and his desire to "materially extend its future capabilities".

Buffett told Fortune magazine in an interview: "We agreed with Andrew
Carnegie, who said that huge fortunes that flow in large part from society
should in large part be returned to society."

He said the philanthropy was encouraged by his wife, Susan, who died in
2004. The stake of Buffett, 75, in the company he founded is worth $44
billion.

India's poor are expected to significantly benefit from Buffett's action.
The Bill and Melinda Gates Foundation is involved in India, primarily in the
prevention and treatment of HIV/AIDS.

The foundation has also helped strengthen health services for women and
children in India and has been engaged in earthquake relief and
rehabilitation.

In their response to Sunday's announcement about Buffett's gift, which
preceded the release of his letter, Bill and Melinda Gates said in a
statement: "Warren has not only an amazing intellect but also a strong sense
of justice. Warren's wisdom will help us do a better job and make it more
fun at the same time."

That wisdom was obvious from the conditions Buffet has attached to his
donation.Buffett wants all his money to be used in the year it is donated.
It cannot be accumulated to the foundation's assets for future programmes.

This represents a major challenge for the foundation, which already spends
about $1.36 billion a year. With Buffet's condition, it would have to double
its spending as soon as the first annual donation of $1.5 billion is
available.

Gates announced last week he would gradually give up his day-to-day role in
Microsoft and concentrate on the work of the foundation.

Buffett will join the Gates Foundation board but does not intend to get
involved in its operations, or the other four philanthropic groups he is
funding - one of which is in the name of his wife and the other three are
run by his children, Howard, Susan and Peter.

Buffett is a cult figure in the investing world. About 20,000 investors go
to Omaha every year for the annual meeting of Berkshire - from which he
derives the sobriquet, the Oracle of Omaha.

He told Fortune he had always planned to have his wife oversee his
charitable giving after his death. But after she died - and because he saw
an opportunity to invest in an existing, well-respected foundation run by
two "ungodly bright" people - he changed plans to start giving it away this
year.