Reflection:
Warren Buffett's Mega-Gift:
Changing Philanthropy, the World
By Jeffrey Byrne,
President & CEO
Kansas City
I
probably will never forget where I was
when I heard over the radio that Warren
Buffett, the world’s second richest
man, was giving his fortune away to the
world’s richest man. I thought,
“Has Warren Buffett lost his mind?”
Now, this was the day before the official
announcement by Mr. Buffett and the Gates
- details were just emerging.
In my car on the way to St. Louis that
Sunday afternoon, I began to get telephone
calls from friends and colleagues across
the country who had just heard the news.
We wondered together if Mr. Buffett’s
health was bad, if he was prematurely
becoming senile, or if he’d had
a falling out with his children. We knew
a few years earlier his wife had passed
away leaving a substantial estate that
created a number of foundations led by
their three children.
Ted Turner changed the face of philanthropy
in the 1990’s when he stood before
the nation, and the world, and gave $1
billion to the United Nations. He challenged
others to give selflessly and he put his
money where his mouth was. Also, he brought
philanthropy from the social pages to
the front pages of newspapers nationwide.
Warren Buffett’s act of generosity
is truly selfless and once again the world
of philanthropy has another example of
giving for others to consider. Mr. Buffett
could have created the world’s second
largest foundation with his own money,
but his broad vision for his philanthropy
over the past few years has morphed with
his understanding of the Gates Foundation’s
priorities.
We won’t realize the entire gift
for a number of years, since Mr. Buffett
will begin payment on his pledge with
a $1.5 billion gift to the Gates Foundation
annually. The total gift will probably
be much larger than Mr. Buffett’s
pledge because of Mr. Buffett’s
enormous ability to make money. Just think
of the impact a combined Gates/Buffett
Foundation will have on our world.
I had the opportunity to be interviewed
by Bloomberg News Service a few days after
Mr. Buffett’s announcement. It
is linked here for your reference.
