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June 27, 2006

 

Buffett-Gates merger creates $60bn charity giant 


Visions dawned on Monday of a new golden age of philanthropy with Bill Gates atop a mammoth $60-billion charity machine, with a global punch to rival world aid bodies and even governments.

Investment guru Warren Buffett's $31-billion donation to the Bill and Melinda Gates Foundation will double the size of Gates' fund and make it by far the world's largest charitable foundation.

The gift, born from Berkshire Hathaway tycoon Buffett's decision to hand over 85% of his estimated $44 billion wealth, represented the biggest to single philanthrophic giveway to date, analysts said.

It came weeks after Gates signalled he would soon give up daily duties as head of Microsoft in favour of his foundation, famous for work in the developing world including on HIV/Aids and for United States education initiatives.

# posted by masquerader @ 16:52 ::


 
 
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