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The Billionaire Who Wanted To Die Broke . . . Is Now Officially Broke

Nice Guy Eddie

By Nice Guy Eddie
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Nice Guy Eddie

Nice Guy Eddie 13515

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Posted

True America hero. https://www.forbes.com/sites/stevenbertoni/2020/09/15/exclusive-the-billionaire-who-wanted-to-die-brokeis-now-officially-broke/#56b2ed793a2a

Instead of creating a foundation that outlives him, Chuck Feeney gave away the last of his $8b fortune at 89. He quietly gave his entire fortune so he could see the results. 

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Where did $8 billion go? Feeney gave

  • $3.7 billion to education, including nearly $1 billion to his alma mater, Cornell, which he attended on the G.I. Bill. 
  • More than $870 million went to human rights and social change, like $62 million in grants to abolish the death penalty in the U.S. and $76 million for grassroots campaigns supporting the passage of Obamacare.
  • He gave more than $700 million in gifts to health ranging from a $270 million grant to improve public healthcare in Vietnam to a $176 million gift to the Global Brain Health Institute at the University of California, San Francisco.  

I don't understand people that create foundations that end up doing nothing but grow at a larger rate than they give. Tying up charitable funds in the bank seems like a horrible decision. Get the money out there where it can do some good. Foundations shouldn't outlast their founders by much. For some it becomes more about ego that they want others to know their name in 100 years. 

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bad_teammate

bad_teammate 13218

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25 minutes ago, Nice Guy Eddie said:

I don't understand people that create foundations that end up doing nothing but grow at a larger rate than they give. Tying up charitable funds in the bank seems like a horrible decision.

You want to stay insanely wealthy, have total control of your wealth, guarantee an oligarchical lineage, and still have people like you for your charity and philanthropy.

Sociopathy, basically.

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Nolacycling

Nolacycling 893

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1 hour ago, Nice Guy Eddie said:

True America hero. https://www.forbes.com/sites/stevenbertoni/2020/09/15/exclusive-the-billionaire-who-wanted-to-die-brokeis-now-officially-broke/#56b2ed793a2a

Instead of creating a foundation that outlives him, Chuck Feeney gave away the last of his $8b fortune at 89. He quietly gave his entire fortune so he could see the results. 

I don't understand people that create foundations that end up doing nothing but grow at a larger rate than they give. Tying up charitable funds in the bank seems like a horrible decision. Get the money out there where it can do some good. Foundations shouldn't outlast their founders by much. For some it becomes more about ego that they want others to know their name in 100 years. 

"Hello Dolly" is one of my favorites, too.

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TornACL

TornACL 7716

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2 hours ago, DonkeyCigars said:

This guy rules. I wish I could say and prove I had a fraction of his heart (and balls) for taking this tact. But with absolute power comes absolute corruption of those things usually. Well, not with my main man Chuck Feeney here!

I wish I had a fraction of his money. 

Well, not anymore, but you know what I mean. 

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Blotto

Blotto 23559

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While he aint broke compared to the regular american (he still has a couple of million), its damn admirable. If he was truly the inspiration behind Gate's Giving Pledge, Bill should pay a little more attention. When Gates launched that initiative 10 years ago he was worth $45 billion. 10 years later he is worth $113 billion. Come Bill, pick up the pace man. Gate's wealth is greater than the GDP of 130 countries. Madness. 

 

Edited by Blotto
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TwiceHorn

TwiceHorn 31498

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Not sure I would call it sociopathy.  And you don't retain total control over your money when you establish a foundation.  You certainly retain some control, depending on how it's set up.  It appears that the Gates retain quite a bit of control, or maybe it's just their involvement in the selected charities.

It appears that Feeney himself had a foundation, but made sure that it spent all the money during his lifetime.

I think the "monument building" aspect of foundations is valid.  Also probably provides lucrative employment for descendants as long as they don't go too heavy on the self-dealing.

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Doc Reeves

Doc Reeves 6434

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8 minutes ago, Paco said:
3 hours ago, Doc Reeves said:
8 Bill is adorable. There are conglomerates of family trust in this state that have the wealth of actual nations 

So?


So, they are able to give away considerably more every year forever while also amassing literally trillions of dollars and maintaining the control they have earned.  
The charity game is ugly as shit

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atomheartbevo

atomheartbevo 89734

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3 hours ago, Bevo said:

He should have given it all to the government to help pay down the national debt :)

Actually, 8 billion would pay off a lot of personal debt of a lot of Americans.  Would be pretty cool to do that - while I know many would just turn around and rack up more debt, it would change the lives of a shitload.

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fattyflattie

fattyflattie 4639

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1 hour ago, atomheartbevo said:

Actually, 8 billion would pay off a lot of personal debt of a lot of Americans.  Would be pretty cool to do that - while I know many would just turn around and rack up more debt, it would change the lives of a shitload.

That reminds me of a John Oliver episode I watched about debt collectors. He ended up buying a shitload of debt for pennies on the dollar, and letting those people free of it.   Dude could have bought ALOT of people out of medical debt for a billion or so.    This is the kind of shit Bezos needs to be doing. And I’m far from b_t but man some of these crazy billionaires need to do some shit.  Ticket to hell awaits. 

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Anastasis

Anastasis 23475

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On 9/15/2020 at 5:33 PM, 4th and 5 said:

If I had 8 billion, I'd piss it all away making a legendary "Fishing with 4th and 5" thread in the "I'd Pee in Her Butt" forum.

Sociopathy, basically.

Pretty sure that you can claim the cost of the boat ornaments as contributions toward education. 

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Guest Lobo

Guest Lobo

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18 hours ago, Beau Vine said:

Fucker became a billionaire because of Duty Free shops?

Duty Free is the biggest sucker in retail.

I like to stop at the Duty Free Shop.

I like to stop at the Duty Free Shop.  

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