501derful.org
Like Warren Buffett, a new wave of philanthropists are rushing to spend their money before they die. The Wall Street Journal, July 8-9, ’06 had an interesting article on the subjest.
Amoung other things it listed big names and big gifts and a new generation of philanthropists. Those with health related objectives are:Gates and now joined by Buffett, Robert Wood Johnston Foundation, Michael Milken, and Sergey Brin and Larry Page.
In a related article The Financial Times reported this month the increasing scrutiny possible by the government over these large foundations.
Advocates of greater regulation of foundations argue that the privileged tax status comes with the requirement of public account ability.
I haven’t read too much about what these guys are up to, but some have observed that the Gates/Buffett foundation hasw the potential to make a bigger impact in some health areas than any government, including the US government. In an era when government is paralized by political divisions, foundations may give philanthropy a whole new status. What do you think, Ed?
that is right. That is also why governments want some control of these magnificent beasts. Sour grapes, I think.
There impack will probable be felt throught out the globe.