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Nice Guy Eddie

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

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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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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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What a waste of money.  1 billion dollars to Cornell and the Big Red still cant break into a Power 5 conference.

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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!

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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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2 hours ago, bad_teammate said:

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.

Can you just take like one thread off, man?

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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.

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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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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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8 minutes ago, SuperSport said:

My first thought when I saw the thread title was “damn, that’s a lot of hookers and blow.”

At 2$ per ho he could've had literally ALL the chicks in the world, at the same time

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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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2 hours ago, aggie08 said:

Can you just take like one thread off, man?

If you ignore me, I'm taking ALL threads off lol

200.gif

Really doesn't seem like a weird answer to the question I was responding to.

¯\_(ツ)_/¯

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8 Bill is adorable. There are conglomerates of family trust in this state that have the wealth of actual nations 
So?

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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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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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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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On 9/15/2020 at 3:46 PM, 52-80 said:

What a waste of money.  1 billion dollars to Cornell and the Big Red still cant break into a Power 5 conference.

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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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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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