Buffett and Bloomberg

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The New York Sun

Warren Buffett’s decision to throw in with William Gates III in the philanthropy business got us thinking about another entrepreneurial multi-billionaire like Mr. Gates, one who also has an interest in technology and public health and who has vowed to give away his fortune. We speak of Mayor Bloomberg. He has said that one reason he can’t or won’t run for president in 2008 as an independent is that he wants to devote his time to giving away his money. But much of the logic that led Mr. Buffett to give his billions primarily to the Bill and Melinda Gates Foundation would also apply to Mr. Bloomberg.

“I have some small hopes,” Mr. Buffett explained to Fortune magazine, “that what I’m doing might encourage other very rich people thinking about philanthropy to decide they didn’t necessarily have to set up their own foundations but could look around for the best of those that were up and running and available to handle their money.” Said Mr. Buffett, “People do that all the time with their investments. They put their money with people they think are going to do a better job than they could. There’s some real merit to extending that thought to your wealth, rather than setting up something to be run after your death by a bunch of old business cronies or a staff that eventually comes to dictate the agenda.”

Mr. Gates yesterday told our A.L. Gordon that he and Mr. Bloomberg have a lot of common interests and that he likes working with smart people like Mr. Bloomberg. Melinda Gates told Miss Gordon that the Gates Foundation really believes in the leadership of Mayor Bloomberg and his schools chancellor, Joel Klein, and that as a result the foundation’s largest investment in education has been in New York City. If Mr. Bloomberg could delegate some of his philanthropic leadership to Bill and Melinda Gates, that would free up the mayor’s own time to make an attempt to inspire the rest of the country via a run for the presidency.


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