LYCOS RETRIEVER 
Warren Buffett: Bill Gates
built 633 days ago
The size of their fortunes is staggering, and Warren Buffett and Bill Gates are very successful businessmen. But what are they doing with their money? Tragically, it looks like their money is going the way of Henry Ford's-into the coffers of liberal and left-wing causes. This is the story that won't be told by the mainstream media. The Post editorial referred in passing to the Gates Foundation's involvement in "global health" but nothing was said about what Buffett, a prominent Democrat, was doing with his money.
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Warren Buffett, the world’s second-richest man, announced this week that he plans to give away 85 percent of his $44 billion fortune to charity. Buffett explained his motivation in today’s New York Times:
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Stockholder actions sometimes can have the opposite effect from what's intended, Buffett said. When PetroChina sold stock in 2000 to raise money, opponents declared success when they reduced the sale's proceeds from an expected $4 billion to $2.89 billion. But China removed some assets from PetroChina to fit the smaller stock sale, and now those assets are worth seven times as much - a financial gain for China's government, Buffett said.
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Seated in the audience was the philanthropist and financier David Rockefeller, whom both Mr. Gates and Mr. Buffett cited as helping them figure out how they wanted to proceed in giving away their money. The Gateses said they wanted to extend the work the Rockefeller Foundation did to spur the "green revolution" by spreading new agricultural techniques in developing countries.
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Buffett, who amassed his $44 billion fortune over the last three decades through his control of Berkshire Hathaway, will start transferring his stock in the company over to five foundations this year. The largest portion -- five-sixths -- will go to the Bill and Melinda Gates Foundation, Fortune said.
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From his first investing experience in Cities Service to the creation of Berkshire Hathaway, Buffett stayed the course of his convictions. By the early 2000s, he and his wife controlled almost 39 percent of Berkshire Hathaway, some $40 billion in value. Wealth as a way to fund personal expenditures was insignificant to Buffett. It meant more to him to have the ability to buy without actually making a purchase. He continued to live in the house that he had bought for $31,500. He owned just one car, a Lincoln Continental.
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