Go Warren go

I’m a fan of Warren Buffett.  Buffett, the second wealthiest American, has made it a source of pride that he isn’t going to give away any of his tens of $ billions.  That charitable project will be up to the managers of his estate.

Warren’s (not-so-beloved) wife, Susie, died last year and left $2.5 billion to a joint foundation.  That made Warren the third largest donor in America for 2004.  Pure irony.

I want to stand up for Warren’s position that his charitable giving will come after he is gone.  I have two reasons.  First, Warren loves what he is doing, creating more business and doing it successfully.  Don’t slow down or get distracted. Keep it up Warren. 

Second, in my career years in the non-profit and foundation sector I have rarely met people I wanted to have dinner with, much less associate with on an on-going basis.  While I know a few interesting and energetic people, most of the people in the charitable world are not.  If Warren wants to avoid them --- bless him, he deserves the appellation: Sage of Omaha.

Warren saves himself a lot of time.  People who beg for millions and billions are not any different from people who beg for dimes.  “Boors and bores,” describes too many of them.  I speak from my experience as a former foundation president.

Warren also could be doing the world a great deal of good.  Foundations on balance may do more harm than good. I have trouble thinking of the few good things that foundation giving does.  The main positive example that comes to mind was the work of a member of the Mudd Family who loved Indonesian and Balinese arts.  He paid for countless performers and artifacts and genuinely created an Indonesian-Balinese art world in America.  I commend that charitable effort.

I also question public appreciation for charity.  The great benefactors of the 20th Century, Rockefeller, Carnegie, Ford and MacArthur are still treated as corporate malefactors in most business textbooks. I can’t find a kind word that has been said about any of them.  Their peers, Morgan, Harriman and Watson, who weren’t big donors, didn’t do any better or worse in the realm of history or public opinion.

Warren Buffett, you are on the right track in charitable giving just as you have been for decades in your investments.