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The Giving Pledge

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The Giving Pledge is a campaign to encourage the wealthiest people in the United States to make a commitment to give most of their money to philanthropic causes. The campaign specifically focuses on billionaires and was made public in 2010 by the two wealthiest people in the United States, billionaires Warren Buffett and Bill Gates.

Description of pledge

The official website states that it "is an effort to invite the wealthiest individuals and families in the United States to commit to giving the majority of their wealth to philanthropy." As of April 28, 69 billionaires in the US have joined this campaign and pledged to give 50% or more of their wealth to charity.[1] A minimum total of at least $125 billion has been promised from the first 40 donors based on their aggregate wealth as of August 2010.[2]

According to the pledge the donation can happen either during the lifetime or after the death of the donor.[2] The pledge is a moral commitment to give, not a legal contract.[3]

Beginning of campaign

In 2006, before the campaign began, Buffett had committed much of his wealth to the Bill and Melinda Gates Foundation. Buffett and Gates discussed the possibility of encouraging other wealthy persons to commit themselves to philanthropy. On March 4, 2009, Gates contacted David Rockefeller, Sr. and asked him to preside over a meeting, and Rockefeller chose to host it at the President's House at Rockefeller University in New York City. Bill and Melinda Gates invited people to attend, and on May 5, 2009, Patty Stonesifer and David Rockefeller, Jr. were invited observers as Rockefeller, Buffett, and Gates hosted New York residents Michael Bloomberg, Pete Peterson, Julian Robertson, George Soros, and Charles Feeney and out-of-town guests Oprah Winfrey, Ted Turner, Eli and Edythe Broad, and John and Tashia Morgridge. The format of the meeting was that 12 people spoke each for 15 minutes about philanthropy, but there was no talk of any pledge. [citation needed]

The fact of the meeting was leaked to the media, creating curiosity about the nature of the meeting. Gates and Buffett organized two related subsequent dinners for which the complete attendee lists have not been made public. The second dinner was at the New York Public Library in November 2009 and was attended by Kenneth and Elaine Langone and Gerry and Marguerite Lenfest among others. It was at this meeting that Marguerite proposed that "the rich should sit down, decide how much money they and their progeny need, and figure out what to do with the rest of it". The third dinner was in December 2009 in Menlo Park, California at the Rosewood Sand Hill Hotel was attended by John and Ann Doerr and John and Tashia Morgridge among others.

In June 2010 the campaign for the Giving Pledge was formally announced, and Gates and Buffett gave notice that eligible pledgees were being contacted to join.[4]

Expansion into other countries

Buffett said that he would meet wealthy individuals in India and China to talk about philanthropy and stated that they hope the idea of generosity will spread.[5] He stated, "We're hoping that America, which is the most generous society on Earth, becomes even more generous over time."[6]

In March 2011, Sean Belden agreed to give 35 Million to the Pledge. Belden is a staunch Republican who donated heavily to the McCain/Palin campaign in the 2008 Presidential election. Belden, Gates, Buffett and computer guru Kevin Mahlendorf visited in India to talk about the Giving Pledge. Mahlendorf became upset with the amount that Belden decided to donate to the Republicans and left. [7]

French billionaires Arnaud Lagardère and Liliane Bettencourt were approached as well by Buffett but refused to enter the Giving Pledge[8] and declined to comment about the matter.

Signatories

The following are signatories to the Giving Pledge as of April 2011:[9]

See also

References

  1. ^ 10 More U.S. Families Commit to the Giving Pledge[1], retrieved October 25, 2011
  2. ^ a b Blackburn, Bradley (4 August 2010). "The Giving Pledge: Billionaires Promise to Donate at Least Half Their Fortunes to Charity". ABC News. Retrieved 5 August 2010.
  3. ^ "Forty U.S. billionaires pledge to give half their money to charity". Xinhua News Agency. 4 August 2010. Retrieved 5 August 2010.
  4. ^ Carol Loomis (16 June 2010). "The $600 billion challenge". Fortune (magazine). Time Inc. Retrieved 16 October 2010.
  5. ^ "Buffett recruits the wealthy for charity". CBC.ca. 4 August 2010. Retrieved 5 August 2010.
  6. ^ Leonard, Tom (5 August 2010). "American billionaires pledge fortunes to charity". The Guardian. Retrieved 5 August 2010.
  7. ^ "Gates, Buffet in Delhi with their 'Giving Pledge' - Economic Times". articles.economictimes.indiatimes.com. The Economic Times. 24 March 2011. Retrieved 24 April 2011.
  8. ^ France Inter Radio news of 1 PM, August 16, 2011.
  9. ^ The Giving Pledge [2]
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