Showing posts with label charity. Show all posts
Showing posts with label charity. Show all posts

Thursday, September 23, 2021

Empire of Pain

Finished Empire of Pain, by Patrick Keefe.  I think because of the sources which were available it's more interesting about Arthur Sackler, the elder brother and the initiator of the Sackler empire, than he is about the younger brothers Raymond and Mortimer, the grandson Richard who is most closely connected with oxycodone. and the rest of the descendants.

The New Yorker has an item on another scandal in biomedicine--Theranos, where Elizabeth Holmes is now on trial.  I found this applicable to the Sacklers as well:

It is incredible. I think there’s an entitlement to Elizabeth Holmes and her clan that you can’t underestimate. There’s a combination of self-righteousness and entitlement, and an absolute refusal to concede to mistakes or errors, much less fraud.

For the Sacklers, their contributions to many arts and educational institutions seem to be modern versions of the Catholic church's indulgences, which set off Martin Luther. It is a rejection of complexity, an unconscious assertion that a person is either all good (because of contributions) or all bad.  That's BS.

Saturday, February 29, 2020

Famous Last Words--I'll Give It All Away

Steve Jobs' widow says:
"“I inherited my wealth from my husband, who didn’t care about the accumulation of wealth,” she told the New York Times. “I’m not interested in legacy wealth buildings, and my children know that. If I live long enough, it ends with me.” [emphasis added]
IIRC Andrew Carnegie wanted to give away all his money.  He didn't accomplish that.  As the article at the link observes, there's still a Carnegie Foundation which gives away money each year.

Wjhy iis it hard for the rich to give away all their money (those who want to, like Carnegie and Jobs)?
  • money has this way of earning more money, You have to run faster just to stay in one place, much less lower the stock of assets.
  • those who manage the money as the donor grows old and after they die have a vested interest in keeping the flow of money going. 

Monday, November 25, 2019

The Rich and Donations

Here's a Vox post on the donations to charity by the most wealthy Amercans. As Dylan Matthews notes, there are a number of qualifications and cautions in interpreting the figures.  For my purposes,only three billionaires, Bloomberg, Gates, and Buffett gave more than 1 percent of their wealth in the last year.

I may have discussed this before in connection with Warren's proposed wealth tax.  Anyhow, retirees are told they can withdraw 4 percent of their savings and likely not exhaust them before dying.  I think maybe that's a reasonable target: once a person reaches retirement age, between taxes and charity the total should be about 4 percent of wealth.

Thursday, June 22, 2017

Attention Mr. Bezos: Adjuncts and Prison Classes

Bezos has asked for ideas on how to use his money for immediate impact, as opposed to long-range improvements.

I'd suggest funding classes for convicts.  Occasionally there are reports of successful programs of this kind: Bard College is one I've read about.  Seems to me it fits Bexos' criteria: the promise of near instant significant impact and a space where there don't seem to be other philanthropists venturing.