US billionaire plans giving spree
 

http://news.bbc.co.uk/1/hi/world/americas/3513903.stm

US billionaire plans giving spree

An American billionaire with a penchant for charity wants to give away all of his money before he dies.
Cable TV baron H.F. "Gerry" Lenfest, 73, has already given away about a third of a billion dollars.

Now he and his wife, Marguerite, have resolved to put their entire fortune into charitable trusts, according to a report by Associated Press.

It means the Lenfests' three children, who are already very wealthy, will not get another cent.


Self-made man

Mr Lenfest spent nearly 30 years building up his business, Suburban Cable, which he began with a $2.3m loan, but eventually sold to the giant media group Comcast for $1.2bn.

He has spent most of the last four years donating his money to good causes, mainly universities and education programmes, and institutions for the arts.

Columbia Law School has recently opened a new residential hall named in honour of its alumnus and benefactor.
Mr and Mrs Lenfest have given orders that charities should spend all of their cash within 20 years of their death.

The philanthropist lamented that he would lose his grip on the purse strings when he dies.

"During your lifetime, you can direct how your wealth is spent for the most good," he said.

"But after your death, it is problematic. You don't have the control."

The Lenfests follow a tradition of philanthropy among America's self-made men and women.

Bill Gates, founder of Microsoft, has also given away millions through his own charitable projects.

hmmm.. i wonder if he wouldnt want to give a broke ass webmaster some of that dough !

I 2nd that!


:thumbsup

I could use a cut of that pie myself :thumbsup

very fucking cool

Maybe we should form "Broke Ass Webmasters*" and approach them as a charity:Graucho



*BAssmasters:glugglug