Some criticisms of the philanthropy of the wealthiest one percent
Some time ago Bill Gates and Warren Buffett issued an invitation for the very rich to join their Giving Pledge. Some of Germany's super-rich have rejected the invitation.
|Some of the critics claim that obligations that are often better provided by the state should not be left to philanthropy and private funding. Peter Krämer, a Hamburg-based shipping magnate and multimillionaire, has emerged as one of the strongest critics of the "Giving Pledge." TheWikipedia entry on the pledge reports:|
April 2012 that "81 billionaires committed to giving at least half of their fortunes to charity". As of August 2015, 137 billionaire or former billionaire individuals or couples have signed the pledge; a significant majority so far are, like Buffett and Gates, US-American citizens.Most of the pledges come from North America but there are a number from Europe and Asia as well.
It is all just a bad transfer of power from the state to billionaires. So it's not the state that determines what is good for the people, but rather the rich want to decide. That's a development that I find really bad. What legitimacy do these people have to decide where massive sums of money will flow?What gives them the legitimacy and power is that they have the money, in most cases probably legitimately in terms of existing laws. Hamburg also takes a swipe at the US noting that it already has a desolate support system. He said that Gates and Buffet should have given their money to some of the many communities in the US who do not have funds to provide proper public services.
The Chan Zuckerberg Initiative is not even an actual charitable organization, but rather structured as an LLC. Unlike a charitable trust, which is compelled to spend its money on charity, Chan Zuckerberg Initiative, LLC will be able to spend its money on whatever it wants, including private, profit-generating investment.As the New York Times points out the LLC unlike a charitable foundation is not even required to allocate a certain percentage of its assets every year to charity. The LLC will not be subject to such rules or the transparency requirements either.
He created a limited liability company, one that has already reaped enormous benefits as public relations coup for himself. His P.R. return-on-investment dwarfs that of his Facebook stock. Mr. Zuckerberg was depicted in breathless, glowing terms for having, in essence, moved money from one pocket to the other.