US billionaires club together to give away half their fortunes to charity

Posted by Bev Sutphin , on August 05, 2010 at 14:15 Be the first to comment on this story

Filthy rich types such as New York's mayor Michael Bloomberg, the hotel heir Barron Hilton, CNN media mogul Ted Turner, and the Star Wars director George Lucas have lent their names to the "giving pledge", an initiative that encourages America's richest families to commit money to society's most pressing problems...

Inspired by the Bill and Melinda Gates Foundation which pumps billions into fighting disease in developing countries, the pledge does not prescribe any particular charitable causes but is a statement of principle.

Former Citigroup banking boss, Sandy Weill, has signed up, as have fellow Wall Street names including David Rubenstein, co-founder of the Carlyle private equity group.

Bloomberg, who amassed $18bn through his former business empire, said wealth reached a point where billionaires have so much that they simply cannot spend it. It did not make sense to leave all his money to his children so that they could become members of the "lucky sperm club".

"If you really care about your family, it's best to do something to make the world a better place for your children and grandchildren, rather than just giving them money."

Barron Hilton echoed this sentiment, saying; "absolutely, make your children work hard for their money rather than handing on a plate so they can spend the entire summer drinking Cristal on a yacht in the Med. Oh"