Giving Pledge

Best news I've seen for a long time: Buffett and Gates succeeded in cajoling 38 other donors to sign the giving pledge to give away half their wealth. See WSJ article about Giving Pledge list. It's long been noted that the richest people give away a much lower percentage of their money than people of modest means, and this is meant to serve as an example and correct that. 

This was an incredibly canny way to use publicity to get people to do the right thing. It may well become a most important part of Buffett's legacy.

The Wall Street Journal lists the people who didn't sign the pledge, which is highly entertaining but may be counterproductive (if you want people to do something different, don't give them a reason to defend their entrenched position).

Yes, it is a PR gimmick. But so what? Big-money philanthropy is a PR gimmick by its nature. How many people donate money for a hospital wing or a university building anonymously? I think Buffett's been very clever here in turning the publicity-seeking nature of philanthropy to a good cause by giving those who pledge the opportunity to be applauded as generous members of a prestigious social network that includes him and Bill Gates and a bunch of other people with names like Rockefeller and Bloomberg. Not only that, they get the credit before they actually have to part with the funds.

Warren once told me that the detestable people are especially eager to sign up for this sort of thing and cleanse their money. A lot of these people are highly admirable, but I can't help but note with a giggle some of the other names on this list. Collectively, this is not a group of people who would normally have dinner parties at each others' houses.

Lastly, Buffett's friend Walter Scott is on this list (he's incredibly generous - gives away huge amounts). Notice who is not - Charlie Munger. Charlie also is incredibly generous and has given away huge amounts of money (and time) already. He also has many, many children and stepchildren and grandchildren. I would give *a lot* to have heard the conversations between him and Buffett on this subject.

************UPDATE***********

Ah, yes, the cynical commentary about how this is just a PR ploy for rich people has started. Sure, it's a PR ploy, but so what? It worked.