Thread: Carlos Slim Disses Gates’ And Buffett Billion Dollar Donations

From Forbes.com

Carlos Slim Helu, the world’s richest man, says that the attempt by Bill Gates and Warren Buffett, the next two richest people, to donate their wealth (and have other billionaires add to that pile) won’t solve any problems.
“I prefer that Bill Gates create a Microsoft or Steve Jobs create an Apple,” he said. Giving away their personal wealth “is an interesting idea… but it won’t solve any problems,” he said. “They will make that money tax deductible and give 5% [of the overall amount] every year to [the actual] charity. If they collect $300 billion, they will use only $15 billion every year. That won’t solve any problems.”
Slim echoed this sentiment earlier this year at the Forbes Global CEO Conference in Sydney. Today Slim was the headline speaker at a George Washington University alumni conference at the Waldorf-Astoria Hotel in New York City and shared more of his views in response to a question if he too would donate his personal wealth to the cause of his fellow billionaires.
“It’s more important to put all your resources and your experience [to work],” he added. “Many of the problems will be solved by business activity and development.” Slim gave the example of a infrastructure construction company that he owns. “We are bidding for projects and that’s how you need to [develop a country]. You need to invest in factories and laboratories…. That’s my challenge in my life, to help change my country,” he said. “Charity doesn’t solve poverty. How much charity has been done in the past years, trillions of dollars.”

What are your thoughts on this? I think that Gates and Buffett would definately put their money to a good cause which could potentially be very worthwhile for a lot of people.

Originally Posted by Motivated

What are your thoughts on this? I think that Gates and Buffett would definately put their money to a good cause which could potentially be very worthwhile for a lot of people.

Well, Buffett and Gates, they don't build up countries. So I belive Carlos Slim is right. What they(Gates and Buffett) do is that they fight diseases like malaria, colera with their money. After reading this, I got a lot more respect for Carlos. The man really thinks big. He wants to build up countries, not fight diseases and give to the poor, that way. He realizes that jobs are the one priority to prosper. That's why he wants to develop.

Never thought I was going to say this but... Gates and Buffett are thinking small, unless they are going to follow Carlos Slims ideas. And how much of that money we send to Africa every year, Is really going to the right hands? Not much I bet. Africa is a joke, most countries there are nothing but soil, poverty, hiv and diseases.

Gates and buffetts could buy Africans condoms...with their money lol

I wonder what Bobby Casey thinks about this ... wait, I think I know ... =)

Alright so let me see if this is how it goes.

Buff and Bill donate billions to charity. But the charity uses the money and thats it.

But Carlos is saying that they should open up projects in the poor countries so people can get paid?

Originally Posted by GlobalWealth

At the risk of , I will comment regardless.

I think Gates and Buffett are welcome to do with their wealth as they please, however, the money could be put to better use.

I like Slim's ideas that economic activity is what leads to prosperity. I agree with this 100%.

Most charities do nothing, or very little, productive and only enrich the people that run the charities.

Most executives that run these huge charities earn large 6 or 7 figure salaries and have very large expense accounts. These people did not create the wealth, they are only there to manage it.

IMO, that is one of the keys to the destruction of that wealth; hiring someone who didn't earn the money to spend it.

Certainly something must be done with their money upon their demise, but wouldn't it be better to start a company that creates new medicines, lays fiber optic cable, builds high speed rail lines, develops renewable energy sources, purifies ocean water, or any other commercial enterprise that provides jobs and improves quality of life?

If I told my father about this, then my brother would would call me a dum@$$. but this is true what carlos is saying

Its actually set up that the money has to be spent in a certain amount of time. Translation problem or someone got their facts wrong?

Are things better if the US government took a massive chunk of the money on Bill and Warren's deaths and spent it on whatever crap (or interest payments) they have budgeted? Because that is what happens in the US when you die.

Buffet and Gates take care of the symptoms but not the cause.
And in most cases the cause is it capitalism so Slim worses the problem.

Buffet and Gates do a MUCH better job than Slim.

LOVE, Light & Peace
Zipan

@ Akitoes
It capitalism is NOT a good system.

Want proof???

Watch the movies of Zeitgeist!! It is shocking!!
The Zeitgeist Film Series Gateway | Zeitgeist: The Movie, Zeitgeist: Addendum, Zeitgeist Moving Forward

Read the book: Confessions Of An Economic Hitman
Confessions of an Economic Hit Man - Wikipedia, the free encyclopedia

Or just go to Wikipedia
Criticism of capitalism - Wikipedia, the free encyclopedia

LOVE, Light & Peace
Zipan

There is a need for both. Guys that build infrastructure and countries are a dime a dozen because there is money to be made and it's ultimately a business, the point is to make money and not to save the world.

A child with a cureable disease in a third world country doesn't give a shit if you're building infrastructure, he needs medicine to live. The starving just need food and don't care about much else. Gates and Buffet touch lives directly and I think it's wonderful.

I have to respectfully disagree with the guys here that are putting down Gates and Buffet. You guys are taking for granted being born in the richest country with the best opportunities for survival and success. Put yourselves in the shoes of those people in need.

If you were sick and dying and someone reached out to save you or your child you would be forever grateful, and that is the most powerful thing in the world. times that by millions, and that is what Gates and Buffett have done.

I do, however, think people have the right to do whatever they want with their wealth without being judged by others.

Originally Posted by darkjediii

You guys are taking for granted being born in the richest country with the best opportunities for survival and success. Put yourselves in the shoes of those people in need.

You hit the nail on the head, my friend!!

@ Akitoes
Crony Capitalism, I never heard of the term before. Thanks for the information!!
But I still think that it capitalism isn't the best economic system. There's a lot of truth in what it marxism says about it capitalism. But discussing the best economic system would be too much off topic.

LOVE, Light & Peace
Zipan

Originally Posted by darkjediii

You guys are taking for granted being born in the richest country with the best opportunities for survival and success. Put yourselves in the shoes of those people in need.

Ah yes Americans do take their freedom for granted, I see it everyday.
I thank God (whether you are a believer or not) for being born in America. And I never take my freedom for granted. I do believe we have a better advantage in a way to becoming rich while people here shoot each other for the corner of a street.

I always tell myself "their are people on the other side who have it worse" and with that I am influenced to pursue my fastlane plan even more.

I wish people here can see how much we take our freedom for granted

Originally Posted by zipan

@ Akitoes
It capitalism is NOT a good system.

Want proof???

Watch the movies of Zeitgeist!! It is shocking!!
The Zeitgeist Film Series Gateway | Zeitgeist: The Movie, Zeitgeist: Addendum, Zeitgeist Moving Forward

Read the book: Confessions Of An Economic Hitman
Confessions of an Economic Hit Man - Wikipedia, the free encyclopedia

Or just go to Wikipedia
Criticism of capitalism - Wikipedia, the free encyclopedia

LOVE, Light & Peace
Zipan

I'd be interested in what you consider to be a better system.

I wouldn't quite trust those sources if I were you. Zeitgeist is not a movie I would base my world view on. Anti-capitalists have an agenda too, and it isn't always in your best interest.