>He gave 37billion to Bill Gates charitable foundation. He stated in an interview that he waited 50 years to find the right foundation to give to. What I don't understand is why the wait? There are plenty of worthy causes that don't have a high administrative overhead.
>
Ever wonder why all the uber rich have foundations? It shields their money from taxes. The foundation only has to spend 10% per year, which is much lower than the tax rate. The foundations can also provide stuff to those who work for the foundation, and usually family members are running the show. Now, I'm not saying these foundations don't do good work. I'm sure they do, but this whole bruhaha from Warren Buffett is bogus. If he wants to help people, all he has to do is write some checks and put some people in charge of doling out the money. He's not really that interested.