Daily Lessons from Life 07 August 2010 - List of US billionaires making charity pledge

"Sat, Aug 07, 2010 - Reuters List of US billionaires making charity pledge

A group of US billionaires pledged on Wednesday to give away at least half of their wealth to charity as part of a campaign led by investor Warren Buffett and Microsoft founder Bill Gates.

Wednesday's commitments bring to 40 the number of billionaires giving away half their wealth. Many of those listed have already been engaged in significant philanthropic efforts.

When asked about those who had not signed up, Warren Buffett said:"We don't give up on them as every Saint has a past and every Sinner has a future!" I like that! He is a smart man indeed in my book.

Some of them are already big time philanthropists while some are new to this vocation."

Lessons for me are:

1. indeed, like what Michael Bloomberg said: "You don't really need it after it passed a certain number in wealth!" Only the wise one will know what that number is since human being's desire can be unlimited and insatiable!;

2. the power of this group of people giving to charity is simply unprecedented! If the 400 billionaires contributed 50% of their wealth, the number is almost USD600B by some estimates! With this type of number, a lot can be achieved in the field of education, medical care and environmental care. If the executions are carried out in an efficient and effective manner, the return and impact would be even greater!;

3. while I read this news, I was also saddened by the shock news that the turnaround star of Hewlett Peckard (HP), Mark Hurd, had resigned due to inappropriate conducts in falsifying expenses report to cover a certain 'relationship' with a female contractor! Apparently he did it systematically over a certain period of time. Here we have a man who made more than USD40m a year in total compensation refusing to pay for a 'relationship' with his own money! Some commentators called this the 'piggish' behavior of gouging! I called it simply: Shameless or 'lost the way'.

One more thing, some critics may said the charity donation is just another way of 'avoiding' paying estate duties. Well, I think it is better the money goes to charity instead of to the tax department coffer before being distributed since it is targeting giving. Just my opinion!!

May these people actually match their pledge and go to the pearly gate of heaven when they passed on! :-)