Billionaire Graham Tuckwell has donated $50 million to the Australian National University to establish a scholarship scheme. Bill Gates and Warren Buffet are reknown for their philanthropy. Few individuals or corporations however ''give away'' money. They are placed in tax-efficient trusts or foundations, with the donor retaining substantial control. Contributions are generally tax deductible or protect wealth from the ravages of death, inheritance or estate duties. The charitable foundations also provides employment family and friends. Corporations can legally reduce their tax liabilities and at the same time camoflage the source of their wealth - poor pay, bad working conditions and inadequate environment protection.
George Soros, the billionaire hedge fund manager gained prominence when he broke the Bank of England and the pound sterling on Black Wednesday, September 16, 1992. Soros' Quantum Fund sold short more than $10 billion worth of pound sterling, to profit from a fall in the currency. After vain attempts to defend it Britain was forced to devalue the pound. Soros earned an estimated $1.1 billion, the UK Treasury lost an estimated $5 billion. To-day Soros, through his foundation, supports free markets and democratic initiatives in emerging nations, particularly eastern Europe. Some economists point out that hedge funds are beneficiaries from the opening up of these economies. Slovenian philosopher Slavoj Zizek captures the essence of Soros: ''Half the day he engages in the most ruthless financial exploitations, ruining the lives of hundreds of thousands, even millions. The other half he just gives part of it back.''
Arthur Hugh Clough puts it more poetically
"...I sit at my table en grand seigneur,
And when I have done, throw a crust to the poor;
Not only the pleasure itself of good living,
But also the pleasure of now and then giving:
So pleasant it is to have money, heigh-ho!
So pleasant it is to have money..."
Verse from Spectator ab Extra
Taken from here
George Soros, the billionaire hedge fund manager gained prominence when he broke the Bank of England and the pound sterling on Black Wednesday, September 16, 1992. Soros' Quantum Fund sold short more than $10 billion worth of pound sterling, to profit from a fall in the currency. After vain attempts to defend it Britain was forced to devalue the pound. Soros earned an estimated $1.1 billion, the UK Treasury lost an estimated $5 billion. To-day Soros, through his foundation, supports free markets and democratic initiatives in emerging nations, particularly eastern Europe. Some economists point out that hedge funds are beneficiaries from the opening up of these economies. Slovenian philosopher Slavoj Zizek captures the essence of Soros: ''Half the day he engages in the most ruthless financial exploitations, ruining the lives of hundreds of thousands, even millions. The other half he just gives part of it back.''
Arthur Hugh Clough puts it more poetically
"...I sit at my table en grand seigneur,
And when I have done, throw a crust to the poor;
Not only the pleasure itself of good living,
But also the pleasure of now and then giving:
So pleasant it is to have money, heigh-ho!
So pleasant it is to have money..."
Verse from Spectator ab Extra
Taken from here
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