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Old Jun 26th, 2006, 10:42 AM        Brewster's Millions for BMG Foundation!
http://www.suntimes.com/output/news/cst-nws-buff26.html

Quote:
Buffett giving away his wealth

June 26, 2006

BY JOSH FUNK

OMAHA, Neb. -- Billionaire investor Warren Buffett announced plans Sunday to give away the bulk of his almost $42 billion fortune, much of it to the Bill and Melinda Gates Foundation.

The decision represents a stark reversal for the world's second-richest man, who for years had said his wealth would be pledged to philanthropies after his death.

Moreover, his vast holdings of Berkshire Hathaway Inc. stock had been expected to go largely to the Susan Thompson Buffett Foundation, begun by his late wife.

Her foundation has given millions to hospitals, universities and teachers, as well as to Planned Parenthood and other abortion rights groups.

Instead, the 75-year-old chairman and chief executive of Berkshire Hathaway plans to give the largest contribution to the Gates Foundation, established by Buffett's friend and Berkshire board member Bill Gates.

Buffett's gift will increase the resources of the Gates Foundation, which is already the world's largest philanthropy with assets of $29.1 billion.

Berkshire chief 'in excellent health'

The Gateses issued a statement applauding Buffett's decision.

''We are awed by our friend Warren Buffett's decision to use his fortune to address the world's most challenging inequities, and we are humbled that he has chosen to direct a large portion of it to the Bill & Melinda Gates Foundation,'' Bill and Melinda Gates said.

Over time, Buffett plans to give away 12,050,000 Class B shares of Berkshire Hathaway stock to the foundations. The shares are worth about $37 billion.

Buffett said he plans to earmark 10 million B shares for the Gates Foundation, 1 million B shares for the Susan Thompson Buffett Foundation named in honor of his wife, and 350,000 shares for the three foundations run by each of his children.

Buffett's health has been the subject of speculation. He has said a succession plan is in place at Berkshire but declines to name a successor.

In the letters, Buffett wrote, ''My doctor tells me that I am in excellent health, and I certainly feel that I am.''

AP
Astounding!
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