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Why are billionaires giving away fortunes?

Warren Buffett speaking to a group of students...Warren Buffett speaking to a group of students from the Kansas University School of Business (Photo credit: Wikipedia)

REPEATING - see Today's MessageBoard on Charity Money paying for abortions!

Editor's Note: The following report is excerpted from Jerome Corsi's Red Alert, the premium online newsletter published by the current No. 1 best-selling author, WND staff writer and senior managing director of the Financial Services Group at Gilford Securities.

Why are some of America's most well-known billionaires giving away half of their fortunes to charity?

The wealthy moguls may be motivated more by dodging taxes than the impulse to do good, Jerome Corsi's Red Alert reports.

 

In May 2009, word leaked that two of the richest men in America, investor Warren Buffett and his friend, Bill Gates, founder of Microsoft, organized and presided over a confidential meeting of billionaires hosted by David Rockefeller.

Fortune magazine reported that New York Mayor Michael Bloomberg and TV billionaire Oprah Winfrey were in attendance.

The subject was billed as philanthropy, and the result was what amounted to a $600 billion challenge in which Buffett and Gates confronted the wealthy in the room to pledge to give at least half their net worth to charity.

Fortune noted that the 2009 net worth of the Forbes 400 was estimated to be around $1.2 trillion.

So, if the Forbes 400 were to give half their net worth to charity during their lives or at their deaths, the result would be a $600 billion giveaway.

Ruth Sunderland, a business reporter for the Guardian in the U.K., reported on Aug. 8 that Buffett and Gates have recruited an impressive list, including "Star Wars" director George Lucas, CNN news mogul Ted Turner and fashion designer Diane von Furstenberg, whom have agreed to give away half their accumulated fortunes.

While details of the financial planning have not been publicly released, they may be using a popular vehicle available for the wealth to shelter income from taxation called the Charitable Remainder Trust or CRT.

For more information about the purposes and benefits of using CRTs, read Jerome Corsi's Red Alert, the premium, online intelligence news source by the WND staff writer, columnist and author of the New York Times No. 1 best-seller, "The Obama Nation."

Red Alert's author, who received a doctorate from Harvard in political science in 1972, is the author of the No. 1 New York Times best-sellers "The Obama Nation" and (with co-author John E. O'Neill) "Unfit for Command." He is also the author of several other books, including "America for Sale," "The Late Great U.S.A." and "Why Israel Can't Wait." In addition to serving as a senior staff reporter for WorldNetDaily, Corsi is a senior managing director in the financial-services group at Gilford Securities.

Disclosure: Gilford Securities, founded in 1979, is a full-service boutique investment firm headquartered in New York City providing an array of financial services to institutional and retail clients, from investment banking and equity research to retirement planning and wealth-management services. The views, opinions, positions or strategies expressed by the author are his alone and do not necessarily reflect Gilford Securities Incorporated's views, opinions, positions or strategies. Gilford Securities Incorporated makes no representations as to accuracy, completeness, currentness, suitability or validity of any information expressed herein and will not be liable for any errors, omissions or delays in this information or any losses, injuries or damages arising from its display or use.

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