Buffett's Big 'Oops!'

Left Documents Giving Billions To Gates Foundation In TV Studio

(CBS)  Rose says he knew of Buffett's intentions for months, but couldn't say anything, adding, "There's always been a question about philanthropy with Warren. Bill, early in his life, decided to go (the charity route), probably influenced by Warren, but Warren had decided what he does best is make money, and he was just piling up money, and at his death was going to give it away and his wife, Suzie, would be the person who was the executor of the foundation. Then, she tragically died in 2004.

"So, I think, Warren began to rethink (his plans). He had always, because they were good friends, admired Bill and Melinda. It's an important component of this to understand what Melinda Gates does. This is a partnership. She, in fact, spends more time there (at the Gates foundation) than Bill does, although Bill in two years will be leaving (the day-to-day operations of) Microsoft."

Rose calls this a "great story. The possibilities (of what they can do) now, and the lives they can save, are incredible, and Bill Gates can, if he lives -- he's 50 years old -- another 20 years, 'till he's 70, will probably save millions of lives because of vaccinations, because of the progress they're making. Not only that, they're getting a lot of medicine to people that is now already in existence but the people are not receiving, because of logistics."

How does Rose see Buffett and the Gateses working together in philanthropy?

"Warren believes that Bill is important, because Bill knows how to give away money," Rose observed. "Warren believes what he should be doing is making money. Every dollar that he makes now, some will be given, a large share of it will go to the Gates Foundation, so he's happy about that. He will become a trustee, and there'll now be three trustees, Bill, Melinda and Warren, but Warren doesn't see any principle role. They will, obviously, talk, but they talk all the time anyway."

Buffett could have given his money to any organization, but shed light in the Gates interview on why he chose the Gates foundation, saying, "There's none that are in the same class, in my view, as the Bill and Melinda Gates Foundation. and not just because of size. They really have looked at the world without regard to gender, color, religion, geography, and they said, 'How can we do the most good for the most people? … I've seen Bill and Melinda do what they've done with their foundation. They've done it with their own money; they've poured themselves into it. Their decisions are great, their goals are similar to mine, so the time is now.

Bill Gates told Rose, "It's a very exciting time, with the advances in medicine and the other things we can do to relieve poverty. We've been making good progress, and with the doubling of resources (that Buffett's donation to the Gates foundation represents), we think our impact can even more than double."