Billionaire Pokes Fun At Philanthropy

(AP)  The world's third-richest man, Mexican telecom magnate Carlos Slim, poked gentle fun at the philanthropy of Bill Gates and Warren Buffett, and said businessmen can do more good by building solid companies than by "going around like Santa Claus" donating money.

Slim on Monday announced a new $450 million foundation for health research and care, a minor slice of his estimated $49 billion fortune.

But Slim said he had no interest in competing with U.S. tycoons Gates and Buffett, who lead him on the Forbes magazine's list of the world's richest people and have donated much larger shares of their fortunes. Slim is gaining rapidly on the two heavyweights with a fortune that grew by $19 billion last year, the largest wealth gain in the past decade tracked by Forbes.

"Our concept is more to accomplish and solve things, rather than giving; that is, not going around like Santa Claus," said Slim, as he cracked jokes, smoked a cigar and outlined business plans at one of his rare news conferences. "Poverty isn't solved with donations."

"I think that what Gates has done is good, and above all, because he said he would devote full time to this, and half time to Microsoft, which makes time-and-a-half," Slim quipped.

Slim showed himself as an unrepentant businessman driven by "the taste for competition." He said his own charitable foundations have $4 billion in endowments, but he waxed ironic about Buffet's decision to give way his fortune over the next 20 years.

"It's very interesting, because he leaves those who are running his affairs the responsibility of being very profitable," Slim said. "If they're inefficient, or don't get real-term returns, they're not going to be running anything."

Microsoft founder Gates, who set up the world's richest charity foundation, has said he believes "that with great wealth comes great responsibility, a responsibility to give back to society."

Buffett, chairman of Berkshire Hathaway Inc., agreed with that sentiment last year when he said he would send about $1.5 billion every year to the Bill & Melinda Gates Foundation, which has an endowment of $33 billion.

For Slim, business is a calling, and pretty much the cure for all ills.

For example, he proposed that the United States transfer large amounts of Medicare patients to huge hospitals that could be built in northern Mexico, where health care costs would be lower.

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[madumpty]

What a repulsive man, he reminds me of the 'robber barons' we had in this country at the turn of the century. Since most of his country is flooding into this one, in 10 years these guys are probably going to be 'our' billionaires, God help us with their graft and corruption. Give me Bill and Melinda Gates anyday. Our local library is full of computers they donated, where folks that can't afford them can use them for free.

[agnim]

"And everyone could use cheaper healthcare. Maybe our goverment should look to see what the mexicans are doing different, instead of trying to much a $.

Posted by lzizza1 at 02:20 PM : Mar 14, 2007"

Oh please!
If we should look to the Mexicans, then Americans would be the ones invading the borders, and creating an immigration nightmare for Mexico. Come to think of it, that wouldn't be a bad idea for a change. LOL

I bet Mexicans would like Yankees invading their countries in record numbers and claiming rights to Mexico? LOL

[lzizza1]

I think that he has somewhat of a point. By donating it doesn't solve a situtation it just puts it on the back burner (so to speak), a solution however would be to produce more decent paying jobs to help the economy

And everyone could use cheaper healthcare. Maybe our goverment should look to see what the mexicans are doing different, instead of trying to much a $.

[michmad2]

It is time we place the responsibility of solving the problems of illegal immigration back to where it belongs. Mexico and people like Senor Slim should stand up and solve the economic problems that force their people to infiltrate our borders.

Senor Slim, why don't you and the other Mexican billionaires do something about increasing income levels in your country so that your tired, sick, and hopeless folks have reason to stay and make all of you even richer?

[agnim]

The fat man has one thing correct: Philanthropy is PRETENSE, a JOKE!

With their influence these guys could change the way nations operate for the better; but they are all too consumed by GREED, selfishness, and self-centeredness to do anything worthwhile for their respective countries.

All these puerile philanthropic donations wouldn't be necessary if the extremely greedy and self-centered people like, el fatso and the rest, did not siphon off the nations' resources unto themselves, and leave gaping holes of poverty and misery behind.

With all the 'wet backs' being treated with such indignity in the US, this fat fool could care less. Tsk-tsk

[hypnotoad72]

Poverty isn't solved with donations. Neither is it solved by closing ab unch of stores filled with good, hard workers that know a thing or two.

This is the same dingaling who's closed half the CompUSA stores across America. Including newly built stores and stories in areas where the competition is awful.

I should be thanking him; American SMBs now have a chance to reclaim what he's given up.

And words are actions are two different things. (I'm straining not to excessively chatter about Gates; who'd rather open up the US to every creepy H1B that wants to check in and have ready-made schools for them because he doesn't give a rat's heiney about America or Americans; the country and people that made him great, treated like spittle thanks to his offshoring.)

And to mgpm - how dare you speak of the Bible in ways that no mainstream preacher ever would! :D :D

[jerr11]

Very interesting!

Senor Fatso aka Senor "Slim" Ha ha!

Yeah, go get some more of them refried beans!

You're farting in the wind.

[springfever0]

"The rich are different from you and me. They are hard where we are soft and soft where we are hard", wrote F. Scott Fitzgerald. I'm sure it never occurs to this arrogant jerk that he has created a lot of the problems by his cut-throat, anything goes approach to business. Let them eat cake indeed.

[Razzl]

Sad, but his comments seem borne of ignorance rather than malice, so at least there's always hope (unless the poor of Mexico revolt and cut off his head, in which case he'll see firsthand the consequences of not dealing with it).

I always say a Conservative stays a conservative until they need something, then they see the light. It may be getting sick, or having an injury, or losing wealth, or being imprisoned, but whatever the catalyst is, sooner or later we all get a confirmation that humanity is our family which we must acknowledge.

[mgpm-2009]

Then Jesus said to his disciples, "I tell you the truth, it is hard for a rich man to enter the kingdom of heaven. Again I tell you, it is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God."

This guy proves why this is true.