Billionaire Pokes Fun At Philanthropy

Mexico's Carlos Slim Says Businessmen Can Do More Good By Building Solid Companies

(AP) 
True to his style, Slim seldom proposes a plan he does not have a business interest in — his construction company helps finance hospital projects. He said he wants to join a plan to distribute low-cost computers to the poor, but it is unclear if that would involve his chain of computer stores.

His fortune has caused resentment in a country where the minimum wage is about 50 cents per hour. Many in Mexico claim Slim's huge fortune comes from charging high prices in Mexico's fixed-line telephone market, where his Telmex company holds a near-monopoly.

Slim acknowledged Monday that his company's Internet service prices were high.

He also acknowledged the 1991 privatization sale in which he bought a controlling stake in Telmex "could have been better" managed by the government. He said Spanish officials once tried to arrange a merger between Telmex and Spain's Telefonica, its main competitor.

Slim has used Telmex as a cash cow to build a business empire that includes Latin America's largest mobile phone company as well as banks, Internet providers, oil industry equipment makers, retail stores and restaurants.

To Mexicans, who make Slim richer with nearly every phone call or trip to the mall, his stunning rise illustrates that Mexican businessmen can run world-class companies. But it also inspires anger at Mexico's monopoly-heavy economy, which concentrates wealth in the hands of a relatively tiny elite.

"Why should we want a few people to hoard all the wealth, if the majority of Mexicans don't have enough to eat and 30 million Mexicans live on less than 22 pesos ($2) per day?" thundered former leftist presidential candidate Andres Manuel Lopez Obrador after Slim's dizzying rise was announced by Forbes magazine last week.

Latin American billionaires — there are 10 others in Mexico alone — do not have a record of charitable giving comparable to Buffett or Gates, and the region's tax laws often do not encourage it as much.

"It's not that there is a lack of good will, it's that it has been customary here to see social programs as the duty of the government," said Manuel Arango, a founder of the Mexican Center for Philanthropy.

[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.

[random_radar]

Let's see, should I believe what Carlos Slim says or listen to the pathetic whining of those who find fault with him? He is rich because he does what people pay for. The whiners are poor because they don't do what people pay for.

Pretty easy choice. I will go with what pays instead of complaining that no one wants to give me a hand out. The whiners and complainers can starve. I am going to work hard and get rich.

[afubar69]

"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."

How about we instead transfer ALL the Mexican Illegals Back to Mexico, to include all the Mexican inmates, that we, the taxpayers, support. While it won't do a thing to help Mexico's economy, it would sure help ours.

Also, how about instead of taking their citizenship from the country where a child is born, making their citizenship the same as it's mothers, as is done in most European countries? Wouldn't that help to stop the Welfare merri-go-round? I'm sure it would help stop the flow of illegal Mamacita's popping out a little welfare bundle every nine months so they can continue to live here in the US and get paid for it instead of having the whole kit-n-caboodle deported as should be done.

[jetlizhan]

what an egotistical, pompous & hateful fat a$$ - he probably doesn't even believe in Santa Claus anyway.

[anopinion1]

yea if you wanna put the money to good use how about you spread it out between the universities so they can make college cheaper??????
or say if you go for one year and you get a 3.5 gpa you get free college for 3 more years thru the bill gates foundation as long as your cumulative gpa stays that high.........
OR/AND try to get regular old elementary/middle/high school teachers paid more. or do some kind of rewards for schools teachers who have their students perform better on the meaps(something like that)

[coffeehead-2009]

Yep.

We accept this and spend tons of AMERICANS money in social service cost, over the border transfer of tax free funds via illegal wages. Then we close our streets and pay for police to escort the illegals to protest *while we jail our labor leaders for like situations*. Our companies PAY these folks for the day of protest. I never understood why they didn't do what OUR forefathers did in THEIR OWN RICH COUNTRY -
we've lost so much via cheap labor.
Our wage rights were already fought - now we lose them because some rich F is a slimey elitist making his billions off weak Mexican citizens who leave their country and make demands from other countries citizens.

Mexico has the second-highest highest Gross Domestic Product in Latin America, after being #1 for several years over second-place Brazil.

%u2022 When measured in GDP per capita, Mexico ranks #1 as of 2005, ahead of Chile and Venezuela.

%u2022 According to Forbes magazine, a substantial proportion of Latin American billionaires, 10 out of 26, were Mexican as of 2005.

%u2022 Mexico raises less revenue through taxation than nearly any other Latin American country, just 12 percent which is one reason why the nation's wealth is not better utilized. By comparison, the United States takes in 25-28 percent of its gross domestic profit in taxes. Even Brazil taxes itself at twice the Mexican rate.

http://www.limitstogrowth.org/WEB-text/mexicoisrich.html

[glidescube]

I agree with the guy. His philosophy reminds me of that old adage:

-It that old give a man a fish and you fed him for a day. Teach him how to fish and you feed him for the rest of his life.-

If Gates, Buffet and Slim all built companies with emphasis to teach people skills and not worry too much about turning a profit a lot more people would benefit than from free handouts.

I think more emphasis needs to be put on saving the middle class from going over the edge than from throwing a few loaves of bread at those that already have.

[book54552134]

Senor Slim's basic philosophy toward the working classes - 'Let em eat cake.'
One would have to wonder how much of his fortune was inherited. After all, the most basic rule of economics is that, 'it takes money to make money.' Very few achieve great wealth in their lifetime starting from scratch. If one is prudent & one has wealth to work with, it is not difficult to increase that wealth.

[bigdadpatrio]

Of course those who have succeeded in making money would feel this way. That's because they KNOW that building sucessful companies that create jobs for the "masses" will do more to help poverty than throwing away money with giveaways -- as many would like because with giveaways they don't have to do anything but sit on their butts and take the handouts. Creating jobs will give those same folks a way to make it in the long term.......

[bellal-2009]

It's obvious there is a big cultural difference regarding charity between our country and theirs. That is why we should offer illegal immigrants NOTHING. They have the idea that our country is a big give away and they owe nothing back. Also I think Mr. Slim should open big Dental clinics at resorts in Mexico. Very upscale American trained Dentists. My son needs his wisdom teeth out and it's going to cost $2200. I'd much rather spend $500 and a vacation in Mexico.

[toolmangler-2009]

Rich men and women should put their money where their mouth is. In other words Money talks, B.S. walks.