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Chuck Feeney Is Now Officially Broke

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Re: Chuck Feeney Is Now Officially Broke

#201
post #34
post #14

Earlier quoted context omitted.

I suggest that it does not align with consumerism/capitalist ideologies which are used in the feedback loop to promote themselves/further substantiate their existence and influence in culture. Philanthropy is great, but to some extent I think the argument that properly taxing such capitalistic gains could have greater effect on society when properly used by the system that can support massive scale projects (i.e. the…

It just depends on whether you trust a government or a rich philanthropist to "properly use" capital (get the most impact/$). If you let billionaires make the choices then sure you get some like Feeney/Gates/Buffett but you get Koch brothers. Government could theoretically do a more equitable job but only if social programs are run competently. Think about the leadership of EPA and HUD.

Tax dollars go vastly more to dropping bombs on civilians in the middle east and ICE and the NSA than they do to any positive social program (ignoring things like social security that are funded by a separate tax that billionaires wouldn't pay much into under most schemes). I don't love the outsized influence on society that billionaires have, I certainly don't love the Koch brothers -- but I think looking at the $X pool of money spent on philanthropy by billionaires per year, it is probably much better distributed than that same pool of money would be if it was paid as income taxes.

Re: Chuck Feeney Is Now Officially Broke

#202
post #188

Why can't governments receive these donations? Do any benefactors currently give to governments (not via taxes, actually just give)? I know Ted Turner did it with the UN Foundation, although that isn't technically the UN itself. Are there other examples?

>Why can't governments receive these donations

They certainly can. I don't how many people actually do it, but most governments will accept direct cash donations. E.g. here's a page on how to make a gift to the US Government: https://www.fiscal.treasury.gov/public/gifts-to-government.h...

Edit to add: Here's some data on donations made to reduce the federal debt https://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm . You can see that this seems to average a few million dollars per year.

Re: Chuck Feeney Is Now Officially Broke

#203

Mark Benioff donated $100M to the UCSF Benioff Children's Hospital and got his name on the INSTITUTION (not just a building). What many don't know is that donation was to complete a match of $125M offered by Chuck Feeney (who does not have his name on a building anywhere on the campus, AFAIK).[0]. That $125M was only part of the $394M Chuck ended up giving to UCSF.[1] [0] https://www.healthleadersmedia.com/finance/uc…

Namely something after yourself is tacky. But what should buildings be named after? Famous scientists? Planets?

Feeney seems like an awesome guy but sadly in 100 years nobody will know his name!

Re: Chuck Feeney Is Now Officially Broke

#204

Earlier quoted context omitted.

Most countries don't let you deduct your donations from your taxes. It's hard to compare levels of giving across nations because of this. A lot of people only donate to reduce their tax bill. Also, because we don't have a social safety net in the US, a lot of people donate to make up for that, which is certainly noble, but would be far less necessary if we had a stronger social safety net that more evenly distributed…

> A lot of people only donate to reduce their tax bill. It's still money gone from your pocket. It doesn't save you money overall.

Debatable considering that donating art works (whose valuations can be, let's say, subjective) for tax purposes is a fairly well known way to reduce your tax burden.

Re: Chuck Feeney Is Now Officially Broke

#205

Earlier quoted context omitted.

> Seems like that was by design. It is. Philanthropy exists to launder the reputations of the rich, on the one hand, and are paternalistic on the other. The only things that get funding are things that can attract the attention of our "betters." If we had taxed them on the front end to the point they couldn't become billionaires in the first place then people in general (through democracy) can decide what causes are…

A few counterpoints: https://slatestarcodex.com/2019/07/29/against-against-billio...

The very first commenter on that article really says it best (and succinctly):

> I feel this is one of your lesser thought out pieces. I mean false equivalencies are rampant in it.

but... if we must, a few hard counterpoints:

> 1. Is criticizing billionaire philanthropy a good way to protest billionaires having too much power in society?

This point misrepresents how journalism & counter-criticism occur.

People criticize billionaires. Full stop. Criticism of their philanthropy is not selective: it's a criticism of the billionaire when they receive press due to their philanthropy, not because its philanthropy. Billionaires don't receive wide-reaching press because of their new yachts because those articles are only of interest to niche audiences, whereas philanthropy is promoted more broadly. THAT's the only reason it receives more criticism.

> 2. If attacks on billionaire philanthropy decrease billionaires’ donations, is that acceptable collateral damage in the fight against inequality?

This is cross-referencing the first point and doesn't hold water once the first point is debunked: the "attacks" on billionaire philanthropy are directed at billionaires because they receive positive press, not because they are philanthropic. This question only makes sense if you believe non-philanthropic billionaires should not be criticised for being billionaires.

> 3. Do billionaires really get negative reactions from donating? Didn’t I hear that they get fawning praise and total absence of skepticism?

(a) the question is bizarrely worded and I don't understand how any answer to this question would either confirm or debunk... anything.

(b) the author's "research" has sample sizes of 25 (Twitter search) and 10 (Google search) respectively. i.e. is basically junk.

> 4. Is it a problem that billionaire philanthropy is unaccountable to public democratic institutions? Should we make billionaires pay that money as taxes instead, so the public can decide how it gets spent?

This is again a poorly worded question but the content of the "answer" essentially amounts to a (rightful) critique of the current US government, and compares it to 3 cherry-picked examples of philanthropy that the author believes were better than what the current government would do.

Moving past the obvious point that... dear god what a low bar that is... as a general simple rebuttal: criticism of billionaire philanthropy generally centres around the fact that their philanthropy does less good than the negative impacts of their existence as billionaires. These negative impacts are absolutely the reason for the current state of the US government.

Arguing that billionaire philanthropy is inherently better than functioning democratic government in general is obvious nonsense.

> 5. Those are some emotionally salient examples, but doesn’t the government also do a lot of good things?

Same point as 4

> 6. The point of democracy isn’t that it’s always right, the point is that it respects the popular will. Regardless of whether the popular will is good or bad, don’t powerful private foundations violate it?

I mean this is slightly different but it's essentially 3 Qs on the same thing...

> 7. Shouldn’t people who disagree with the government’s priorities fight to change the government, not go off and do their own thing?

4 Qs on the same thing. This is a crafty technique to seem like you have more bullet points than you really do.

> 8. Is billionaire philanthropy getting too powerful? Should we be terrified by the share of resources now controlled by unaccountable charitable foundations?

We're now wandering off-topic from the original "should we criticise billionaires" to "is billionaire philanthropy dangerous in theory", and starts with the argument of whether they wield too much power. For this, they use their total philanthropy spend as the operating metric, rather than the actual resources at their disposal. Total net worth of US billionaires rivals the federal budget, and exceeds the mandatory spend. The wealth of just one of those billionaires is almost 1/16th of the federal budget and fast increasing.

---

At this point the list of bullet points verges off into the land of vague discussion and is no longer a set of "counterpoints" and just a rambling conversation.

This author sure can write a lot, but none of the points seem to land.

Re: Chuck Feeney Is Now Officially Broke

#206

Earlier quoted context omitted.

Yes, you are right. Because there is always someone else who is paid less than you who will run around and do the actual work whilst you take all the credit. Genius.

It's far more important to be there and take the credit in person, doing the job of someone who could be doing a better job than you for $15/hr, while not just doing the job you get paid $50/hr to do and sending the money. Everybody knows the most important parts of charity are who gets the credit and one's own personal growth.

I am always amazed by the poor comprehension ability of people on HackerNews.

I am saying that credit isn't the point. Also, I am not entirely clear on why you would require $15/hour to volunteer at a charity...but...good for you turning charity into a second source of income.

Btw, my point (I will spell it out) is that the problem is almost never money. Money is required to the extent that is required to pay other people...but, particularly for almost all local problems, the issue is not money but time. There is no reality in which people donate enough income to solve these problems but they could donate time, and that would be effective.

Re: Chuck Feeney Is Now Officially Broke

#207

Earlier quoted context omitted.

Most countries don't let you deduct your donations from your taxes. It's hard to compare levels of giving across nations because of this. A lot of people only donate to reduce their tax bill. Also, because we don't have a social safety net in the US, a lot of people donate to make up for that, which is certainly noble, but would be far less necessary if we had a stronger social safety net that more evenly distributed…

> A lot of people only donate to reduce their tax bill. It's still money gone from your pocket. It doesn't save you money overall.

It's not about saving money. As this thread shows, charity is akin to a good PR move. Paying taxes is seen as neutral, at best. If you're "spending" either way, you might as well get something for it.

Re: Chuck Feeney Is Now Officially Broke

#208
I think out of all possibilities for the attitudes and practices of billionaire philanthropists, Feeney is probably as close to the ideal as possible[0].

But it still makes me sad to see this sort of thing celebrated. A small number of ultra-rich people should not be deciding for society what causes get funded, no matter how pure their intentions are. The fact that individuals are able to amass this much money in the first place is itself a problem.

[0] Then again, we can't actually know that he's ideal, since he's worked hard to keep his activities anonymous. On one hand I applaud him for not seeking fame for all this, but on the other, we have little insight into whatever impact -- good or bad -- he's had.

Re: Chuck Feeney Is Now Officially Broke

#209

Mark Benioff donated $100M to the UCSF Benioff Children's Hospital and got his name on the INSTITUTION (not just a building). What many don't know is that donation was to complete a match of $125M offered by Chuck Feeney (who does not have his name on a building anywhere on the campus, AFAIK).[0]. That $125M was only part of the $394M Chuck ended up giving to UCSF.[1] [0] https://www.healthleadersmedia.com/finance/uc…

I feel sorry for people who want their names on things. They are broadcasting their insecurities.

Re: Chuck Feeney Is Now Officially Broke

#210
post #76

I humbly encourage everyone to make giving a larger part of your life. Consider giving at least 10% of your income to cost-effective charities -- because cost-effective charities can do thousands of times more good than merely regular charities. So your $1,000 donation can do as much good as $1 million, if given well. Join others: https://www.givingwhatwecan.org/

I'll echo this sentiment and add that during my career I've experienced a number of ups and downs. During the downs, when it felt like I've wasted years of my life for something that went nowhere, what always felt worthwhile to me was the time I spent doing charity work and volunteering. You don't need to be a Feeney to make a huge difference. Many of the people on HN are insanely well educated and knowledgable and have skills and traits that can be put to good use helping others or inspiring a new generation, especially among the less privileged. Just spending an hour or two a week over a period of years can yield tremendous results in the lives of others.
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