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Home Depot co-founder will give 90% of his reported $4.5 billion fortune to charity

  

Category:  News & Politics

Via:  krishna  •  5 years ago  •  59 comments

Home Depot co-founder will give 90% of his reported $4.5 billion fortune to charity
“To make quarterly profits is one thing, but changing just one life is so much better,” Marcus said when he joined.

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Home Depot co-founder Bernie Marcus will donate most of his fortune to charity after his death.


More doing, and more donating — that’s the power of this Home Depot co-founder.

Atlanta billionaire Bernie Marcus is worth an estimated $4.53 billion, according to Bloomberg, or $5.8 billion by Forbes’ estimate. And he tells the Atlanta Journal-Constitution in a new interview that he plans to give 80% to 90% of that wealth to charity when he dies.

Marcus, 90, said that he has given more than $2 billion to 300-plus organizations across the globe in his lifetime.

The Home Depot co-founder and his wife, Billi, joined the Giving Pledge launched by Microsoft  MSFT  founder Bill Gates, Melinda Gates and Warren Buffett in 2010, a commitment by the world’s wealthiest people to donate at least half of their fortunes.

“To make quarterly profits is one thing, but changing just one life is so much better,” Marcus said when he joined.

Related: What is "The Giving Pledge"?

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Krishna
Professor Expert
1  seeder  Krishna    5 years ago

Marcus, 90, said that he has given more than $2 billion to 300-plus organizations across the globe in his lifetime. The Home Depot HD, +0.22% co-founder and his wife,

Billi, joined the Giving Pledge launched by Microsoft MSFT, +0.25% founder Bill Gates, Melinda Gates and Warren Buffett in 2010, a commitment by the world’s wealthiest people to donate at least half of their fortunes. “To make quarterly profits is one thing, but changing just one life is so much better,” Marcus said when he joined.

 
 
 
Krishna
Professor Expert
2  seeder  Krishna    5 years ago

The Home Depot co-founder and his wife, Billi, joined the Giving Pledge launched by Microsoft  MSFT  founder Bill Gates, Melinda Gates and Warren Buffett in 2010, a commitment by the world’s wealthiest people to donate at least half of their fortunes.

 
 
 
Dean Moriarty
Professor Quiet
3  Dean Moriarty    5 years ago

It's what the wealthy do to avoid the government taking it in death taxes. 

 
 
 
Krishna
Professor Expert
3.2  seeder  Krishna  replied to  Dean Moriarty @3    5 years ago
It's what the wealthy do to avoid the government taking it in death taxes. 

Well, they shouldn't be allowed to get away with that!

We need to change the laws-- ASAP!

Then all that money could go to the government, which I'm sure we all can agree would put it to better use than those charities!!! 

 
 
 
Krishna
Professor Expert
3.2.1  seeder  Krishna  replied to  Krishna @3.2    5 years ago

Whoops-- sorry!

I "inadvertently" forgot to indicate that that last comment was sarcasm!

 
 
 
Dismayed Patriot
Professor Quiet
3.2.2  Dismayed Patriot  replied to  Krishna @3.2.1    5 years ago
that last comment was sarcasm!

Sadly, Deans not wrong. Most charities are used as vehicles to create tax breaks but the money that goes into these foundations and charities created rarely actually trickles down to people in need. The wealthy get an immediate benefit of sheltering them from paying taxes where the money goes into a foundation they often control through surrogates that then spend most of the money on lobbying for causes that directly or indirectly benefit the donors. And that's in lieu of that money going for many of the things we really do need like public school funding which then pushes more of that burden on to those who can least afford it. I'm all for billionaires giving to charity if that money actually helps those stuck in cycles of poverty, but sadly, that is a rarity among charities.

 
 
 
Jack_TX
Professor Quiet
3.2.5  Jack_TX  replied to  XDm9mm @3.2.3    5 years ago
What's sad about it?   The charitable foundation I have, while it does provide me some tax advantage, allows me to DIRECTLY help people and causes and not see MY money extorted and wasted by the government abyss.

You answered your own question.  The sad part is "your money not being seized by the US Govt".

 
 
 
Nerm_L
Professor Expert
4  Nerm_L    5 years ago

Typical.  Marcus could have spread the wealth through wages or profit sharing.  But, no, workers are freeloading scum that are supposed to be kept in their places.

Marcus could be a poster child for Reagan's stupidity.  Capitalism is deader then dead.  That's why people like Marcus should be taxed at 200 pct.  Lying, cheating pirates certainly do not deserve any credit for phony philanthropy.  

 
 
 
Krishna
Professor Expert
4.1  seeder  Krishna  replied to  Nerm_L @4    5 years ago
Lying, cheating pirates certainly do not deserve any credit for phony philanthropy.

Which of the charities that he contributed to-- specifically-- do you object to?

 
 
 
Nerm_L
Professor Expert
4.1.1  Nerm_L  replied to  Krishna @4.1    5 years ago
Which of the charities that he contributed to-- specifically-- do you object to?

The typical 'think of the poor children' argument.  Bernie Marcus didn't give a damn about the 'poor children' while he was accumulating his pile.  Otherwise, Marcus wouldn't have so much.

This is about Marcus trying to buy absolution for his sins.  The specific charities don't matter; they'll all hypocritically line up to kiss Marcus' backside for a share.

Greed is not good; Bernie Marcus is not good.  No amount of philanthropy will change that.

 
 
 
Krishna
Professor Expert
4.1.2  seeder  Krishna  replied to  Nerm_L @4.1.1    5 years ago

Bernie Marcus didn't give a damn about the 'poor children' while he was accumulating his pile.  Otherwise, Marcus wouldn't have so much.

If I understand you correctly, you are saying that if someone has made a large sum of money, that's positive proof that they don't care about poor children?

Which implies that you beieve that it is impossible to do both of these two things: to earn a ton of money and at the same time genu9inely help poor children?

 
 
 
Krishna
Professor Expert
4.1.3  seeder  Krishna  replied to  Nerm_L @4.1.1    5 years ago
The typical 'think of the poor children' argument.  Bernie Marcus didn't give a damn about the 'poor children' while he was accumulating his pile.  Otherwise, Marcus wouldn't have so much. This is about Marcus trying to buy absolution for his sins.  The specific charities don't matter; they'll all hypocritically line up to kiss Marcus' backside for a share.

Have you heard of Warren Buffett?

Warren Edward Buffett born August 30, 1930) is an American business magnate, investor, and philanthropist who serves as the chairman and CEO of Berkshire Hathaway.

He is considered one of the most successful investors in the world[3][4] and has a net worth of US$82 billion as of July 18, 2019, making him the third-wealthiest person in the world.

Aside from drinking beverages in Margaritaville-- what else has he done?

 
 
 
Kavika
Professor Principal
4.1.4  Kavika   replied to  Nerm_L @4.1.1    5 years ago

It would behove you to actually investigate Bernie Marcus history of philanthropy over the years.

 
 
 
Krishna
Professor Expert
4.1.5  seeder  Krishna  replied to  Kavika @4.1.4    5 years ago

It would behove you to actually investigate Bernie Marcus history of philanthropy over the years.

Shhhhh!

He's already made up his mind-- don't confuse him with the facts!

 
 
 
Jack_TX
Professor Quiet
4.1.6  Jack_TX  replied to  Kavika @4.1.4    5 years ago

People don't use the word "behoove" enough anymore.

 
 
 
pat wilson
Professor Participates
4.1.7  pat wilson  replied to  Jack_TX @4.1.6    5 years ago

I do. what's wrong with "behoove" ? Excellent word.

 
 
 
Jack_TX
Professor Quiet
4.1.8  Jack_TX  replied to  pat wilson @4.1.7    5 years ago

Nothing.  I just said people don't use it enough.

 
 
 
pat wilson
Professor Participates
4.1.9  pat wilson  replied to  Jack_TX @4.1.8    5 years ago

The first time I read your post I missed "enough" for some reason.

 
 
 
pat wilson
Professor Participates
4.1.10  pat wilson  replied to  pat wilson @4.1.9    5 years ago

It behooves me to read a bit slower.

 
 
 
Jack_TX
Professor Quiet
4.1.11  Jack_TX  replied to  pat wilson @4.1.10    5 years ago
It behooves me to read a bit slower.

Well played.  jrSmiley_86_smiley_image.gif

 
 
 
Kavika
Professor Principal
4.1.12  Kavika   replied to  Jack_TX @4.1.11    5 years ago

Behove or behoove it's one of my favorite words. 

 
 
 
dave-2693993
Junior Quiet
4.1.13  dave-2693993  replied to  pat wilson @4.1.7    5 years ago

Well, I wonder what happened to the word persnickety? 

"I behoove that persnickety individual to wake up and smell the coffee". 

 
 
 
Krishna
Professor Expert
4.1.14  seeder  Krishna  replied to  Jack_TX @4.1.6    5 years ago
People don't use the word "behoove" enough anymore.

Generally they only use it when it behooves them to do so (but sometimes not even then!)

 
 
 
Krishna
Professor Expert
4.1.15  seeder  Krishna  replied to  dave-2693993 @4.1.13    5 years ago
Well, I wonder what happened to the word persnickety? 

Things being what they are, many people, in today's perilous times in which we live, are often too lugubrious to use such a word (even when it behooves them to do so).

Or...maybe they're just too downright persnickety!

 
 
 
Krishna
Professor Expert
4.1.16  seeder  Krishna  replied to  Nerm_L @4.1.1    5 years ago

 Bernie Marcus didn't give a damn about the ' poor children ' while he was accumulating his pile.  Otherwise, Marcus wouldn't have so much.

This is about Marcus trying to buy absolution for his sins.  The specific charities don't matter; they'll all hypocritically line up to kiss Marcus' backside for a share.

Greed is not good; Bernie Marcus is not good.  No amount of philanthropy will change that.

There's an old saying:

Its better to keep one's mouth shut and be thought an idiot, than to open it and remove all doubt! 

Here's a little about this guy:

For Bernie Marcus, Philanthropy Brings Life’s Greatest Payoffs

Marcus's slide into philanthropy began while he was still building The Home Depot into the world's largest home-improvement retailer. When a young employee shared that he was dying of cancer, Marcus connected him to City of Hope, a cancer treatment center that ultimately saved the employee's life.

  "That impact was so important in my life,"  says Marcus. "I went to [City of Hope] and said ‘I want to join your board.' I had never done anything with philanthropy before…and I didn't have any money, but I worked diligently on that board."

 
 
 
Krishna
Professor Expert
4.1.17  seeder  Krishna  replied to  Nerm_L @4.1.1    5 years ago
This is about Marcus trying to buy absolution for his sins.  The specific charities don't matter; they'll all hypocritically line up to kiss Marcus' backside for a share. Greed is not good; Bernie Marcus is not good.  No amount of philanthropy will change that.

[ Deleted ]

Here's a bit more about Marcus:

Marcus's early habit of helping to meet the needs of the people around him by giving his time and managerial talent has become a strong theme in his philanthropy. Similarly, but with global consequences,  Marcus observed the anguish of another employee , a young mother of an autistic child.

To learn more about the disability, he toured the country's top medical centers and met countless families undergoing the same hardship. "Honestly, I didn't sleep for nights," says Marcus.

"And I said, ‘Goddamn it, I'm going to do something about this.' And that's how we came about starting the Marcus Autism Center (MAC)—because of a need that I saw."  Starting with two trailers in Atlanta , Marcus began to gather the best minds in medicine and other philanthropists to understand and treat the disorder.

 
 
 
Krishna
Professor Expert
4.1.18  seeder  Krishna  replied to  Nerm_L @4.1.1    5 years ago

More stupidity from Nerm L:

Bernie Marcus didn't give a damn about the ' poor children ' while he was accumulating his pile.  Otherwise, Marcus wouldn't have so much.

This is about Marcus trying to buy absolution for his sins.  The specific charities don't matter; they'll all hypocritically line up to kiss Marcus' backside for a share.

In addition to supporting the people in his life, Marcus has also worked to give back to his local community.We decided that we wanted to do something for the State of Georgia.

We remembered the people that came and saved our lives," shares Marcus.

A centerpiece of Bernie and Billi Marcus' efforts to give back to the community is the   Georgia Aquarium in Atlanta , which has drawn billions of additional investment to help revitalize a blighted area of the city.

But throughout his philanthropy, whether he is supporting the people and places around him or his religious and cultural communities, Marcus's motivation remains the same: "It's really to save people's lives," he says.   "That's the payoff. It's an emotional payoff that I can't explain to people."

 
 
 
Krishna
Professor Expert
4.1.19  seeder  Krishna  replied to  Nerm_L @4.1.1    5 years ago

More words of wisdom from Nerm L:

The typical ' think of the poor children ' argument.  Bernie Marcus didn't give a damn about the ' poor children ' while he was accumulating his pile.  Otherwise, Marcus wouldn't have so much.

This is about Marcus trying to buy absolution for his sins.  The specific charities don't matter; they'll all hypocritically line up to kiss Marcus' backside for a share.

Greed is not good; Bernie Marcus is not good.  No amount of philanthropy will change that.

Related video shows just how cruel Bernie Marcus is:

Autism Speaks: How Bernie Marcus’s persistence built an international voice for autism

 
 
 
Krishna
Professor Expert
4.1.20  seeder  Krishna  replied to  Nerm_L @4.1.1    5 years ago

Nerm L said:

Greed is not good; Bernie Marcus is not good.  No amount of philanthropy will change that.

WTF is wrong with this dude? (Here's a video...):


Bernie Marcus explains why he gives while he lives

 
 
 
Nerm_L
Professor Expert
4.1.21  Nerm_L  replied to  Krishna @4.1.16    5 years ago
Its better to keep one's mouth shut and be thought an idiot, than to open it and remove all doubt! 

Bernie Marcus has been a strident anti-labor conservative.  Marcus' philanthropy has included large political donations to anti-labor politicians, as well.

Marcus doesn't value labor.  That's one of the underlying ideas of the 'greed is good' philosophy.  The Koch brothers were philanthropists, too.  So was Andrew Carnegie.  But that doesn't make greed good.

 
 
 
dave-2693993
Junior Quiet
4.1.22  dave-2693993  replied to  Krishna @4.1.15    5 years ago
Or...maybe they're just too downright persnickety!

I think it is the persnickety ones making the others feel lugubrious.

This behooves me to point them in ways to augur well.

 

 
 
 
Jack_TX
Professor Quiet
4.1.23  Jack_TX  replied to  dave-2693993 @4.1.22    5 years ago
I think it is the persnickety ones making the others feel lugubrious. This behooves me to point them in ways to augur well.

This is why we can't have nice things, Dave.

Somebody aaaaallllwaaays takes things too far. 

jrSmiley_86_smiley_image.gif

 
 
 
dave-2693993
Junior Quiet
4.1.24  dave-2693993  replied to  Jack_TX @4.1.23    5 years ago
This is why we can't have nice things, Dave. Somebody aaaaallllwaaays takes things too far.

LOL. Okay, okay...and I had another in the chamber ready to go.

 
 
 
Jack_TX
Professor Quiet
4.1.25  Jack_TX  replied to  dave-2693993 @4.1.24    5 years ago
. and I had another in the chamber ready to go.

jrSmiley_86_smiley_image.gif

I never doubted it.....

 
 
 
Jack_TX
Professor Quiet
4.3  Jack_TX  replied to  Nerm_L @4    5 years ago
Marcus could have spread the wealth through wages or profit sharing.

They already have profit sharing.

 
 
 
Krishna
Professor Expert
4.3.1  seeder  Krishna  replied to  Jack_TX @4.3    5 years ago
Marcus could have spread the wealth through wages or profit sharing.
They already have profit sharing.

Shhhhh!

He's already made up his mind-- don't confuse him with the facts!

 
 
 
bbl-1
Professor Quiet
5  bbl-1    5 years ago

Has Mr. Marcus named the charities?

 
 
 
Krishna
Professor Expert
5.1  seeder  Krishna  replied to  bbl-1 @5    5 years ago
Has Mr. Marcus named the charities?

It might behoove you to look at the information at the link posted by Kavika in comment 4.1.4. (Although granted its usually not considered politically correct to click on links that people post in discussions on social media sites such as NT-- leading some folks to never post links as the reading thereof is really not behoovable for many people!!!))

 
 
 
Krishna
Professor Expert
5.1.1  seeder  Krishna  replied to  Krishna @5.1    5 years ago

Or-- check out some of Bernie Marcus' behoovable videos!

Bernie Marcus's Videos

 
 

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