I am planning to take my bounty from Blackstone going public, a lot of it – and it’s quite a windfall – and set up what would turn out to be a very large foundation. And because I’ve been boring people relentlessly for the last 20, 30 years about some of these problems, I’m going to take a number of these problems that are what I call undeniable and unsustainable, and yet politically untouchable because of the political culture we now live in where it’s considered almost politically terminal to ever ask anybody to give up anything, or to pay for anything. And you know, “I want more, and more, and more, and I want it now.” And to take these issues which I think are a serious threat to America’s future, and take those issues where there’s a huge gap between what we should be doing, and what we could be doing, and what are or are not doing, and figure out how at the margin, a major foundation might be able to make a difference. To my knowledge, I had very little to do with where I was born and who my parents were. So that gives me a sense of profound gratitude for my good luck, and the fact that I was born and brought up here in the way I was brought up. And it’s very important for us private citizens to give back not only of our money and our philanthropic, but of ourselves. And my own theory about giving back – at least it’s the model that I somehow came to – is it’s great if you can make your giving back of your human capital, and your passions, and the things you care about, and tie that with your philanthropic financial capital so there’s a fusion between you as a person and your passions in what you want to change or do and your money. I have faith that one has been brought into this world for a reason. None of us would claim to understand that we don’t. And we have faith about various theories about how we came here. But then somehow, we’re lucky to be here for however long we are. And while we’re here, it makes eminent good sense to try in your infinitely small way to make this world a somewhat difference place, and a somewhat different better place than it would have been without you. And that involves helping society. It involves helping people. It involves a lot of things that’s involved with making the world a little bit better in your own small way. Now some people might call that faith. Why do you believe that? Is it because you’re gonna go to heaven? Or is it because . . . It just makes very good sense to be a good, productive, empathetic, sympathetic human being – a helpful human being. It can be very easy to arrive at the comfortable conclusion that the reason I got here is that I am brilliant, and I am innovative, and I am a terrific builder and I’m this, that and the other thing. It’s a little harder to say, “You know, it’s some damn good luck I had somewhere along the line.” If some other people had had it, they may have done a lot better than they had done. So I think a good life has a lot to do with sharing what you have with the society at large. I’ve chosen to do it more in the public policy, foreign policy way. Others do it perhaps more admirably, I don’t know, by spending a great deal of their time and money helping poor children. And with my wife’s influence, we do give certainly a fair amount to them. And I’m happy to finance a research institute at Sesame Workshop named after her. And what I think is a very important project, which is the world of new devices is just changing almost hourly with cell phones, and iPhones, and iPods. Keep in mind I was brought up in a world where Dick Tracy, the detective, had a wrist radio. That was considered space-aged stuff. And now look at the world we have. And there is nothing more important, in my opinion, than getting our high school graduation levels up and making American young people competitive, and getting at them when they’re very young. And every study has demonstrated that. Why I’m very proud to . . . what my wife does what she does and has done. But we’re supporting, for example, in a rather major way how do you use these little devices? Cell phones, iPods, Playstation portable . . . this, that and the other thing to help educate these kids? Because the idea that they’re gonna spend their entire time on these devices playing entertainment games . . . when if we were really imaginative, we could figure out how to use that preoccupation with these gadgets to educate them. It’s a very worthy cause, and I’m devoting a lot of money, and she’s devoting a lot of time to that. Recorded On: 7/26/07
Discuss
P Conner on January 9, 2008, 9:24 AM
There is a differnce between a HAND out and a Hand Up. I had a Pell grant to help me pay for college. That is a Hand out. But it also helped me to attend college. I have worked every day since completing college. I see some people wanting a Hand out, and not being willing to work.
P Conner on January 9, 2008, 2:24 PM
There is a differnce between a HAND out and a Hand Up. I had a Pell grant to help me pay for college. That is a Hand out. But it also helped me to attend college. I have worked every day since completing college. I see some people wanting a Hand out, and not being willing to work.
Bruce Williams on January 12, 2008, 11:06 AM
There is a big difference when you stop thinking about hand-outs and start thinking about "good investments".
Education is a good investment. Community Development is a good investment. Infrastructure is a good investment. Early childhood medical care is a good investment. Keeping people from becoming homeless is a good investment.
If the payback ( dollars and cents ) is much greater than the investment, it is not a handout, it is the wise use of resources.
Letting things go to hell and then picking up the pieces is never cheap.
Bruce Williams on January 12, 2008, 4:06 PM
There is a big difference when you stop thinking about hand-outs and start thinking about “good investments”.
Education is a good investment. Community Development is a good investment. Infrastructure is a good investment. Early childhood medical care is a good investment. Keeping people from becoming homeless is a good investment.
If the payback ( dollars and cents ) is much greater than the investment, it is not a handout, it is the wise use of resources.
Letting things go to hell and then picking up the pieces is never cheap.
johan hendrick on January 17, 2008, 1:06 AM
i am my brothers keeper ,if we can pass so called laws that oppress people those who gain from those laws still are obligated to everyone having the basic needs met
these include but are not restricted to personal saflty and protections ,basic food , shelter and clothing
basic education and resonable oppertuinity for the refining of our inherant skills and talents ,
so that we see the true measure of greatness includes compassion for those upon who's shoulders we stand.
just as a parent has duties and obligations [as well as rewards] so too must those who by chance or good fortune find them selves elivated to the higher appriciations
community means we are a part of something bigger than ourselves ,those belonging to the higher community of peers [presume to rule for a greater good [god]
those ruling over slaves are selling themselves short of the higher glories this incarnate reality offers ,
that we do to others , is that which by karma returns , in this life or the next ,do unto others as you would have done to you
this life is a trial that sets down our future realities ,to whom much is given [very much is expected]
[that you do to the least you do to the most]
at times end we stand before him who is our god ,when he askes what did you do to help his children[and who is not a child of god]would you say i took but gave no return?
at times end cash is a poor meal ,
in times of plenty who can deney the crumbs from thier feast to those who have nothing
johan hendrick on January 17, 2008, 6:06 AM
i am my brothers keeper ,if we can pass so called laws that oppress people those who gain from those laws still are obligated to everyone having the basic needs met
these include but are not restricted to personal saflty and protections ,basic food , shelter and clothing
basic education and resonable oppertuinity for the refining of our inherant skills and talents ,
so that we see the true measure of greatness includes compassion for those upon who’s shoulders we stand.
just as a parent has duties and obligations [as well as rewards] so too must those who by chance or good fortune find them selves elivated to the higher appriciations
community means we are a part of something bigger than ourselves ,those belonging to the higher community of peers [presume to rule for a greater good [god]
those ruling over slaves are selling themselves short of the higher glories this incarnate reality offers ,
that we do to others , is that which by karma returns , in this life or the next ,do unto others as you would have done to you
this life is a trial that sets down our future realities ,to whom much is given [very much is expected]
[that you do to the least you do to the most]
at times end we stand before him who is our god ,when he askes what did you do to help his children[and who is not a child of god]would you say i took but gave no return?
at times end cash is a poor meal ,
in times of plenty who can deney the crumbs from thier feast to those who have nothing
scott conway on January 20, 2008, 11:18 AM
justajoe great points!
scott conway on January 20, 2008, 4:18 PM
justajoe great points!
lanre oyo on January 21, 2008, 11:18 PM
sum1 once said……dat poverty is tin of the mind…..so wen get ur mind change…& u thibk big…& u work towards becoming big….& u hold on to ur belief..of bin big..u'll 1day become big….
now dat u r big…..there is notin stopping u frm given bck 2d community…..many stil cant change their mind….while many a few….r trying 2change their mind……u dat u ve got ur mind changed……do all u can 2 assist dat nid ur hand…giv & it will com bck unto u..in good measure….
lanre oyo on January 22, 2008, 4:18 AM
sum1 once said……dat poverty is tin of the mind…..so wen get ur mind change…& u thibk big…& u work towards becoming big….& u hold on to ur belief..of bin big..u’ll 1day become big….
now dat u r big…..there is notin stopping u frm given bck 2d community…..many stil cant change their mind….while many a few….r trying 2change their mind……u dat u ve got ur mind changed……do all u can 2 assist dat nid ur hand…giv & it will com bck unto u..in good measure….
Catman Cohen on January 22, 2008, 11:23 PM
The concept of a "billionaire philanthropist" is an oxymoron. If somebody has amassed a billion dollars of net worth, that person likely did so by overcharging for products or services either through monopolistic or oligopolistic power in the marketplace. It would be much more impressive to see the "billionaire philanthropist" drastically cut prices for the benefit of mankind rather than merely handing over 10%-20% of personal net worth for purposes of obtaining a tax break long after having gouged the consumer.
Catman Cohen on January 23, 2008, 4:23 AM
The concept of a “billionaire philanthropist” is an oxymoron. If somebody has amassed a billion dollars of net worth, that person likely did so by overcharging for products or services either through monopolistic or oligopolistic power in the marketplace. It would be much more impressive to see the “billionaire philanthropist” drastically cut prices for the benefit of mankind rather than merely handing over 10%-20% of personal net worth for purposes of obtaining a tax break long after having gouged the consumer.
Jurin Juran on February 26, 2008, 9:37 AM
Thank you for giving back Pete. My wish is for others to do the same.
Jurin Juran on February 26, 2008, 9:37 AM
Thank you for giving back Pete. My wish is for others to do the same.
Jurin Juran on February 26, 2008, 2:37 PM
Thank you for giving back Pete. My wish is for others to do the same.
Jurin Juran on February 26, 2008, 2:37 PM
Thank you for giving back Pete. My wish is for others to do the same.
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