Excerpts from Andrew Frye's article in the Bloomberg news:
Charles Munger, the business partner of billionaire philanthropist Warren Buffett, said private investment may advance society more than charity. "I believe Costco does more for civilization than the Rockefeller Foundation," Munger said.
Buffett, the world's third-richest person, has committed more than 99 percent of his wealth to charity and in June publicly challenged billionaires to give away half their fortunes.
Answer by rfurlongg at 11:57 AM on Sep. 19, 2010
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