Truth. Sacrifice. Radical Conviction.
I have good news for everyone concerned about wealth inequality: billionaires are very generous.
Just this month, a tech founder pledged $100 million to fight climate change. A hedge fund manager donated $50 million to build a new wing at a prestigious university. A retail mogul gave $25 million to fund scholarships for underprivileged students.
Inspiring, isn’t it?
Now let me tell you what they’re not telling you.
Here’s how billionaire philanthropy works:
I have had a great deal of time to study the various ways in which extremely wealthy people give money away, and I have identified several distinct species. I present them here as a public service.
The billionaire donates a large sum to a university, hospital, or cultural institution. The institution is renamed after the billionaire. The billionaire’s name now appears on a building that serves the public, creating the impression that the public facility is a gift from the billionaire rather than an institution the public funded through taxes for decades before the billionaire’s check arrived.
The invitation arrived on heavy cardstock, embossed in gold. The theme of this year’s charity gala is “Fighting Hunger Together.” Black tie. Valet parking. Open bar. The ticket price is five hundred dollars per person, which is, by a meaningful coincidence, approximately what a family of four in the neighborhoods this charity claims to serve spends on food in two months.
I love a good party. But I have questions.