Current Events > The Billionaire Who Wanted To Die Broke Is Now Officially Broke

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https://tinyurl.com/yyszqspa

Charles Chuck Feeney, 89, who cofounded airport retailer Duty Free Shoppers with Robert Miller in 1960, amassed billions while living a life of monklike frugality. As a philanthropist, he pioneered the idea of Giving While Livingspending most of your fortune on big, hands-on charity bets instead of funding a foundation upon death. Since you can't take it with youwhy not give it all away, have control of where it goes and see the results with your own eyes?
We learned a lot. We would do some things differently, but I am very satisfied. I feel very good about completing this on my watch, Feeney tells Forbes. My thanks to all who joined us on this journey. And to those wondering about Giving While Living: Try it, you'll like it.
Over the last four decades, Feeney has donated more than $8 billion to charities, universities and foundations worldwide through his foundation, the Atlantic Philanthropies. When I first met him in 2012, he estimated he had set aside about $2 million for his and his wife's retirement. In other words, he's given away 375,000% more money than his current net worth. And he gave it away anonymously. While many wealthy philanthropists enlist an army of publicists to trumpet their donations, Feeney went to great lengths to keep his gifts secret. Because of his clandestine, globe-trotting philanthropy campaign, Forbes called him the James Bond of Philanthropy.

But Feeney has come in from the cold. The man who amassed a fortune selling luxury goods to tourists, and later launched private equity powerhouse General Atlantic, lives in an apartment in San Francisco that has the austerity of a freshman dorm room. When I visited a few years ago, inkjet-printed photos of friends and family hung from the walls over a plain, wooden table. On the table sat a small Lucite plaquethat read: Congratulations to Chuck Feeney for $8 billion of philanthropic giving.

That's Feeneyunderstated profile, oversize impact. No longer a secret, his extreme charity and big-bet grants have won over the most influential entrepreneurs and philanthropists. His stark generosity and gutsy investments influenced Bill Gates and Warren Buffett when they launched the Giving Pledge in 2010an aggressive campaign to convince the worlds wealthiest to give away at least half their fortunes before their deaths. Chuck was a cornerstone in terms of inspiration for the Giving Pledge, says Warren Buffett. Hes a model for us all. Its going to take me 12 years after my death to get done what hes doing within his lifetime.
Feeney gave big money to big problemswhether bringing peace to Northern Ireland, modernizing Vietnams health care system, or spending $350 million to turn New Yorks long-neglected Roosevelt Island into a technology hub. He didnt wait to grant gifts after death or set up a legacy fund that annually tosses pennies at a $10 problem. He hunted for causes where he can have a dramatic impact and went all-in.
In 2019, I worked with the Atlantic Philanthropies on a report titled Zero Is the Hero, which summarized Feeneys decades of go-for-broke giving. While it contains hundreds of numbers, stats and data points, Feeney summarized his mission in a few sentences. I see little reason to delay giving when so much good can be achieved through supporting worthwhile causes. Besides, its a lot more fun to give while you live than give while you're dead.

On September 14, 2020, Feeney completed his four-decade mission and signed the documents to shutter the Atlantic Philanthropies. The ceremony, which happened over Zoom with the Atlantic Philanthropies board, included video messages from Bill Gates and former California Gov. Jerry Brown. Speaker of the House Nancy Pelosi sent an official letter from the U.S. Congress thanking Feeney for his work.
At its height, the Atlantic Philanthropies had 300-plus employees and ten global offices across seven time zones. The specific closure date was set years ago as part of his long-term plan to make high-risk, high-impact donations by setting a hard deadline to give away all his money and close shop. The 2020 expiration date added urgency and discipline. It gave the Atlantic Philanthropies the time to document its history, reflect on wins and losses and create a strategy for other institutions to follow. As Feeney told me in 2019: Our giving is based on the opportunities, not a plan to stay in business for a long time.

While his philanthropy is out of business, its influence reverberates worldwide thanks to its big bets on health, science, education and social action. Where did $8 billion go? Feeney gave $3.7 billion to education, including nearly $1 billion to his alma mater, Cornell, which he attended on the G.I. Bill.More than $870 million went to human rights and social change, like $62 million in grants to abolish the death penalty in the U.S. and $76 million for grassroots campaigns supporting the passage of Obamacare. He gave more than $700 million in gifts to health ranging from a $270 million grant to improve public healthcare in Vietnam to a $176 million gift to the Global Brain Health Institute at the University of California, San Francisco.
One of Feeneys final gifts, $350 million forCornell to build a technology campus on New York Citys Roosevelt Island, is a classic example of his giving philosophy. While notoriously frugal in his own life, Feeney was ready to spend big and go for broke when the value and potential impact outweighed the risk.

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It's kinda fucked that this is the first I'm hearing of this guy. He should be celebrated.

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Bernie bros love him. I can already see libs using this man as an example for the rich to be taxed 900% of their hard earned wealth.

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Wow, seems like you can give away that much money and still walk away with $2 million and have had lived a more than exceptional life. Who would have thought...
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Bezos is going to piss on this guy's grave.

Guide posted...

It's kinda fucked that this is the first I'm hearing of this guy. He should be celebrated.

definitely wouldnt in selfish trump's lord of the files America

It honestly takes a certain type of courage and resolve to do what he did. Thats impressive.

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Guide posted...

It's kinda fucked that this is the first I'm hearing of this guy. He should be celebrated.

Sounds like he didnt want to be

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Can he cut a commercial for Joe Biden?
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Moneh! How much would make you happeh?!
You can have it aaaaaall if it'll suit you right!
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Well damn. Me and him should've traded places then.

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bump

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SomeLikeItHoth posted...

Bernie bros love him. I can already see libs using this man as an example for the rich to be taxed 900% of their hard earned wealth.

It's almost like donations are tax deductible or something.

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I mean, you can't take it with you.

FEE-HHEEE-HHHEEE-EEENNNYy!

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They put aside two million for retirement.
He's not broke he's just a good dude

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He must've read that part in the Bible about it being easier for a camel to clear the eye of the needle than for a rich man to enter Heaven.

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SomeLikeItHoth posted...

Bernie bros love him. I can already see libs using this man as an example for the rich to be taxed 900% of their hard earned wealth.

Actually, its workers that are taxed > 100% of their earnings, through various means. The rich generally are gifted the taxes taken from there within.

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Shit, Ill bump this. Its an awesome story.

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SomeLikeItHoth posted...

Bernie bros love him. I can already see libs using this man as an example for the rich to be taxed 900% of their hard earned wealth.

*Rich guy gives away his fortune to charity*
Some guy on CE: "Fuck liberals."

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Curious about his military career, too. Guy seems to have done a lot. Also crazy to see he was a founder of the Duty Free stores since... I mean those things are huge, just something you kind of take for granted.

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Not all heroes wear capes

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I wonder if he has children, and if they are pissed off.

good for him
but to pretend that this should be a mandate is misguided

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SomeLikeItHoth posted...

Bernie bros love him.

No. This guy did it voluntarily.

g0ldie posted...

Feeney

https://youtu.be/5bA4T2x2FUI

And people say trickle down economics doesnt work.

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SomeLikeItHoth posted...

Bernie bros love him. I can already see libs using this man as an example for the rich to be taxed 900% of their hard earned wealth.

bruh that's the most nonsensical thing i've ever heard a liberal say. And they say the most nosensical things possible. At least make lib sense and say like 90% or even 100%. 900%??? Bruh, no poor underseving family deserves a man who is obvisouly a producer to slave away that hard for their meaningless existence. Get a grip. Republicans pulling up on your cardboard home in 2021.

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Did a camel cross through the head of a needle?

How is a millionaire broke?

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what a great way to spend ones life
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