An American billionaire in his mid-seventies has decided to give away his fortune during his lifetime. He wants to team up with the Bill and Melinda Gates Foundation to curb infectious diseases in the Third World.
His name isn't Warren Buffett.
"If we give it away now, we're going to do a good job with it, instead of leaving it to future generations of foundation folks," says Herbert M. Sandler, 74 years old. He and his wife, Marion, intend to donate the $2 billion they expect from the sale of the California savings and loan Golden West Financial Corp. before "we shuffle off this mortal coil."
The Sandlers' plan exemplifies the changing pattern of U.S. philanthropy -- and the Gates organization's increasing influence over it.
The charitable titans of today are unlike many of the old-school business bluebloods who sought to immortalize their names by setting up foundations that parceled out small gifts forever.
Instead, some of America's wealthiest moguls-turned-philanthropists favor spending money faster, while retaining a high degree of control and demanding more accountability from the programs they fund.
[Excerpt of an article by John Hechinger and Daniel Golden, The Wall Street Journal]
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