Gecko
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Reged: 06/01/04
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Loc: Third rock from the sun
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.....on Promise of Philanthropy
Three Connecticut wealth managers who won a $254 million jackpot followed through on their promise to put the money toward philanthropy, today announcing donations to five charities that assist veterans.
The first recipients will each receive $200,000. They are: The Bob Woodruff Foundation, Building Homes for Heroes, Services for the Under Served, Operation First Response and the Intrepid Fallen Heroes Fund.
---> Seriously...you win $254 Million and think giving away $200,000...even 5 times...is 'making good'? Yes, the tax rate on 'gambling' is high, but they'll get the majority of it back with the tax breaks by establishing a charitable trust and then collecting a hefty 'trustees' salary as they drop a few grains of rice.
news.y a h o o.com/money-managers-good-promise-philanthropy-195951763.html
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If you air your dirty linen in public, expect people to comment on the skid marks!
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LexieBelle
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No, once the money lost on "gambling" is lost, it's LOST. When I go to Foxwoods and win a $20K jackpot, and they take $8K of it for taxes, i can't just say "oh gee, I'm gonna set up a trust with that $8K PLEASE don't take it!!!"
The only way out of getting taxed on gambling GAINS is by showing equal gambling LOSSES. I used to make a pretty lucrative part time living playing video poker and have had to do that many times (roughly $15-20K a year for a few years).
Now you may save future EARNINGS on your REMAINING winnings by doing what you suggest. Which, I'm sure their donations are a STARTING point, which is indicated by the "first recipients" indicator.
And before you start pissing about what little they are doing by donating a cool million.. where is YOURS? Ohhh that's right, you can barely maintain a job and live off someone else... BAER.
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Sherron
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Reged: 11/25/06
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"---> Seriously...you win $254 Million and think giving away $200,000...even 5 times...is 'making good'?"
How much would it have taken for you to be satisfied? One of the charities called the donation a "Christmas miracle", sounds like they were satisfied... there was no obligation to give a dime, they gave a million, and to some very deserving causes by the sound of it.
Everyone can give more, not everyone gives.
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Gecko
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Reged: 06/01/04
Posts: 19803
Loc: Third rock from the sun
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How much would it have taken for you to be satisfied?
---> $500k...each.
there was no obligation to give a dime
---> Actually there was because they said they would.
Everyone can give more, not everyone gives.
---> I understand that, but when you make a big deal about using $254M for philanthropy...a $200k (even 5 times) donation is 'cheap'.
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If you air your dirty linen in public, expect people to comment on the skid marks!
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Redlegg
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From the sounds of it, they want the money to keep giving, not just hand it all away and be done with it.
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Sherron
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"---> I understand that, but when you make a big deal about using $254M for philanthropy...a $200k (even 5 times) donation is 'cheap'. "
"The three trustees consider this the first stop on what we see as a journey of philanthropy in the months and years to come," Lewi said.
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Maury
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Loc: This Asylum --->
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Seems to me it is their money to spend, invest or donate as they see fit.
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Sherron
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Reged: 11/25/06
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"From the sounds of it, they want the money to keep giving, not just hand it all away and be done with it."
Ha, great minds think alike lol. Yeah, that's what I got out of it... an ongoing project.
"We are leveraging our professional experience and our collective success in money management to ensure these lottery dollars go far further than their face value"
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gr8Dad
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Lets be honest, if they gave it ALL away, someone would complain they they did THAT as well.
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Why give a "senior" discount, they have had plenty of time to raise the money...
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Sherron
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Reged: 11/25/06
Posts: 20056
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from a different article
"They promised at the time they claimed the jackpot that they would kick off their charitable donations with $1 million within 10 days and said in a statement Sunday that they "cannot think of a more urgent priority than addressing the needs of those men and women who have defended our nation."
"Many of these veterans are faced with a myriad of real and immediate personal issues that range from trauma to foreclosures. "
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Officials from the five organizations said they were surprised and thrilled by the donations, which will help with programs for veterans' housing, mental health care, treatment and diagnosis of traumatic brain injuries, education and employment training and other services.
Peggy Baker, president of Operation First Response, called the $200,000 donation "a Christmas miracle," and Andy Pujol, president and founder of Building Homes for Heroes, said they were ecstatic over what they considered "this incredible act of patriotism and generosity.
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They said after claiming their Powerball winnings, and again in their statement Sunday, that they plan to use their investment expertise to build the jackpot into even more money for charitable gifts."
And... good for them for starting their donations with veterans' service organizations. It's nice to see that those who've put our country first are put first for a change.
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