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Thu Dec 3, 2015, 12:13 PM

Phony Generosity: the Self-Serving Charity of Mark Zuckerberg

Phony Generosity: the Self-Serving Charity of Mark Zuckerberg

by Ted Rall

http://www.counterpunch.org/2015/12/03/phony-generosity-the-self-serving-charity-of-mark-zuckerberg/

CEO Mark Zuckerberg promises to give 99% of his Facebook shares to charity — eventually.

Exact phrasing: the stock, currently worth $45 billion, will be donated “during [he and his wife’s] lives.” He’s 31 and she’s 30, so actuarial tables being what they are, by approximately the year 2065.

If Facebook or the Internet or the earth still exist.

Whoop de doo.

I would be far more impressed if Facebook would put some money into the American economy. How? By hiring more workers — a lot more workers. Facebook’s market cap is $300 billion — almost ten times more than GM. GM has 216,000 employees. I’m not sure Facebook could find work for 2 million workers — but 12,000 is pathetic. They might start by hiring a few thousand 24-7 customer service reps so they could respond quickly when some antisocial pig posts your nude photo.

Point two: this is all about control.

A donation to an independent, classic 501(c) charity can come with strings attached — the money is only for a children’s wing of the hospital, no adults — but it’s ultimately spent by the charity based on its directors’ decisions. Under the LLC structure Zuckerberg will maintain nearly dictatorial control over the funds he’s “donating” to “charity.”

It’s the difference between you giving a hundred bucks to the United Way, and taking a hundred bucks out of your wallet and dropping into a coffee can in your kitchen. Maybe the C-spot in the coffee can will go to the poor. Maybe not. It certainly isn’t accurate to claim you gave it to charity.



Full article:
http://www.counterpunch.org/2015/12/03/phony-generosity-the-self-serving-charity-of-mark-zuckerberg/

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Reply Phony Generosity: the Self-Serving Charity of Mark Zuckerberg (Original post)
newthinking Dec 2015 OP
clydefrand Dec 2015 #1
newthinking Dec 2015 #2
valerief Dec 2015 #3
blueman mmxvi Dec 2015 #4

Response to newthinking (Original post)

Thu Dec 3, 2015, 12:15 PM

1. So, you

NOTICED THAT ALSO?

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Response to clydefrand (Reply #1)

Thu Dec 3, 2015, 12:25 PM

2. difficult not to be cynical these days

What is it about load of cash; Or is it that the people who do what it takes to get those loads of cash tend to have a different moral code than the rest of us.

Truly the wealthy have so much money they could easily actually eliminate many of the world's problems and still maintain significant wealth advantage.

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Response to newthinking (Original post)

Thu Dec 3, 2015, 12:59 PM

3. Billionaires don't become billionaires by wanting to help people. nt

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Response to newthinking (Original post)

Thu Dec 3, 2015, 03:42 PM

4. durec

 

Zuck sucks!

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