A Billionaire Who Wasn't
ServiceSpace
--Nipun Mehta
2 minute read
Sep 21, 2007

 

Chuck Feeney is quite a story.

They call them the woodwork donors—the philanthropists who traipse around behind the scenes giving stealthily and mysteriously, insisting on ironclad anonymity every step of the way. Until he was outed 10 years ago, New Jersey-born Chuck Feeney was the world's most profligate secret Samaritan. He remains, at 76, the most unusual. Eschewing all traces of luxe, the man who compiled what would today be worth $4 billion buys his suits off the rack, uses a plastic bag for a briefcase, sports drugstore spectacles, wears a $15 plastic watch, and flies coach. He owns no house and no car. He wonders aloud about the need for more than one pair of shoes. When he's in New York, he likes to dine on chicken pot pies at grubby midtown dives. "It has always been hard for me to rationalize a 32,000-square-foot house or someone driving me around in a six-door Cadillac," the publicity-phobic Feeney told BusinessWeek in a rare interview in 2003. "The seats are the same in a cab. And you may live longer if you walk."
He's coming out with a new book -- The Billionaire Who Wasn't.  And he is probably the only billionaire who doesn't believe in accumulation:
As the father of the "giving while living" school of philanthropy, Feeney has had a great deal of impact in philanthropic circles. This carpe diem approach has influenced other super-philanthropists, including Bill Gates and Michael Dell, to donate their fortunes during their lifetimes as opposed to bequeathing riches posthumously. The philosophy goes against the grain of most American philanthropy, where charities limit annual giving to 5% of their endowments. In 2003, Feeney's Atlantic made a stunning announcement: It planned to spend itself out of business over the next 12 to 15 years, giving away $350 million annually to four causes: disadvantaged children, the care and treatment of the elderly, global health problems, and human rights.

I hardly get the time to read books, but this one might make the priority cut.  :) 

 

Posted by Nipun Mehta on Sep 21, 2007