Air Force Korean War veteran gives away $8B fortune to die (relatively) poor

| September 16, 2020

After serving in the Air Force as a radio operator during the Korean War, Chuck Feeney attended Cornell University on the GI Bill. He then built an $8 billion fortune after starting the Duty-Free Shoppers business familiar to airport travellers the world over.

A notoriously frugal man, he pledged 40 years ago to give away all his money (save a $2 million nest egg for he and his wife to retire on) to charity. At ago 89 he’s finally made good on that.

Forbes has the details on his giving. In contrast to most rich people who give money and boast about it to make themselves look virtuous, Feeney did it all in secret. He’s been called the “James Bond of philanthropy” for his generous giving in silence.

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Slow Joe

What about his children?

The Stranger

Screw ‘em. They’re grown ass adults.

FuzeVT

That probably has saved their lives, though they might not know it. Trust fund dependents don’t always turn out so well.

“James Bond of philanthropy” – nice.

The Stranger

True.

Slow Joe

Trust fund dependent?

Then he failed as a parent. Successful people raise their children to take over their business when they die.

You do that by controlling the wealth, not letting your kids have a share of your money (which means freedom from you) while you are alive.

You

Slow Joe

That’s ridiculous.

Are you going to willingly reduce the competitiveness of your children in the marketplace by reducing their access to the wealth you created?

11B-Mailclerk

Many folks are ruined by significant wealth not earned. They haven’t a clue how to produce it, maintain it, or wield it.

If you raise your kids to make their own wealth they will be wealthy.

Besides, nothing there said he gave nothing to offspring.

NHSparky

What about em?

My father’s life insurance paid for his cremation and service, with the remainder of his estate going to his wife, as it should be.

My mother had no policy. I paid for her cremation, and then paid to travel to where she wanted her ashes scattered.

If you’re dependent upon someone dying for financial security, your plan sucks ass.

Graybeard

Giving in secret is, IMHO, honestly giving.

STSC(SW/SS)

I hope it is all good after he is gone. I wonder if that Investment in that New York technology hub will still be around with all the screw ups from Bozo and DeCommie.

26Limabeans

Still waiting to hear from him.

Yo…Chuck, over here…

ChipNASA

26Limabeans
LOL,
Chip

5th/77th FA

Think of all the single moms he could’ve helped support…a dollar at a time. 😉

I hope the ones that benefited from his gifts appreciate it.

JBUSMC

He better bump that nest egg up to about 10 million. 2 million isn’t what it use to be.

Jarhead

Growing up, there was a man who made a self-entitled spectacle of himself by marching down to the front of our church on his every birthday. He gave (if that is the correct word in this case) one dollar for every year of his age every birthday.

People bought it and many thought so much of him for his “generosity”. Naw, couldn’t have been for show and RECOGNITION? He owned the Chevrolet dealership in my home town. Imagine that, a used (and new) car salesman with a heart of gold.

Jarhead

Lest I forget, I have to admire the man featured in this story. His name and actions define character seldom seen. God bless this man.

Graybeard

Having time now to have actually read the Forbes thing, I cannot say he was as “secret” as it seems. Lots of other “bigwigs” (and the reporter) have known for a while – and supporting Obamacare? Meh. His money, tho’

26Limabeans

“Feeney gave big money to big problems—whether bringing peace to Northern Ireland, modernizing Vietnam’s health care system”

Their slave labor (Vietnam) makes our fucking underwear.
His money but there it is for all to see and digest.

David

When I was young I was told of a fella who wrote down EVERY expenditure in a little notebook. He would write down the penny tip on a nickel cup of coffee. Was frugal, and everyone knew he was living hand to mouth. But he died around 1950 with almost $20,000 in the bank for his wife and kids…. not bad when you could buy a house in the same town for $1500.

Slow Joe

Also, if you really wants to help, you don’t donate your entire capital, which would be expent and gone in a blink of the eye.

If you really want to help you invest your capital and donate your earnings forever and ever.

To me, it looks like that dude is virtue signaling at the end of his life.

How do you think we found out?

11B-Mailclerk

Flip side: the folks running your money after you die pervert your intent or outright usurp it to something you would abhor.

There is no immortality in money. Once you are gone, it belongs to someone else.

KoB

11B wrote; “…usurp it to something you would abhor.”

Spot on Brother, have seen that up close and personal with my work thru Historical Organizations. The SJWs have taken over multitudes of local, State, and National Foundations and done a 180 on what was the original intent.

Look at what the Ford Foundation does with their millions for an example. BLM just got a goodly chunk.

Jeff LPH 3, 63-66

BZ Chuck

Green Thumb

Kick out a few million to a “Poser Prosecutor Fund”.

All-Points Logistics will start sweating….

penguinman000

Give his money away, leave it to the kids, or put it in a pile and burn it. He earned it, he can do what he wants with it.

What I do find interesting is he didn’t go the route of other billionaires. Create a foundation which they control, thus largely sheltering/removing their money from taxes. Biggest good will fraud every pulled.

It would appear he was actually interested in putting his resources to use for causes he believes in vice a creative way to shelter his cash. I may not agree with some of his causes but I appreciate his efforts.