By John Hubbuch
The Tribune's Business section was all aglow this morning over the news that some guy named Joe Mosueto,the CEO of Morningstar, had heeded Warren Buffett's call to give away half of his $1.2 billion. The details were a little sketchy as to just when Joe was going to give his money away, how his wealth is valued, and whether his pledge was binding, but at first glance such generosity seems entirely laudable
But then I got to drinking the Hatorade . Joe's largesse has some personal benefits to him. He can tell all the other charities that bug him for money that he really did give at the office. He's known forever as the guy who gave his money away.There have to be huge tax benefits. It would have been way cooler if he had done it anonomously like the guy that puts gold coins in the Salvation Army kettles, but I guess the kettles would be too small.
And don't forget Joe still has $800 million to live on. He can still afford the premium cable package and go to Morton's whenever he wants. No Groupon for the CEO of Morningstar. By the way just what does Morningstar do? I think they have something to do with mutual funds. He really doesn't deserve all that money anyway.
I wonder what the break point for giving half your wealth away is, i.e. where it would actually mean something to your lifestyle. It surely isn't if your net worth is $1.6 billion like Joe of Morningstar. How about $100 million. Still too high. I'd say if your net worth was $10 million, and if you gave away half of it, then you would still be rich, but you might have to sell a house or cut back on the safari.
Maybe I need to quit drinking the Hatorade. After all Joe could have given it to the Sarah Palin for President Campaign Fund. But Duke plays basketball tommorrow. So I'll just have to quit on Sunday.