Tuesday, June 27

Two richest americans vow to fight "lucky sperm club"

A $31 Billion Gift Between Friends

The friendship between Warren E. Buffett and Bill Gates has been forged over a shared passion for such homespun American treats as cherry Coke, burgers and college football. They delight as well in loftier pursuits, like playing bridge and solving complex math problems.

But, more than anything, what Mr. Buffett's $31 billion gift to the foundation that Mr. Gates runs with his wife, Melinda, shows is a common disdain for inherited wealth and a shared view that the capitalist system that has enriched them so handsomely is not capable alone of addressing the root causes of poverty.

"A market system has not worked in terms of poor people," Mr. Buffett said yesterday, in an interview taped earlier in the day for "The Charlie Rose Show" on PBS.

As for any thought he might have had in giving the bulk of his billions to his three children, Mr. Buffett was characteristically blunt. "I don't believe in dynastic wealth," he said, calling those who grow up in wealthy circumstances "members of the lucky sperm club."