Most charitable billionaires

New York City Mayor Michael Bloomberg
In this picture: New York City Mayor Michael Bloomberg speaks to supporters after his election win in New York.

Images of the billionaires who have pledged to give at least 50 pc of their wealth to charity.
Here are some excerpts from letters written by billionaires taking the pledge:

New York City Mayor Michael Bloomberg: "If you want to do something for your children and show how much you love them, the single best thing -- by far -- is to support organizations that will create a better world for them and their children. And by giving, we inspire others to give of themselves, whether their money or their time."

Microsoft founder Bill Gates and wife Melinda
In this picture: Microsoft Chairman Bill Gates and wife Melinda watch the swimming finals at the National Aquatic Centre during the Beijing 2008 Olympic Games.

Microsoft founder Bill and Melinda Gates: "We have been blessed with good fortune beyond our wildest expectations, and we are profoundly grateful. But just as these gifts are great, so we feel a great responsibility to use them well. That is why we are so pleased to join in making an explicit commitment to the Giving Pledge."

Berkshire Hathaway chairman Warren Buffett
In this picture: Berkshire Hathaway chairman Warren Buffett talks with a reporter at the Berkshire Hathaway annual meeting in Omaha.

Gates and Buffett launched "The Giving Pledge" in June to convince hundreds of US billionaires to give away most of their fortune during their lifetimes or after their deaths and to publicly state their intention with a letter of explanation.

Media magnate Ted Turner
In this picture: Turner Enterprises Inc. Chairman Ted Turner participates in the "Ted Turner and T Boone Pickens on America's Energy Future" panel at the 2010 Milken Institute Global Conference in Beverly Hills, California.

Media magnate Ted Turner: "I'm particularly thankful for my father's advice to set goals so high that they can't possibly be achieved during a lifetime and to give help where help is needed most. That inspiration keeps me energized and eager to keep working hard every day on giving back and making the world a better place for generations to come."

Philanthropist Eli Broad
In this picture: Philanthropist Eli Broad speaks during the MOCA (Museum of Contemporary Art) New 30th anniversary gala in Los Angeles.

Philanthropist Eli and Edythe Broad: "Those who have been blessed with extraordinary wealth have an opportunity, some would say a responsibility -- we consider it a privilege -- to give back to their communities, be they local, national or global."

Director George Lucas
In this picture: Director George Lucas arrives on the red carpet for the screening of the film Wall Street - Money Never Sleeps during the 63rd Cannes Film Festival in Cannes.

Moviemaker George Lucas: "My pledge is to the process; as long as I have the resources at my disposal, I will seek to raise the bar for future generations of students of all ages. I am dedicating the majority of my wealth to improving education."

David Rubenstein, co-founder of The Carlyle Group
David Rubenstein, co-founder of The Carlyle Group, gives an interview after speaking at the Newseum in Washington.

EBay founder and chairman Pierre Omidyar
EBay founder and chairman Pierre Omidyar enters the courthouse to testify in the eBay versus Craigslist trial at the Chancery Court in Georgetown.

Peter Peterson, founder of Blackstone firm
In this picture: Peter Peterson, Senior Chairman of the Blackstone Group, talks before US President George W Bush's speech at the Economic Club of New York.

Peter Peterson, founder of Blackstone Group equity firm: "As I watched and learned from my father's example, I noticed how much pleasure his giving to others gave him. Indeed, today, I get much more pleasure giving money to what I consider worthwhile causes than making the money in the first place."

Paul Allen, Microsoft co-founder

Paul Allen, Microsoft co-founder and the world's fourth richest man according to Forbes Magazine, speaks to the media after he announced plans to build a $ 20 million science fiction museum adjacent to his Experience Music Project, in Seattle, Washington.

Business magnate David Rockefeller
In this picture: Business magnate David Rockefeller listens to a question at a press conference attended by South African President Nelson Mandela following a meeting with Uniited States business leaders at Rockefeller Center in New York.

David Rockefeller, patriarch of the Rockefeller family: "Our family continues to be united in the belief that those who have benefited the most from our nation's economic system have a special responsibility to give back to our society in meaningful ways."

Jeff Skoll, former eBay executive
In this picture: Former eBay President and film producer Jeff Skoll arrives at the Independent Spirit Awards in Santa.

Jeff Skoll, former eBay executive: "The world is a vast and complicated place and it needs each of us doing all we can to ensure a brighter tomorrow for future generations."

Barry Diller
Barry Diller, chairman and CEO of IAC/InterActivecorp, and his wife Diana von Furstenberg arrive at the Sun Valley Inn in Sun Valley, Idaho.

Read more »

Posted in: Billionaires

Most charitable billionaires

New York City Mayor Michael Bloomberg
In this picture: New York City Mayor Michael Bloomberg speaks to supporters after his election win in New York.

Images of the billionaires who have pledged to give at least 50 pc of their wealth to charity.
Here are some excerpts from letters written by billionaires taking the pledge:

New York City Mayor Michael Bloomberg: "If you want to do something for your children and show how much you love them, the single best thing -- by far -- is to support organizations that will create a better world for them and their children. And by giving, we inspire others to give of themselves, whether their money or their time."

Microsoft founder Bill Gates and wife Melinda
In this picture: Microsoft Chairman Bill Gates and wife Melinda watch the swimming finals at the National Aquatic Centre during the Beijing 2008 Olympic Games.

Microsoft founder Bill and Melinda Gates: "We have been blessed with good fortune beyond our wildest expectations, and we are profoundly grateful. But just as these gifts are great, so we feel a great responsibility to use them well. That is why we are so pleased to join in making an explicit commitment to the Giving Pledge."

Berkshire Hathaway chairman Warren Buffett
In this picture: Berkshire Hathaway chairman Warren Buffett talks with a reporter at the Berkshire Hathaway annual meeting in Omaha.

Gates and Buffett launched "The Giving Pledge" in June to convince hundreds of US billionaires to give away most of their fortune during their lifetimes or after their deaths and to publicly state their intention with a letter of explanation.

Media magnate Ted Turner
In this picture: Turner Enterprises Inc. Chairman Ted Turner participates in the "Ted Turner and T Boone Pickens on America's Energy Future" panel at the 2010 Milken Institute Global Conference in Beverly Hills, California.

Media magnate Ted Turner: "I'm particularly thankful for my father's advice to set goals so high that they can't possibly be achieved during a lifetime and to give help where help is needed most. That inspiration keeps me energized and eager to keep working hard every day on giving back and making the world a better place for generations to come."

Philanthropist Eli Broad
In this picture: Philanthropist Eli Broad speaks during the MOCA (Museum of Contemporary Art) New 30th anniversary gala in Los Angeles.

Philanthropist Eli and Edythe Broad: "Those who have been blessed with extraordinary wealth have an opportunity, some would say a responsibility -- we consider it a privilege -- to give back to their communities, be they local, national or global."

Director George Lucas
In this picture: Director George Lucas arrives on the red carpet for the screening of the film Wall Street - Money Never Sleeps during the 63rd Cannes Film Festival in Cannes.

Moviemaker George Lucas: "My pledge is to the process; as long as I have the resources at my disposal, I will seek to raise the bar for future generations of students of all ages. I am dedicating the majority of my wealth to improving education."

David Rubenstein, co-founder of The Carlyle Group
David Rubenstein, co-founder of The Carlyle Group, gives an interview after speaking at the Newseum in Washington.

EBay founder and chairman Pierre Omidyar
EBay founder and chairman Pierre Omidyar enters the courthouse to testify in the eBay versus Craigslist trial at the Chancery Court in Georgetown.

Peter Peterson, founder of Blackstone firm
In this picture: Peter Peterson, Senior Chairman of the Blackstone Group, talks before US President George W Bush's speech at the Economic Club of New York.

Peter Peterson, founder of Blackstone Group equity firm: "As I watched and learned from my father's example, I noticed how much pleasure his giving to others gave him. Indeed, today, I get much more pleasure giving money to what I consider worthwhile causes than making the money in the first place."

Paul Allen, Microsoft co-founder

Paul Allen, Microsoft co-founder and the world's fourth richest man according to Forbes Magazine, speaks to the media after he announced plans to build a $ 20 million science fiction museum adjacent to his Experience Music Project, in Seattle, Washington.

Business magnate David Rockefeller
In this picture: Business magnate David Rockefeller listens to a question at a press conference attended by South African President Nelson Mandela following a meeting with Uniited States business leaders at Rockefeller Center in New York.

David Rockefeller, patriarch of the Rockefeller family: "Our family continues to be united in the belief that those who have benefited the most from our nation's economic system have a special responsibility to give back to our society in meaningful ways."

Jeff Skoll, former eBay executive
In this picture: Former eBay President and film producer Jeff Skoll arrives at the Independent Spirit Awards in Santa.

Jeff Skoll, former eBay executive: "The world is a vast and complicated place and it needs each of us doing all we can to ensure a brighter tomorrow for future generations."

Barry Diller
Barry Diller, chairman and CEO of IAC/InterActivecorp, and his wife Diana von Furstenberg arrive at the Sun Valley Inn in Sun Valley, Idaho.

Read more »

Posted in: Billionaires

Cheers! Beer can help you lose weight

London: Swapping two glasses of red a night for a pint of beer can help people lose weight, according to a new study. Research by the Campaign for Real Ale (CAMRA) has shown that drinking beer rather than wine could mean losing almost 10lb in a year. And by ditching alcopops for beer, people could end up 19lb lighter. Beer contains fewer calories than wine - although around a third of people mistakenly believe beer has more calories than other drinks, says the study. A glass of white wine contains an average 131 calories - 46 more than a half of bitter, with 85. Changing drinks for just a week would burn off more calories than an hour's jogging. "For years beer has been blighted by a reputation for being more fattening," the Sun quoted brewing expert Prof Charlie Bamforth as saying. "The major source of calories in any alcoholic drink is the alcohol itself, and because beer is the drinks category with the lowest average alcohol content, it's also lowest in calories," Bamforth added.

Read more »

Posted in: SPECIAL NEWS

Cheers! Beer can help you lose weight

London: Swapping two glasses of red a night for a pint of beer can help people lose weight, according to a new study. Research by the Campaign for Real Ale (CAMRA) has shown that drinking beer rather than wine could mean losing almost 10lb in a year. And by ditching alcopops for beer, people could end up 19lb lighter. Beer contains fewer calories than wine - although around a third of people mistakenly believe beer has more calories than other drinks, says the study. A glass of white wine contains an average 131 calories - 46 more than a half of bitter, with 85. Changing drinks for just a week would burn off more calories than an hour's jogging. "For years beer has been blighted by a reputation for being more fattening," the Sun quoted brewing expert Prof Charlie Bamforth as saying. "The major source of calories in any alcoholic drink is the alcohol itself, and because beer is the drinks category with the lowest average alcohol content, it's also lowest in calories," Bamforth added.

Read more »

Posted in: SPECIAL NEWS

AIG posts 2Q loss of $538M on restructuring costs

The insurance giant AIG on Friday reported a $538 million loss in the second quarter due to charges related to selling assets to repay the federal government bailout it received during the financial meltdown.

AIG's adjusted results excluding the charges beat Wall Street expectations as its insurance business improved. Its CEO also said discussions are under way regarding a government exit from its huge stake in the company. Its shares rose in midday trading.

American International Group Inc. said its net loss attributable to common shareholders amounted to $3.96 per share. It had a profit of $311 million, or $2.30 per share, a year ago.

The net loss attributable to AIG was a larger $2.66 billion. That is much bigger than the $538 million loss attributed to its shareholders, because it includes the portion that the government is shouldering. The government owns 80 percent of AIG.

Removing the charges, AIG earned $1.99 per share, up from $1.71 per share last year. That reflected improved performance in its insurance business, despite heavy claims related to the Gulf of Mexico oil rig explosion and subsequent spill, storms and flooding in the U.S. during the quarter and the Icelandic volcano.

Analysts polled by Thomson Reuters, on average, expected profit of 99 cents per share.

Keefe, Bruyette & Woods analyst Cliff Gallant said the results were confusing because the company is undergoing so many changes. But he saw positive signs in the results, most notably that the insurance operations continue to be profitable.

"There has certainly been enough damage to the reputation that there was a risk that insurance operations would start to fall apart, and there's no sign of that," Gallant said.

The company's overall loss included $3.42 billion in charges related to the sale of its American Life Insurance Co. unit, or Alico, and its Nan Shan Life Insurance Co. Both are in the process of being sold to help pay back some of the $180 billion in federal bailout funds received in late 2008. The Alico sale to MetLife Inc. should close by the end of the year.

The company said in July it will conduct an initial public offering of AIA, its Asian life insurance unit, on the Hong Kong Stock Exchange, after the sale of the company to Britain's Prudential PLC fell through.

AIG also reported $755 million in interest and other charges on its emergency line of credit from the Federal Reserve Bank of New York. That was down from $1.4 billion last year, due mainly to a reduction in the balance of the loan, which stood at $26.5 billion on June 30.

When the sale of Alico and the AIA IPO are completed, President and CEO Bob Benmosche said in a recorded statement, "We believe we will be well within striking distance of completing our repayment of the Fed.The total amount of outstanding government assistance fell slightly during the second quarter to $132.1 billion, not including the emergency line of the credit. Benmosche said in the recording that, over time, the company expects to fully repay taxpayers.

The value of the two units that hold investment assets pledged to the government rose during the quarter.

KBW's Gallant said the talk about a government exit is ahead of his expectations. There's still a lot of uncertainty about how the government will sell off its holdings, but once it's resolved, the value of the company to investors will rise, he said. "I think that's critical to the stock."

AIG no longer holds a conference call to discuss quarterly results. Benmosche said in the recording that the company's insurance businesses were "solid," posting income of $2.2 billion for the quarter.

When the restructuring is complete, the CEO said, the company will have two main businesses, Chartis, its main general insurance unit, and SunAmerica Financial Group, its U.S. life insurance and retirement unit.

Chartis posted operating income of $955 million. Chartis incurred about $287 million in catastrophe losses during the quarter, with claims related to floods in the southeastern U.S., Hurricane Alex and other storms, the Icelandic volcano and $23 million related to the Deepwater Horizon explosion and oil spill in the Gulf of Mexico.

Net written premiums declined 1.6 percent to $7.8 billion.

SunAmerica posted operating income of $1.1 billion, up from $254 million last year.

Lower delinquency rates on mortgages backed by United Guaranty Corp. helped that unit post income of $225 million, reversing a loss of $488 million last year. Benmosche pointed to this unit's second straight quarterly profit as a sign of the company's turnaround.

AIG shares rose $1.03, or 2.6 percent, to close at $40.93 Friday, after earlier bouncing as high as $42.19. The stock has changed hands between $21.30 and $55.90 in the past 52 weeks.

Read more »

Posted in: Moneycontrol

AIG posts 2Q loss of $538M on restructuring costs

The insurance giant AIG on Friday reported a $538 million loss in the second quarter due to charges related to selling assets to repay the federal government bailout it received during the financial meltdown.

AIG's adjusted results excluding the charges beat Wall Street expectations as its insurance business improved. Its CEO also said discussions are under way regarding a government exit from its huge stake in the company. Its shares rose in midday trading.

American International Group Inc. said its net loss attributable to common shareholders amounted to $3.96 per share. It had a profit of $311 million, or $2.30 per share, a year ago.

The net loss attributable to AIG was a larger $2.66 billion. That is much bigger than the $538 million loss attributed to its shareholders, because it includes the portion that the government is shouldering. The government owns 80 percent of AIG.

Removing the charges, AIG earned $1.99 per share, up from $1.71 per share last year. That reflected improved performance in its insurance business, despite heavy claims related to the Gulf of Mexico oil rig explosion and subsequent spill, storms and flooding in the U.S. during the quarter and the Icelandic volcano.

Analysts polled by Thomson Reuters, on average, expected profit of 99 cents per share.

Keefe, Bruyette & Woods analyst Cliff Gallant said the results were confusing because the company is undergoing so many changes. But he saw positive signs in the results, most notably that the insurance operations continue to be profitable.

"There has certainly been enough damage to the reputation that there was a risk that insurance operations would start to fall apart, and there's no sign of that," Gallant said.

The company's overall loss included $3.42 billion in charges related to the sale of its American Life Insurance Co. unit, or Alico, and its Nan Shan Life Insurance Co. Both are in the process of being sold to help pay back some of the $180 billion in federal bailout funds received in late 2008. The Alico sale to MetLife Inc. should close by the end of the year.

The company said in July it will conduct an initial public offering of AIA, its Asian life insurance unit, on the Hong Kong Stock Exchange, after the sale of the company to Britain's Prudential PLC fell through.

AIG also reported $755 million in interest and other charges on its emergency line of credit from the Federal Reserve Bank of New York. That was down from $1.4 billion last year, due mainly to a reduction in the balance of the loan, which stood at $26.5 billion on June 30.

When the sale of Alico and the AIA IPO are completed, President and CEO Bob Benmosche said in a recorded statement, "We believe we will be well within striking distance of completing our repayment of the Fed.The total amount of outstanding government assistance fell slightly during the second quarter to $132.1 billion, not including the emergency line of the credit. Benmosche said in the recording that, over time, the company expects to fully repay taxpayers.

The value of the two units that hold investment assets pledged to the government rose during the quarter.

KBW's Gallant said the talk about a government exit is ahead of his expectations. There's still a lot of uncertainty about how the government will sell off its holdings, but once it's resolved, the value of the company to investors will rise, he said. "I think that's critical to the stock."

AIG no longer holds a conference call to discuss quarterly results. Benmosche said in the recording that the company's insurance businesses were "solid," posting income of $2.2 billion for the quarter.

When the restructuring is complete, the CEO said, the company will have two main businesses, Chartis, its main general insurance unit, and SunAmerica Financial Group, its U.S. life insurance and retirement unit.

Chartis posted operating income of $955 million. Chartis incurred about $287 million in catastrophe losses during the quarter, with claims related to floods in the southeastern U.S., Hurricane Alex and other storms, the Icelandic volcano and $23 million related to the Deepwater Horizon explosion and oil spill in the Gulf of Mexico.

Net written premiums declined 1.6 percent to $7.8 billion.

SunAmerica posted operating income of $1.1 billion, up from $254 million last year.

Lower delinquency rates on mortgages backed by United Guaranty Corp. helped that unit post income of $225 million, reversing a loss of $488 million last year. Benmosche pointed to this unit's second straight quarterly profit as a sign of the company's turnaround.

AIG shares rose $1.03, or 2.6 percent, to close at $40.93 Friday, after earlier bouncing as high as $42.19. The stock has changed hands between $21.30 and $55.90 in the past 52 weeks.

Read more »

Posted in: Moneycontrol

I won't quit but deliver the Games: Kalmadi

New Delhi: Suresh Kalmadi, the Chairman of Commonwealth Games Organising Committee, on Friday refused to resign over allegations of corruption in the preparation for Games while addressing the media in New Delhi.

"I will quit only if the Prime Minister asks me to. Everything is on schedule and we will deliver the Games," said Kalmadi.

"We are doing a great job. A probe is going on and Jayachandran (officer of special duty for revenue and sponsorship who was sacked on Thursday) was questioned today," he said.

Slideshow +

Earlier Kalmadi unveiled the gold, silver and bronze medal for the Games saying the Organising Committee has ordered a total of 1408 medals costing over Rs 81 lakh.

After unveiling the medals, Kalmadi hoped that Indian would better its performance at the Games and win over 70 medals.

The Commonwealth Games Organising Committee had on Thursday suspended TS Darbari and Sanjay Mahendroo following the report of the three-member panel which was probing the financial irregularities related to the Queen's Baton Relay.

The names of Darbari, who was the joint director in the organising committee, and Mahendroo, who was deputy director general, figured in the investigations into alleged irregularities into services provided during the Queen's Baton Relay in London.

Jayachandran, Officer of Special Duty for revenue and sponsorship, was also removed.

In another step, RK Mattoo was made the new treasurer of the Organising Committee. Matto's appointment followed the resignation of Anil Khanna. Khanna quit as treasurer in wake of allegations that his son's firm secured contract for laying synthetic courts at RK Khanna Tennis Stadium, one of the venues of the October 3-14 Games.

Read more »

Posted in: SPORTS