Ray D. Madoff, Boston College, has written an opinion editorial in the Wall Street Journal arguing that it is more effective for philanthropists to give away money now than through perpetual private foundations. His op ed piece begins as follows:
When it came to investing, no one was smarter than Lewis B. Cullman, who died June 7 at 100. In 1964 he engineered the first leveraged buyout, enabling him to acquire Orkin Exterminating Co., a company worth $62 million, with only $1,000 cash. In 1977 he bought a small calendar company, expanded and rebranded it as At-A-Glance, and sold it for $550 million.
Cullman then turned his attention to philanthropy. How does a smart investor act when his goal is to promote the long-term betterment of the world?
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..