November 2022
Intermediate to advanced
272 pages
5h 16m
English
Content preview from The Generosity Crisis
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CHAPTER 8Making Generosity Personal
There is a tendency for us to take a cynical view toward giving. Would Mark Zuckerberg really devote so much of his fortune to philanthropy if he couldn't do so in the form of the CZI, the LLC he formed to preserve his corporate power while gaining immense tax benefits? Would Bill Gates really put so much of his time and wealth toward charity if he didn't gain immense notoriety based on the works of The Bill & Melinda Gates Foundation? We can endlessly debate these cases and many similar examples, but the fact is, we know the answer to this question in at least one case.
We needn't look further than the man dubbed the James Bond of Philanthropy by The New York Times. Just the mention of James Bond may have you humming the iconic theme song from the long-running movie series. If so, good! The tale of Chuck Feeney, our 007 of philanthropy, is best enjoyed with his namesake's theme playing. Feeney struck it rich in 1960 when he founded the Duty Free Shoppers Group (DFS Group) with several partners. He pulled in massive earnings selling luxury goods to travelers with a particular emphasis on the Asian market. According to The Wall Street Journal, DFS Group was generating more than $300 million in profits a year by the 1990s.
But Feeney was keeping a secret from his partners—he was no longer the owner of his nearly 40% stake in the company. Apparently, in the early 1980s, Feeney transferred his stake in DFS Group and the vast bulk of his personal ...
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