Gates Foundation has a 'problem'

We all have our crosses to bear. At the Bill and Melinda Gates Foundation, this means finding a way to deal with Warren Buffett's $31 billion donation on top of the $30 billion in assets that had already made their organization the nation's wealthiest grant-making foundation.

“It’s like having a second child,” one expert in such matters tells the Sunday New York Times. “It’s not just twice the amount of work; rather, things change in vastly different ways.”

It's actually more like having a second child born with a $31-billion silver spoon in his mouth ... but this father of soon-to-be-five-year-old triplets understands the gist of the analogy.

Two other points from the story worth noting:

Once all this Buffett money is digested, the Gates foundation will control an astounding one of every 10 foundation dollars. That has some concerned that Gates may be concentrating a bit too much clout -- once again.

And finally there was note made in the story that the Bush Administration had deep-sixed a $93.5 million program designed to help smaller schools because the Gates Foundation and Carnegie Corporation had stepped up to the plate themselves.

I'm sure the philanthropists were thrilled to see their donations enabling yet more tax breaks for their rich friends.

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