The Inquirer – August 22, 2006:
SOFTWARE OLIGARCH Bill Gates was behind a recent MediaNews scheme to buy four newspapers from publisher McClatchy.
The billion dollar deal, which was completed recently, saw Gates among a few other investors in lending MediaNews $350 million to buy the McClatchy titles.
These included the San Jose Mercury News, Contra Costa Times, Monterey County Herald and St. Paul Pioneer Press.
Gates involvement has been very behind the scenes. In fact many of those involved in the deal didn’t even know he was one of the investors. It was carried out through the Gates Foundation, the world’s largest philanthropy outfit.
Great, now he can whisper rosebud as his last words.
Perhaps he wants their fonts.
My question is, what the hell is a non-profit foundation doing buying newspapers?
Um… Foundations make investments to earn a return on their assets. It does say the $350 million was a loan.
This is a dirty little secret of philanthropic organizations. They are non-profit and don’t pay taxes but they use their great wealth to generate even more wealth without taxation.
Gates can give away 5% of the foundation’s assets (to be considered legit) while the rest of the money earns profits and dividends at 10% tax free. Quite a little scam.
All the while, the heads of the organization take in monumental salaries.
If you didn’t need more proof that Gates has fallen behind the times, he’s buying in to a dying media.
It’s been no secret that Gates has an interest in having a voice in the media. Look at the MSNBC venture, and Slate…
…and look at how neither came out how Gates wanted. This will be the same.
Having read it off and on for many years, I thought Gates already owned the Mercury News. :).
DAve
hello
Bill & Melinda
Mr & Mrs Gates
The world is your oyster!?
Do what you feel
you !!!!!!
have achieved the american dream!?
Nothing love envy for you…..Maybe one day?????
i
could do the same……..
from where I sit……the Bridge is looking really good.
rather that card board box…….
you’ve done it
Great Job!!!!!!!
hello
Bill & Melinda
Mr & Mrs Gates
The world is your oyster!?
Do what you feel
you !!!!!!
have achieved the american dream!?
Nothing BUT ….love
envy for you…..Maybe one day?????
i
could do the same……..
from where I sit……the Bridge is looking really good.
rather that card board box…….
you’ve done it
Great Job!!!!!!!
A nice way to use a tax shelter to gain more control under the innocuous pretense that he’s just an investor for a selfless “charitable” foundation. What a great money making PR scam for him.