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AROUND THE WEB

LA Times
January 6, 2007
Charles Piller, Edmund Sanders and Robyn Dixon

The dark cloud over Bill Gates' Foundation

Investments hurt many of the people grants aim to help.

Using the most recent data available, a Times tally showed that hundreds of Gates Foundation investments — totaling at least $8.7 billion, or 41% of its assets, not including U.S. and foreign government securities — have been in companies that countered the foundation's charitable goals or socially concerned philosophy.

This is "the dirty secret" of many large philanthropies, said Paul Hawken, an expert on socially beneficial investing who directs the Natural Capital Institute, an investment research group. "Foundations donate to groups trying to heal the future," Hawken said in an interview, "but with their investments, they steal from the future."

Also see:

Part II: The Gates Foundation invests heavily in sub-prime lenders and other businesses that undercut its good works.

 

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