Philanthropy

Sam Bankman-Fried may have been arrested, but he's not the only one with questions to answer following the FTX implosion. ProPublica, the nonprofit investigative news outlet, has finally claimed in an internal email that it will return the $1.6 million it received from Bankman-Fried's family foundation, according to Axios. In a memo, ProPublica president and co-CEO Robin Sparkman and editor-in-chief and co-CEO Stephen Engelberg said the company will be returning the money from Bankman-Fried’s family foundation, called Building a Stronger Future, because "it does not seem appropriate to keep these funds." Go figure.

In 1889, Andrew Carnegie, one of the most ruthless industrialists in American history, wrote an essay entitled “The Gospel of Wealth,” which became the moral playbook for the oligarchs of his time on what to do with their fortunes. Carnegie was determined to overcome his reputation as a “robber baron” by becoming one of the greatest philanthropists who ever lived. The “man of wealth,” Carnegie wrote, should “consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer... in the manner which, in his judgment, is best calculated to produce the most beneficial results for the community.

The end of the 27-year marriage of Bill and Melinda Gates looks tidier, so far, than Amazon founder Jeff Bezos’s parting from his ex-wife MacKenzie Scott, but will no doubt turn into another fee fountain for Seattle’s legal fraternity. Melinda French was a manager at Microsoft, the software giant created and driven by Bill, when the two met in 1987 — and is widely credited with turning him from a hardcore techie and ruthless competitor into a mellower, more admirable human being. The $50 billion charity they created together has become the flagbearer for ‘venture philanthropy’, which is the application of large-scale private funds to address global problems, particularly in healthcare, that governments and market forces fail to solve.