One Life to Give
Peg on Feb 25 2008 | Filed under: Peg's Page, Society
Private jets. Multiple mansions. Designer clothes and vehicles. Dazzling jewelry. Generally, these are the hallmarks of the uber-wealthy.
For one man, however, something beyond the glittering materialism of this world matters. What is it? Giving.
Read about a remarkable man who made a fortune – then gave it all away.
Sphere: Related ContentFeeney correctly foresaw a pent-up demand for foreign consumer goods, especially liquor. Over the years DFS opened dozens of duty-free shops across the world. Feeney learned Japanese and did deals with tour guides to divert travel groups through their outlets. “We caught a wave,” he said. DFS became a global retail empire, a moneymaking machine that made its partners super rich. In 1988, Forbes magazine included Feeney in the top 20 of its 400 richest people list, estimating his worth at $1.3 billion.
But Feeney did not belong on the list. In 1982, he had secretly and irrevocably transferred his entire 38.75 percent interest in DFS to a charitable foundation, keeping less than $5 million for himself. The decision to give his wealth away was not sudden, he said. “I did not want money to consume my life.” The decision to create a foundation came after Feeney made his first major bequest of $700,000 to Cornell University in 1981, and was besieged with requests. He turned to a legal friend, Harvey Philip Dale, a brilliant New York law professor, who advised him on setting up a mechanism to handle future donations. The foundation — in reality a number of separate foundations collectively known as The Atlantic Philanthropies — was registered in Bermuda to avoid disclosure requirements. To maintain secrecy, the organization did not bear his name — almost unheard of in the world of philanthropy. Feeney declined even to take personal tax deductions on his giving.
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