Slowdown effect: Super-rich giving more while markets perilous

[xchrom]

http://economictimes.indiatimes.com/news/international-business/slowdown-effect-super-rich-giving-more-while-markets-perilous/articleshow/10257437.cms

GENEVA: More and more multi-millionaires are opting to give away some of their money while financial markets are so risky, according to bankers to the very rich at the Reuters Wealth Management Summit.

"One of the things that people are very focused on these days is philanthropy. This is not new. But there is a raised awareness, with the difficulty around the world, (and people are asking) 'How can we give back?'" said Pablo Garnica, head of private banking in Europe, the Middle East and Africa at JP Morgan Private Bank .

Faced with investment scenarios that range from depressing to disastrous, many private bankers are now telling their clients not to bank on increasing their fortunes but to settle instead for "wealth preservation".

To add insult to injury, the rich have perhaps never been so unpopular, with protesters from Los Angeles to Boston campaigning against economic insecurity under the banner "We are the 99 percent".




*** while i applaud charitable giving -- this is bribery and public relations.
too late.

[Avalux]

1. Ha ha! They're scared. "look at us, we're giving away our money!"

It's a little too late for such obvious trickery.

However I won't include Buffett in there; he's always been a philanthropist.

[TygrBright]

2. Seen it all before. Google "Carnegie" and "Rockefeller" et. al... n/t

Didn't stop the tide in the end.

reminiscently,
Bright