The Microsoft Millionaires Come of Age 360
iseff writes "The NYTimes is running a story about the ways in which Microsoft millionaires are putting their money to use. According to the story, there is somewhere around 10,000 Microsoft made millionaires spending money on various pet projects. For example, former programmer Chris Peters bought the PBA (Professional Bowlers Association), while Stephanie DeVaan founded a political action committee and Rich Tong founded Ignition Partners, a VC firm."
10,000 millionaires? (Score:2, Insightful)
Re:And bill bought... (Score:3, Insightful)
I know it is capitailism and all... (Score:2, Insightful)
What I don't get is why these people still work. Bill can never "cash out" so he is not really worth that much. If he sold it all the stock would drop big time.
Of course. If I had several million I would not work and live comfortably on some tropical beach for thr rest of my life. Ok I got 10 million, I am out of here, I could give a damn about my company politices or charities. Let me relax the rest of my life drinking in some south pacific beach.
Re:I know it is capitailism and all... (Score:3, Insightful)
Re:$60 Million House - Trickle UP Economy... (Score:5, Insightful)
Along with over $25 billion to charitable causes.
http://www.gatesfoundation.org/default.htm [gatesfoundation.org]
He deserves the house, I say.
A Million dollars doesn't go as far as it used to (Score:5, Insightful)
Re:I know it is capitailism and all... (Score:5, Insightful)
Charging too much puts you in the poorhouse. Charging what the market is willing to bear makes you wealthy.
It sounds to me as if they are charging correctly. Now, if you want to argue that they have monopolist tactics and such, well, you could build an argument, but to say that charging too much made them wealthy merely shows that you are arguing that MS should be some sort of charitable organization.
I don't think that I would ever go to any company VP (and I know a few) and tell them "You know, we make too much money around here, lets lower prices."
Re:I know it is capitailism and all... (Score:2, Insightful)
Most of us sign on to Microsoft because we *want* to work for Microsoft.
Although I'm not one of these millionaire people, I know a couple, and they come to work every day because they love their jobs.
"Bill can never 'cash out' so he is not really worth that much."
Um.
He's, uh...
Well...
Plus, he worked his ass off to build the company. Why would he want to "cash out" of that? It's obvious that his interest in the company goes well beyond the dough.
"If I had several million I would not work and live comfortably on some tropical beach for thr rest of my life."
And that, my friend, is probably why you don't have $10 million
The few wealthy people I know are all workaholics.
Unless they inherited the stuff. God, those people are annoying.
Re:$60 Million House - Trickle UP Economy... (Score:3, Insightful)
After all, Gates said he's going to give away all his money to charity before he dies. Most millionaires would spend this money on their childern to have many generations of wealth, fancy cars with spinning rims, or gambling in Las Vegas. I'm sure you've all seen MTV Cribs.
Comment removed (Score:1, Insightful)
it's funny-Pi Slice. (Score:0, Insightful)
Have you ever payed the Microsoft Tax even though you didn't want to? Part of "his" money is "your" money. Thanks for your charitable donation.
It's our money. (Score:1, Insightful)
Re:A Million dollars doesn't go as far as it used (Score:2, Insightful)
Re:It's our money. (Score:3, Insightful)
Remember kids, economics is not a zero-sum game. This is how wealth is created.
Love MSFT or hate it, this is what "makes America great".
My first computer cost $2500 - if I had bought MSFT at that time, and sold it at the peak, I'd be a MSFT millionaire too (just not as an employee).
Yup, hard work, good luck, and the lack of brutal warlords means anyone in the US can make millions - but it takes years and years of hard work, don't forget that part.
US 2001 Federal Income Tax Returns (Score:3, Insightful)
$100,000 under $200,000 - 8,469,199
$200,000 under $500,000 - 2,018,372
$500,000 under $1,000,000 - 355,617
$1,000,000 under $1,500,000 - 85,479
$1,500,000 under $2,000,000 - 36,492
$2,000,000 under $5,000,000 - 52,157
$5,000,000 under $10,000,000 - 12,266
$10,000,000 or more - 6,836
21% of the tax returns pay roughly 55.9% of the Federal Income Tax, the 6836 at the top, pay 3% of the Federal Income Tax
http://www.irs.gov/taxstats/indtaxstats/article/0
Re:$60 Million House - Trickle UP Economy... (Score:4, Insightful)
Depends on how you view the economics (Score:2, Insightful)
Re:10,000 millionaires? what's the problem? (Score:3, Insightful)
I don't understand why this is a problem. A "company" has goals. They figured out, as a company, how to achieve those goals. The people rewarded are the owners, and sometimes the employees. If the employees didn't get the cash, it'd have just gone to the owners. This should be perceived as a great thing!
The wealth of the company, and their employees is a testiment to the fine job they did, as measured by the votes of their customers, in the form of money spent.
Any comments that this is obscene is pure jealousy.
Re:Microsoft for Microsoft. Microsoft that matters (Score:3, Insightful)
As Mr. Sage put it, "It's like a little bit of Bill Gates came with us when we left."
So that's how they climbed up the corporate ladder. Good advice I suppose, if your boss is into that kind of thing.
Re:Hmm... (Score:3, Insightful)
Re:Depends on how you view the economics (Score:5, Insightful)
Just a thought about free markets.
I wonder where Linus and RMS put their millions? (Score:1, Insightful)
Oh wait!
Rather than Linus and Richard taking money out of your and my pockets to become millionaires, they instead worked hard, earned true respect, and gave back to the common community. And they did it all without forming a monopoly, engaging in illegal practices, and lobbying governments to enact repressive laws to bolster their ability to take money out of our pockets.
Who are the real people that are helping both themselves and humanity: the "Microsoft millionaires" or people like RMS and Linus?
Keep it hush-hush (Score:5, Insightful)
Although Republicans are usually pro-business, if it becomes common knowledge that Microsoft employees are dumping money into "abortion rights" groups, that could make the current administration's position on antitrust a lot less friendly towards Microsoft.
LK
Re:Depends on how you view the economics (Score:2, Insightful)
Just a thought about free markets."
Not if there weren't enough alternatives.
Just a thought about monopolies.
Re:Depends on how you view the economics (Score:1, Insightful)
Re:$60 Million House - Trickle UP Economy... (Score:4, Insightful)
For example, you can afford to pay your friends and family handsomely for their management of the foundation. (In politics this would be called a patronage appointment) In Bill's case, his Dad and a former Microsoft executive. Although I'm sure they just happen to be exactly the right kind of people to lead such an esteemed organization.
Also, you get the glamour and praise of fellow socialites and the plebs at large. This is especially helpful if you are battling an unfortunate image as a cold-hearted corporate capitalist. Now, folks like the grand-parent poster will kindly note your philanthropy at every turn. This is true even if your foundation does very little charitable work.
For example, if you check out the financials [gatesfoundation.org] of the foundation you can see that they pay out three times less in contributions than what they make from investments!
You hippies are cute. (Score:1, Insightful)
Re:$60 Million House - Trickle UP Economy... (Score:2, Insightful)
Yes.
When you're very, very poor - like most of us - it means that you get to save a few hundred dollars at the end of the year by giving to, say, the Salvation Army.
When you're very, very rich - like Gates - it means almost nothing. He has more money than he could ever possibly spend, with or without tax breaks. If he weren't really into this, then he wouldn't be doing it. Period.
Re:$60 Million House - Trickle UP Economy... (Score:2, Insightful)
Wow.
I'd argue that famine and disease also have a long, long history.
Unfortunately, it seems that most of us have somehow gotten so wrapped up in our silly little arguments about which browser is better to be able to care.
I don't want to sound like Mr. Sourpants, but I'm guessing that if you're one out of four people living in Zimbabwe infected with HIV, you probably don't care about AJAX, plug-ins, or standards compliance - you're just glad that somebody's doing something.
Re:10,000 millionaires? what's the problem? (Score:3, Insightful)
I am jealous of the money they have. I do not make a lot of money, like a lot of people, and would really love to be at least a little better off. It is not the money itself that is obscene, but the way in which it was made. You state that their richness is a sign of the 'fine job they did'...
I disagree. It may be like that with some consumers, but they have systematically rigged it so they cannot be toppled and you are required to purchase their products with every computer you buy. In a business sense, that is a 'job well done', but if thats what it takes to be rich, I'll pass.