09/10/2014 11:06 am ET Updated Sep 10, 2014

Mogul: Charity Ploys Rob Taxpayers, 'Stop The Misuse Of Philanthropy'

Stephen Lovekin via Getty Images

At ninety-five, as a businessman and philanthropist, I want to call attention to little-known ploys in US philanthropy that rob our society of hundreds of millions of dollars earmarked for important charitable causes—leaving money stashed away in financial institutions and doing no good for anyone except money managers and other financial intermediaries.

In the past twenty years, I’ve given away close to $500 million of my own money. After I pioneered the leveraged buyout in 1964, I watched how innovators, imitators, and swarming incompetents tore the companies they acquired apart. Then when I graduated into what I like to call my “distributive phase,” I saw how private foundations were able to take unfair advantages of the charitable deduction.

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