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Feargal Quinn has opportunity to significantly endow charity
 national |
miscellaneous |
opinion/analysis
 Monday January 10, 2005 17:59 by Michael Hennigan - Finfacts.com
Senator Feargal Quinn and his family have made an estimated €400 million gross from the sale of most of their holdings in the Superquinn supermarket group.
Senator Quinn, as a person who became a public figure by choice, should set an example by allocating a significant portion of his family's fortune for charitable purposes. "A prince should earnestly endeavor to gain the reputation of kindness, clemency, piety, justice, and fidelity to his engagements. He ought to possess all these good qualities BUT STILL RETAIN SUCH POWER OVER HIMSELF AS TO DISPLAY THEIR OPPOSITES WHENEVER IT MAY BE EXPEDIENT. . . He should make it a rule, above all things, never to utter anything which does not breathe of kindness, justice, good faith, and piety; this last quality it is most important for him to appear to possess as men in general judge more from appearances than from reality. All men have eyes but few have the gift of penetration. Every one sees your exterior, but few can discern what you have in your heart." — Machiavelli — The Prince. Chap. xviii.
Ida Tarbell, the renowned author of 'The History of the Standard Oil Company', used the above quotation from Machiavelli in a 1906 character study of famed robber baron John D. Rockefeller (1839-1937), which was published in McClure’s Magazine.
Rockefeller and fellow robber baron Andrew Carnegie who were both ruthless businessmen, became noted philanthropists and the tradition of philanthropy is still very much an American one.
For example the Bill and Melinda Gates Foundation has an endowment of $27 billion and has disbursed more than $8bn since its foundation. It has allocated a lot of resources to immunization programmes in developing countries. Last year, Joan Kroc, widow of the founder of McDonalds, left $1.5bn to the Salvation Army in the US. In 2002, Poetry Magazine received $100m from Ruth Lilly, the heir to to the Eli Lilly pharmaceutical fortune.
The range of motivations for such gift giving is inevitably wide. However, much good undoubtedly comes from it.
In Europe, the concern of the wealthy tends to be the endowment of their own families rather than worrying about the greater good.
There are 15,000 millionaires in Ireland today and the top 100 most wealthy Irish individuals have a combined value of €25 billion.
Over the past decade, Tony O’Reilly, Michael Smurfit and Lochlainn Quinn have made donations to educational institutions such as UCD and TCD. In recent years, tax-exile JP McManus has been associated with donations in the Limerick area. However, the rich Irish are not known for philanthropy.
Feargal Quinn and his family will net about €320m, after payment of 20% capital gains tax. They have the opportunity to set a significant example while still living a life without any financial worry.
Philanthropy should not be viewed as a substitute for the State’s obligations but whether at home or overseas, there will never be a shortage of worthwhile causes.
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Comments (8 of 8)
Jump To Comment: 8 7 6 5 4 3 2 1I apoligise for this post as it is on todays Irish Independent,but you may not all have read it.
"A PENNILESS Ukranian woman, living rough in sub-zero temperatures on the streets of Coleraine in Co Derry, had both legs amputated after being found suffering from extreme hypothermia on New Year's Day.
Details of the shocked woman's horrific experience emerged yesterday when police officers - accompanied by an interpreter - interviewed her in Belfast's City Hospital.
The 23-year-old woman had been working in a meat processing plant in the Ballymoney area but is believed to have been laid-off. Her employment record is blank since last October. "
"Some are born to sweet delight
Some are born to endless night."
(William Blake)
Firstly, teonore if an elected member of the Irish Senate is a 'private individual,' then there is no point wasting time with you.
As to Big Irish's line; "I'm very surprised no mention is made of Irish-American, Chuck Feeney - he's given away more than $3 billion!"
It actually helps to prove my point as Feeney is an American. He is a native of New Jersey.
Quoting the John Hopkins survey which covers all giving including kids Lenten collections for Trocaire, is in fact boloney.
My focus is on the example that a very wealthy public figure (businessman/politician) could give to other members of the super-rich.
It's a typical pub-style response to ignore the central point and retort, what do you do yourself for charity?
I could say whatever I wish and what would be the point?
Contributions for the tsunami victims can be made via Finfacts to the Red Cross - a service which has been provided free. Asia is of particular interest to me and I'm involved in some projects in the Philippines where my 2 children spent their early years as orphans.
In the US, the richest 1 per cent gives only 2 per cent of its wealth to charity. And you say "the rich Irish are not known for philanthropy. "
Yet, of 20 developed countries surveyed by the John Hopkins Institute in Maryland, Ireland ranked 12th in terms of private philanthropy, measured as volunteering and giving. Between 1995 and 2000, Irish people gave 0.55% of GDP to charity.
(Source: Dochas)
I'm very surprised no mention is made of Irish-American, Chuck Feeney - he's given away more than $3 billion!
Any why no mention of George Soros?
How much has finfacts.ie given away?
I wonder if the "Bovale" Bailey , Builder/brothers of corruption/ Ray Burke fame-who are estimated to be worth 400 million-are big into St Vincent De Paul.?
Fergal Quinn would strike me as more likely than most of the rest of our wealthy to part with a few bob for charitable causes.
If Bertie gets 80 million ,maybe he could reduce the bin tax?
... what business is it of yours anyway in suggesting what a private individual should do with his money? Tell us, Mr Hennigan, how much money are you giving to charity?
toneore you miss the point and as a nattering nabob of negativity, you produce a typical response.
You obviously know very little about Quinn and whoever tried to enlighten you, knows as much.
Even before he went into politics, Feargal Quinn was a public figure by choice.
Who said that he is 'arrogant or ostentatious' and what has that got to do with the point that is being made?
Again if you moved beyond your knee-jerk prejudices, you might discern that I have not said that Feargal Quinn does not already contribute to charity.
So if he 'hugely' contributes to charity, then in the context of his recent fortune, he would now make a significant difference.
What about Ruari ? Does anyone know if he's going to get a share of the pie? It would seem a shame if he was to be left out.
How do you know Mr Quinn doesn't already contribute hugely to charity. I heard he's very socially aware and goes about his business in a quiet, determined and personable manner. He can hardly be described as arrogant or ostentatious.
Or is it just you have a problem with the proceeds from the sale?