Unclear on the concept...
Drudge Report had a
flash news item last evening:
BILL GATES 'CHARITY' FOUNDATION FINANCES NEWSPAPER PURCHASES
The BILL & MELINDA GATES FOUNDATION declares its noble mission is to bring "innovations in health and learning to the global community."
But the world's largest philanthropic organization also is among the organizations that collectively loaned nearly $400 million to MEDIANEWS GROUP INC. -- for the acquisition of newspapers in California and Minnesota!
"I thought this foundation was all about starving kids, not starving newspapers," mocked one Seattle insider.
'Scuse me but a "LOAN" is not "GIFT"
Loans are expected to be repaid and generally with an interest charge being added into the agreement. A loan is a profit-making venture between someone who has money and wants to increase it and someone who needs money but fully expects to be able to repay it over a period of time.
The Gates Foundation was merely increasing it's financial base -- not gifting monies to newspapers...
Posted by DaveH at August 21, 2006 2:12 PM