06 August 2020
The extremely rich tend to think very highly of themselves, and of their ability to bend the world to their will. So when they start giving their money away, they tend to retain maximum control.
Why it matters: MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, is worth about $60 billion. She pledged to give away substantially all of that money after she gained autonomy over her own wealth. Judging by her first 116 grants, she's doing so in a refreshingly radical — and humble — manner.
What's new: Alms for the needy was the starter charity. It was succeeded by professionalized philanthropy — a baroque edifice of foundations and perpetuities and strategies and naming rights and social impact metrics.
- Scott's giving suggests a new model, one more focused on the value of giving itself, and where the giver does not try to influence the actions of the grant recipients.
What they're saying: "People who have experience with inequities are the ones best equipped to design solutions," writes Scott.
- In practice what that means is that she trusts them to know what best to do with her money, instead of doling it out only within a complex framework of grant proposals and quarterly reports and two-year re-evaluations.
How it works: When Scott chooses a cause, she just gives them cash. No schedules, no promises, no strings. (Jack Dorsey's #startsmall initiative is similar, if smaller.)
By the numbers: Scott has given $587 million to racial equity organizations, 91% of which are run by leaders of color. $46 million went to LGBTQ+ equity organizations all of which are run by LGBTQ+ leaders.
- She gave $133 million to gender equity organizations, 83% of which are run by women.
The philanthro-industrial complex did help: Scott was advised in her giving by Bridgespan Group, one of the largest big-philanthropy advisors. But their job was clearly just to identify worthy recipients — and then get out of the way.
Between the lines: The easy way to give away hundreds of millions or billions of dollars is to funnel the cash into architecture or endowments, rather than trying to get it directly to those who need it. Scott has avoided that.
- "There has been too much emphasis on thinking about the future," says Benjamin Soskis, a philanthropy researcher at the Urban Institute. Scott's giving, instead, is based in "respect for people who are doing the work." And that feels new.
Yes, but: Scott is only getting started in her philanthropy, and the $1.7 billion she's given away so far is extremely impressive. Still, her net worth has managed to increase by $25 billion this year alone, thanks to the rise in Amazon's share price.
The bottom line: If Scott is truly determined to give away all her wealth, she's going to have to speed up her rate of disbursement significantly.
Transcripts show George Floyd told police "I can't breathe" over 20 times
Section2Newly released transcripts of bodycam footage from the Minneapolis Police Department show that George Floyd told officers he could not breathe more than 20 times in the moments leading up to his death.
Why it matters: Floyd's killing sparked a national wave of Black Lives Matter protests and an ongoing reckoning over systemic racism in the United States. The transcripts "offer one the most thorough and dramatic accounts" before Floyd's death, The New York Times writes.
The state of play: The transcripts were released as former officer Thomas Lane seeks to have the charges that he aided in Floyd's death thrown out in court, per the Times. He is one of four officers who have been charged.
- The filings also include a 60-page transcript of an interview with Lane. He said he "felt maybe that something was going on" when asked if he believed that Floyd was having a medical emergency at the time.
What the transcripts say:
- Floyd told the officers he was claustrophobic as they tried to get him into the squad car.
- The transcripts also show Floyd saying, "Momma, I love you. Tell my kids I love them. I'm dead."
- Former officer Derek Chauvin, who had his knee on Floyd's neck for over eight minutes, told Floyd, "Then stop talking, stop yelling, it takes a heck of a lot of oxygen to talk."
Read the transcripts via DocumentCloud.