Former Commerce Secretary and Blackstone co-founder Peter Peterson has written a piece titled "Why I'm Giving Away $1 Billion," which provides a summary answer in its subtitle: "The moment is overdue for us to become moral and worthy ancestors." He prefaces his complete argument by observing:
But immediately I began wondering: what do I do with $1 billion? The idea of trying to make the money grow felt empty to me. For my father, who saved or gave away so much of his modest income, the ultimate pejorative was "big spender." So buying a yacht was out of the question.
One wonders if Steve Schwarzman, the other founder of Blackstone and a renowned "big spender", is paying attention.