Warren Buffet emptying his pockets for charity

(New York-WABC, June 26, 2006) (WABC) -- The two richest men in the world will meet in Manhattan today. Inspired by his close friend Bill Gates, Warren Buffet plants to give away the bulk of his $44 billion fortune. And Gates is going to help him do it.

Eyewitness News reporter Lisa Colagrossi is live outside of New York Public Library with the details.

Warren Buffet is giving a total of $44 billion to the foundation which focuses on issues like fighting AIDS, tuberculosis and malaria.

On the face of it, it may seem like an unlikely partnership, Warren Buffet and Bill Gates, but the two multi-billionaires share more than just enormous wealth. The men have been bridge partners and friends for years. Now Buffet is donating 85 percent of his fortune to the Gates Foundation which focuses on international public health issues, fighting aids, tuberculosis and malaria.

Eric Pooley, Fortune Magazine: "When he thought about what he wanted to do with his own giving, really there was a model that already existed."

The decision disclosed yesterday marked a bit of a turnaround for the 75-year-old known as the "Oracle of Omaha." Buffet claimed for years that his $44 billion stock holdings would fund philanthropy after his death.

The gift, 10 million shares worth $31 billion now will dramatically boost the Gates foundation, which is already the world's largest charitable foundation.

The two will have a private meeting at 11:00 o'clock this morning at the New York Public Library then hold a joint news conference at 1:30 p.m.

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