Warren Buffett and Bill Gates have convinced forty of the nation's "wealthiest families and individuals" to take their "Giving Pledge."
Just six weeks after issuing a $600 Billion challenge in Fortune Magazine to their fellow billionaires, Buffett and Gates have won a substantial number of public promises to "return the majority of their wealth to charitable causes."
In a news release out this morning, Buffett is quoted as saying:
"We've really just started, but already we've had a terrific response. At its core, the Giving Pledge is about asking wealthy families to have important conversations about their wealth and how it will be used. We're delighted that so many people are doing just that - and that so many have decided to not only take this pledge but also commit to sums far greater than the 50% minimum level."
The release says the "Giving Pledge" is a "moral commitment to give, not a legal contract, and it does not involve pooling money or supporting a particular set of causes or organizations."