Adam Ruins Everything – Why Billionaire Philanthropy is Not So Selfless | truTV

Adam Ruins Everything – Why Billionaire Philanthropy is Not So Selfless | truTV


Ah, yes. Every time a billionaire
even hints at doing something charitable,
we treat ’em like saints. Mega-rich guys
like Warren Buffett, Bill Gates,
and Mark Zuckerberg, have the media falling
all over them. But in reality,
this billionaire philanthropy is not as selfless
as it seems. What’re you talking about? Why, we’re literally
giving our money away. Not quite. Take the Chan Zuckerberg
Initiative. When Mark Zuckerberg
announced his plans to “give away”
99% of his Facebook shares, the press covered it like he was giving all his money
to charity. But in reality,
he actually gave those shares to an LLC that he controls. And he can do almost anything
he wants with that money, including invest it
in for-profit ventures. For all intents
and purposes, the money is still his. I’m taking money from
my personal pocket… and transferring it
to my foundation pocket! Well, the Hulko Foundation
is a non-profit. I’m one of
the good billionaires who really is giving
their money away. Eh, more like our money. Because billionaire
foundations like yours are essentially
one big tax dodge. Normally when an individual
earns income, a portion goes to taxes so that our democratically
elected officials can use it to pay
for public goods like schools, services,
and infrastructure. This money will go towards what we, the people,
have decided. But money donated
to private foundations is mostly untaxed,
which means these billionaires get to put their interests
ahead of the public’s. Or this money
could go towards what I, the me,
have decided. Not only that,
they also get a personal tax deduction for making
a “donation to charity”, which means the public
loses out on even more money. Thank you for your donation. Wait, seriously?
Why the heck am I doing this? (Adam)
And when they “donate” money
to their own foundations, they’re not even required
to give it all away. Tax laws only require
these types of “charitable organizations”
to spend 5% of investment assets annually. And that could just be on
expenses and salaries. I could give
this money directly to the grassroots organization
that needs it, or… I could make cousin Greg
the community development czar! I’m going with cousin Greg. More importantly,
whether or not they give the money away,
these foundations are only committed
to their donors’ needs, which are almost never
the things society needs most. (all chattering and laughing) Less than 10%
of charitable contributions go towards addressing
basic public needs… Here you are, boy! Buy yourself
a chicken wing. …while 75% of donations
over 50 million go to things
like universities, museums, hospitals. In other words, things that
billionaires like you can slap their names on. Here you are. Buy us a museum wing. Why, thank you, sir. Your name will look brilliant
next to the Jacunnings’. But the most sinister part
is that these billionaires are also donating massive
amounts of money to think tanks
and advocacy groups that focus on changing
our laws to suit their
personal politics and influencing
our lawmakers to go easy on
their businesses. You’ve all made
excellent points. I’d be happy to ensure
none of our laws will interfere
with your interests. The result of all this
“philanthropy” is that billionaires have
more power than votes. Estimates say the amount
of billionaire money put towards shaping our laws is somewhere around
$10 billion per year. That’s more than
annual contributions to political candidates,
super PACs, and parties combined. Well, that’s not right. That’s not what
charity’s all about. Well, at the end of the day these foundations aren’t
about billionaires giving back. They’re about billionaires
getting something even more important
than money. (man)
That’s right– power. Ah. Gilbert,
meet Anand Giridharadas. He’s a journalist
and author of the book “Winners Take All: The Elite
Charade of Changing the World”. Who pu–
who put him there? What happened
to my Picasso? Picasso?
That was clearly a fake. Just like the missions of some of those
billionaire foundations. They exert massive power
over our democracy through their
massive donations, making their philanthropy
practically a fourth branch
of government. Even if a few of these
foundations do end up helping the public
in some way, we have to question
whether that’s how we want our society to operate. That’s right,
I’m not against billionaires giving
to good causes. I wanna ask why
we even have billionaires and why we have a system
that relies on billionaires to fund those causes. Plus, many of these
billionaires have fought for the public policies
that caused our biggest social problems. And the fact that they can
amass this kind of wealth is what drives our incredible
inequality in the first place. So why would we trust them
to fix it when they’re at
the bottom of it? You know who’d be
a really bad firefighter? An arsonist.

100 Comments

  • Byron Schroedel says:

    So what you jealous moron.

  • Michael Pearson says:

    If you make $100 you would have to give $100 away to not be taxed on it. Sweet loophole!

    Those billionaires! Well Adam, thanks for teaching us words that make our jealous greed feel righteous!

  • Michael Pearson says:

    The video itself, super boring. It even feels like propaganda with the picture talking at the end. Really creepy. And I'm sure nothing here was funded by billionaires.

  • Suraj Singh says:

    Wasn't their an actual billionaire who donated nearly all his 8 billion secretly to charity but it was only discovered in a dispute

  • Whole Food Plant-Based Man says:

    I already knew that all billionaires are selfish. You have failed to ruin anything for me yet again, Conover.

    Looks like the Con is Over.

  • Pynk Floyd says:

    In other words, government is the only trustworthy entity

  • Patricia Nelson says:

    Why is his voice so high pitched and annoying? Dang, watched older vids and yes, deeper voice. Sad.

  • AGGROBERLIN615 says:

    His voice is like dicks raping my ears. This show is terrible

  • Seth Tittle says:

    After I seen him on Joe Rogan I don't really believe anything he says anymore

  • Sean burke says:

    Throwing out the gates foundation name and not providing any direct claims against it seems like bad "journalism"

  • Lost Breaklight says:

    That was pretty biased. It hints at billionaires or anyone who has a large sum of money cause the problem and or add to it. Furthermore, someone else's money is their money, not the "people's" or the government's either. The income tax is unnecessary and hinders the economy from progressing and it makes people less likely to attempt to improve their position due to diminishing returns until you can pick up steam in the business world.

  • Lars Frisk says:

    Yeet the rich
    #bernie2020

  • Matthias Joseph Thomas van Trigt says:

    I love how the entire College Humor network is bringing anti-capitalism to a new generation.

  • Communist Propagandist says:

    Adam the leftie

  • Mary Viola says:

    exactly im shocked that this program is still on….or allowed to expo ll this….

  • Mary Viola says:

    everything is driven by greed and power

  • GhostManCrisis says:

    Is there any evidence to counter it? Otherwise, why can't we get NPR or CNN to shout it out?

  • saxyrep1 says:

    "You know who'd be a bad firefighter, an arsonist."

  • saxter 11 says:

    Why do you think communism exists?

  • Save Net Neutrality Anti-Republican says:

    I'm the same age as Mark Zuckerberg. I'm 34.

  • hummingbirdgirl07 says:

    I always feel like people are gonna pull a french revolution in the USA sooner or later

  • Sneg The Snake says:

    the solution is a guillotine

  • Rad Lad says:

    Liberal democracy is an illusion of democracy. We live under bourgeois dictatorship

  • Johnny Rodriguez says:

    Glad Adam is doing this for free

  • Zuper Zet says:

    So legal bribing I guess but you bribe yourself the government and the people who make laws

  • Mike Stevenson says:

    That selfishness is what drives prosperity though. If they want to get rich they have to find something to give to society that it wants. It's forced altruism.

  • MCCOMINATOR says:

    75% goes to those dumbass hospitals and schools huh? That’s terrible. We should close those.

  • Antônio Ugalde says:

    If I was a billionaire I would totally donate 90% of my money to good causes around the world. Nobody needs so much money.
    If you don't believe me, test me. Find me on Pickpay at @antonio.ugalde and give me money. Soon as I reache 100 millions I show you all! 90% direct to real charites, not thouse fake foundations.

  • Im old As dirt. says:

    Hmm…… I'm not actually sure that changing this would produce better results than society already has. If we change it, don't we really just change who controls the funds without actually eliminating the alleged problem? You don't actually think it would ever result in the masses controlling anything important do you? I think it would still end up in just a very few pockets except I don't know those devils at all. Better the devils we know than those we don't. Unless of course you think a loud mouth goody two shoes like Adam would ever be someone you would want in charge of any portion of your life.

  • Yammy Hammy says:

    If you can't be a billionaire, then you ruin hopes and dreams. You effectively put a cap or a hard limit on the potential of the game some people choose to play. If I can't someday be a billionaire, if I can't dream big then why try in the first place? It's a very demoralizing thought for me. Maybe not for you, but know there are a certain group people out there that will never be a billionaire, but still someday dream of accomplishing something great… having a great idea, and a great contribution to society in some way, that fundamentally changed the way we live. Whether it be Microsoft or Berkshire Hathaway. There's a certain type of person out there that dreams of doing well in the business world and so it drives a lot of productivity, which generally brings society as a whole upwards. Perhaps you can't relate to such things, but I'd personally find it immoral to limit possibilities for these people – even if the majority of them won't attain the success they chase.

  • Doctor Smith says:

    Don't sell arsonists short. If you know how to start a fire you're halfway to knowing how to put one out, sometimes (like in the Kuwaiti oil fires) more like 98%

  • Subscribe to Pewdiepie says:

    good job poisoning the well, pretty sure some of what you said was embellisments of some kind.

  • RealBenda says:

    Yay for capitalism!

  • daniel couchie says:

    This is an important video!

  • captfakk says:

    This adam guy is a blithering idiot.

  • ユーネポ / Yuunepo says:

    Adam woke af

  • un mog says:

    UNFETTERED CAPITALISM!

  • Sebastien Merviel says:

    "America is a democracy" lol

  • Matt M says:

    Imagine if Bill Nye were like this… and they rolled in that 90s TV set on wheels into class on the day the teacher didn’t feel like doing much, today, class— We’re gonna learn about class consciousness.

  • Rachel Marks says:

    Instead of just donating money why not just volunteer. A lot of charities look for people to volunteer.

  • dustin long says:

    Welp, I loved this web series, and now you've swung left to overboard… why are their billionaires anyway? Because they had great ideas. Ever use facebook? About 5 billion current users right there. I'd gladly give Zucker 1 dollar for this access. And I'm sure 90% of users would do the same. That small amount would make him a multi-billionnaire. You're ridiculous now. No more of you on my stream Adam.

  • Rose Okwelume says:

    We knew this, Trump did it a lot and made noise about it so it drew attention to other tax dodgers

  • Dhruv Mane says:

    1. Innocent until proven guilty – While these privately controlled charities can be abused to self serving ends instead of doing charity activity that doesn't makes it so.
    2. Taxation therefore no true charity – By that logic every charity is tainted since even small charities enjoy tax exemption. Private charity is more efficient than having dozen government bureaucrats get paid along to get corrupted result.
    3. Not selfless because name named – Even government is guilty of that since it doesn't anonymously transfers benefits and its a non-issue given that it incentivizes wealthy donors to donate to hospitals, universities etc and it has also been observed that association with big names helps attract even more donations and charity organizations prefer that over anonymous donations.

    While its appropriate to be skeptical of how funds are allocated and controlled its useless to drag the topic into metaphysical realm of whether psychological altruism is even possible at all.

  • VIRAL VERSE says:

    duhh

  • Copeco Acadamy says:

    Do a episode on Jullie Juice

  • Patrick says:

    Adam ruins AdamRuins

  • Mike Honcho says:

    Y’all need to stop complaining. They made that money, they get to choose what they do with it. Don’t like it? Well then why don’t you become a billionaire? Cause it’s not easy? Then stop complaining, they earned it.

  • OTISIN GREENER says:

    NOW DO A SHOW ON RELIGION!!

  • Lewis Guapo says:

    The game of money: you need to know how to play it…

  • Drake Dragon says:

    Trying to be a billionaire.

  • Chlo_Z says:

    4:44 Because they were successful entrepreneurs or successfully inherited and maintained their company. It isn't a hard concept why somebody could have a net worth of over $1,000,000,000

  • the walkin dude says:

    I know that.

  • MrVmBear says:

    So can we grab the pitchforks and eat them all now.

  • Tiki Thompson says:

    “You know who would be a bad firefighter? An arsonist.”

  • Wicklow Silver says:

    But who is the "public" ???????

  • Hao Sun says:

    So Universities, Hospitals and Museums aren't things the public needs???

  • Cj Schneider says:

    The real crime is that haircut

  • madestmadhatter says:

    Are these episodes out? I thought I saw somewhere that the new season starts in October, but I don't see any dates on these, guess I'll check on demand I the morning…

  • Sterling Fortes says:

    America has become a denegerate, evil nation. Poverty, inequality, systemic perpetual racism, corporate facism, media manipulation and confusion, rampant amassing of wealth and measure of all things by money, constant wars, criminal public institutions, a corrupt justice system, consumerism and entertainment running people's lives and worship of money and technology that enslaves, and the perception of living in freedom though you are a life long slave. Their leaders and celebrities are also denegrates but among the ordinary people is where goodness and common sense lie. Thank you America for exporting your evil globally.

  • New Thought says:

    EVERY charity is about money, if you don't know this already then good luck.

  • New Thought says:

    America is insanely corrupt, so where's the news?!

  • AnarchoTak says:

    End capitalism

  • Jay Torr says:

    Everything is a simulation anyway… nothing matters

  • Jim Wright says:

    But you must realize, people's money is their money and taxation is theft.

  • Ini Dia says:

    e a t t h e r i c h

  • daniel brown says:

    Eat the rich!!!

  • Mathgasm says:

    We are not a democracy but a republic.

  • Ryan says:

    Billionaires exist because everybody in this comment threads logs onto Youtube. Everybody who has Facebook also enabled a billionaire.

  • Brittany Hamilton says:

    I would say that J.K. Rowling is the exception to the rule. She dropped from being a billionaire to a millionaire due to her charitable donations. 😉💁🏻‍♀️

  • beatrix the great says:

    I don’t think anyone trusts zuckerberg.

  • donttreadonme says:

    And that would be why Trump donates his presidential salary. His voters are too dumb to figure that one out.

  • 5feetgoaround fullflapsC150 says:

    BILLIONAIRE BOOTLICKERS, BEWARE…

  • 5feetgoaround fullflapsC150 says:

    Yeap; when you donate to "charities" even FAKE ONES-YOU WILL SAVE ON PAYING REAL TAXES.

  • kylejiahsmith says:

    Bill Gates has enough money to feed over a quarter of the third world and still have more money than anyone ever needs.
    Instead, he writes an annual letter about how we need to help the third world

  • Lunky Straydog says:

    What a lying half truth telling propaganda shill.

  • Shadow Tactition says:

    You know i dont buy half the stff this shows tells anymore.

  • Hayes Bonfiglio says:

    Everything this video has to say is laughably idiotic.

  • Hello Friend says:

    are there seriously people that didnt know this already? im so worried for us.

  • Jim Hall says:

    Well it’s nice to hear that’s there’s one person that’s talking truth or people

  • nromk says:

    The reason is because democarcy is expansive and abritary

  • Daisy Landis says:

    guillotine time! time for rich heads to roll!

  • TropicalPlaties2017 says:

    thanks, new reason on the list of so many reasons that I want to leave this country.

  • Ruben Plasencia says:

    when you make your own money you'll understand

  • Carlos says:

    Remember when this fool went on JRE… PATHETIC!!!

  • Carlos says:

    Beta boiii

  • Carlos says:

    Y'all jealous

  • Friðrik Ólafsson says:

    Yaaaaaaas

  • Roma nator says:

    Is it wrong for me to root for the billionaires? I really cheer for them

  • wilsonseto1 says:

    Andrew Yang, YANG GANG 2020!

  • Sunny shah says:

    The fact that an individual person can amass a billion dollars of net worth is nothing sort of a miracle.

    The only reason these people get so rich is because of their network, they know the right individuals, and the right strings to pull. There is no way Bill Gates would have become a billionaire, if his mother wasn't friends with and on the same board with John Opel, the CEO of IBM at the time.
    The same is true with all other Billionaires, either they come from wealth, or they know the right people and can get the right contacts.
    The only way for you to get that rich is meet the right people, and the unfortunate side is, those right people do not want to meet you, because they like to keep their rich circle close and personal.

  • platinum014 says:

    Bill Gates gave $4.6 billion to charity just in June alone…

  • Trumoo the Tuxedo Turtle says:

    Adam just explains what lobbyists do in a nutshell

  • Larry Hilboldt says:

    How much do you give Adam ?

  • Larry Hilboldt says:

    Adam by the way you buddy is a idiot

  • Larry Hilboldt says:

    Sam Walton ,Bill Gates
    Steve Jobs made my life easier
    and million other and
    I don't care that they have billions

  • Tara Saran says:

    'You know who'd be a really bad firefighter? An arsonist'
    Oooooh, burn.

  • Enrique Pantin says:

    I like Adam, but this video sounds more like what a person that thinks socialism is the route… scary. Most of us understand inequality, but aren’t humans in practicality unequal? Only guys like Chavez, Castro or Lenin would say all humans need to be the same ( if not we will make them be)… scary and boring thought!

  • BlackSilhouette says:

    This is exactly what lobbyist do.
    Edit:Minus their wealth because their not in the 1 percent.

  • JRod527763 says:

    EVERYONE puts their interest ahead of the public's. The overwhelming majority of the money you make is spent on you and your needs, as well as that of the family that you raise. That is true of everyone, rich or poor.

    But regardless of the motivation, billionaire philanthropists from Elon Musk, Mark Zuckerburg, and the Koch brothers have still created thousands of jobs through parts suppliers and supporting jobs and indirectly supported hundreds of thousands of families in doing so. Not to mention donating millions of dollars to charities.

    That's likely far more than anybody in this comments section can say they've done.

  • Eric H says:

    And to the people in the comments you show your ignorance.

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