Thursday, December 03, 2015

Philanthropic" Mark Zuckerberg Will Place Facebook Shares In A For-Profit LLC

Facebook are stealing your privacy, but that's OK, its for charidee and they DO like to talk about it (Image source)

Sorry to seem the The Grinch Who Stole Christmas, but somebody has to blow the whistle on the latest self serving stunt of the self server in chief, Mark Zuckerbugger but the great act of philanthropy with which the Inyaface Datatheft Book chief celebrated the birth of his child is, like everything else billionaire philanthropists do, not quite as straightforward as it has been presented in mainstream media.

Zuckerberg's contempt for those who use Facebook is well known (Zuckerberg admits he called Facebook users dumb f**cks) But all over social media the sheeple are falling over themselves to tell the world how wonderful this third rate little fascist collaborator is.

Yesterday mainstream media and the internet chatterati were unanimously wetting their knickers over Mark Zuckerberg’s announcement that he and wife Chan would "give away" ninety nine per cent of their holdings in Facebook shares to philanthropic causes. Most commentators however, missed the devil in the details of how Zuckerbugger decided to safeguard those shares by forming the Chan Zuckerberg Initiative as a limited liability company (LLC) to with the shares owned by a charity. It is extremely unusual, if not unique, to use the for-profit LLC structure for a charity as true charities have tax exemption anyway. but LLCs have certain legal advantages denied to charities.

Bloomberg reports:

The decision by Mark Zuckerberg and his wife, Priscilla Chan, to gradually give away 99 percent of their Facebook fortune is big news not just for the huge sum involved—about $46 billion—but for how the couple chose to achieve their philanthropic goal. Rather than set up a private foundation or charitable trust as Bill and Melinda Gates did, the Chan Zuckerberg Initiative will be structured as a limited liability corporation.

Jane Wales, vice president of philanthropy and society at the Aspen Institute, commented: "I’ve never seen someone set up an LLC exclusively for a philanthropic purpose before, normally they set up a foundation for the tax advantages of doing so."

Here are some significant ways that LLC status will shape what Zuckerberg and Chan do with their wealth.

There won’t be limits on lobbying

It seems clear the Chan Zuckerberg Initiative will put money to work in politics. Facebook, in its official description of its founder’s new LLC, noted that “making private investments and participating in policy debates” will be part of the mission.

In a public letter Zuckerberg wrote to his newborn daughter, Max, he likewise emphasized an appetite for pushing a policy agenda: “We must participate in policy and advocacy to shape debates.” If the charitable venture had been set up as a traditional tax-exempt foundation—what is called a 501(c)(3)— it wouldn’t have freedom to lobby lawmakers or engage in other political activities. The Internal Revenue Service prohibits tax-exempt groups from “directly or indirectly participating in, or intervening in, any political campaign on behalf of (or in opposition to) any candidate for elective public office."

So that's the dirty version of the Zuckerberg Initiative . As many would have expected, the move (like the establishment of the Bill and Melinda Gates Foundation is less about charity than it is about protecting a silicon valley billionaire's fortune from taxation and ensuring the heirs will have sinecures as directors of the 'charities' for as long as the line continues. And in the case of this limited liability charity, also about ensuring that Zuckerberg the oligarch, is able to influence U.S. government policy in any way that he, and his fellow billionaires, so desire.

As Socrates said 2,500 years ago, nothing is ever what it appears to be.

It appears Zuckerberg has carefully studied the Warren Buffet / Bill Gates playbook to learn how to make stealing from taxpayers look like a pubic spirited act.


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