Dear Friend of Frank,
News comes that MacKenzie Scott, ex of Jeff Bezos, can't give her money away fast enough. Despite dropping $2.74 billion the other day, she keeps getting richer.
What a problem to have.
No need to remind you that Ms. Scott's former husband is the genius behind, and principal proprietor of, Amazon.com. He is also the world's richest man with a fortune estimated at $177 billion, mostly in Amazon stock.
Amazon's market value is $1.7 trillion. That's trillion with a T.
In 2019, Ms. Scott walked away from the marriage with 4% of Amazon's stock, trading at some $2,000 a share at the end of that year. Amazon's stock is trading at $3,403.49 as I write these words, so do the math.
But back to Ms. Scott who, with a net worth of $57 billion her ownself, is the third wealthiest woman in the world. She has pledged to give it away "until the safe is empty." I'd say she's not trying hard enough.
She is trying hard though. This latest tranche went to places that maybe never saw a handout of any sort, let alone googobs in the $10-million-and-up range. Places like the College of the Desert, a community college in Palm Desert CA with about 12,500 students, mostly part-time. I had to look that one up.
I also had to look up William Rainey Harper College and Kennedy-King College, both of which turn out to be in or near my hometown of Chicago.
Yet all is not peaches and cream for MacKenzie Bezos. She caught flak from one Maribel Morey, founding executive director of the Miami Institute for the Social Sciences. "MacKenzie Scott is a private citizen but she is playing a public role," Ms. Morey was quoted in today's New York Times, which is where I get most of the facts for this rant (Wikipedia too plus good old Doctor Google). "Much as a judge has to explain their [sic] logic, or a senator has to answer to their constituents [sic, sic], a philanthropist owes it to the public to explain how and why they [sic! sic! sic!] came to their [uh, you know] decisions."
A judge is an elected or appointed public servant, accountable to his or her constituents. Same for a senator. MacKenzie Scott is a successful novelist, ex-wife of the world's richest (and baldest) man, and stone babe. According to common courtesy, not to mention the Iron Law of Beauty, she doesn't need to explain herself at all.
MacKenzie Scott, stone babe (r.), and Baldy (l.). Source: Kubilive.com.
No. What MacKenzie Scott is, is John Beresford Tipton, "The Millionaire."
Remember "The Millionaire"? Wonderful show. Ran on CBS from 1955 to 1960. Every week the fabulously wealthy Tipton would give away a million smackeroos ($9.66 million in 2020 dollars) to some totally unsuspecting but immensely telegenic and deserving individual or individuals.
Poster for "The Millionaire." Source: IMDB.com.
You saw how the money affected their lives (spoiler: usually heartwarmingly) but you never saw Tipton. Heard his voice, saw his arm hand the $1 million check to his executive secretary to deliver, that was it. Like the College of the Desert, which I daresay never saw MacKenzie Scott coming.
It is true that MacKenzie Scott hasn't been going by the book. Unlike Bill and Melinda Gates, The Times notes, she doesn't have her own foundation, saving her the bother of a big staff and a lot of stuff to fill out. She simply writes a blog post on Medium giving a hint as to why she's doing what she's doing, then does it.
This time she gave lots and lots of money to obscure two-year colleges like That of the Desert, as well as bigger pops ($40 million) to more recognizable but ill-endowed higher-eds such as the University of Illinois-Chicago. Last year she gave $800 million to a bunch of HBCUs and other cash-starved higher-eds serving Black, Latino, Native American and other minority communities. But she also gives to food pantries and Jazz at the Lincoln Center. I mean, sheesh. What's not to like?
Rock on, MacKenzie.
I'm left wondering about Maribel Morey, the grammar-challenged individual quoted above. I think she's jealous. I certainly am. What about you?
Frank S. Joseph, Author, The "Chicago Trilogy"
P.S. Publication of the "Chicago Trilogy" proceeds apace. Just this morning, TouchPoint Press notified me that my editor will be one "Mallory" and that I'll be hearing from her shortly. Onward!
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