Friday, January 21News That Matters

Tag: Gates, Bill and Melinda, Foundation

Bill Gates Says Epstein Relationship Was ‘a Huge Mistake’

Bill Gates Says Epstein Relationship Was ‘a Huge Mistake’

Technology
In an interview on CNN on Wednesday evening, Bill Gates acknowledged that his relationship with the disgraced financier Jeffrey Epstein was “a huge mistake,” and he told the host, Anderson Cooper, that his divorce, which became final this week, was “definitely a very sad milestone.”The New York Times reported in 2019 about Mr. Gates’s relationship with Mr. Epstein, begun after Mr. Epstein had been convicted of sex crimes. The two men met on numerous occasions starting in 2011 — including at least three times at Mr. Epstein’s Manhattan townhouse, The Times reported, citing interviews with over a dozen people and related documents.“His lifestyle is very different and kind of intriguing, although it would not work for me,” Mr. Gates emailed colleagues in 2011, after their first meeting. A spo...
A Culture of Fear at the Firm That Manages Bill Gates’s Fortune

A Culture of Fear at the Firm That Manages Bill Gates’s Fortune

Business
A Generic-Sounding NameBefore Mr. Larson, Mr. Gates’s financial consigliere was Andrew L. Evans, a longtime friend who had previously served a six-month prison sentence for bank fraud. (Mr. Gates visited him in jail.) But when Mr. Evans’s criminal record was spotlighted in a front-page Wall Street Journal article in 1993, Mr. Gates sought out a new money manager.The next year, he hired Mr. Larson, who previously was a fund manager at Putnam Investments. In 1995, Cascade was incorporated in Washington State. The generic-sounding name with no reference to Mr. Gates allowed Mr. Larson to run a vast investment operation with a low public profile.From the start, Cascade, whose sole function was to manage the Gateses’ money, was deeply entwined with the wider Gates universe, including Microsoft....
Bill Gates Had Reputation for Questionable Behavior Before Divorce

Bill Gates Had Reputation for Questionable Behavior Before Divorce

Business
While Mr. Gates thought that brought the matter to an end, Ms. French Gates was not satisfied with the outcome, two of the people said. She called for a law firm to conduct an independent review of the woman’s allegations, and of Cascade’s culture. Mr. Larson was put on leave while the investigation was underway, but he was eventually reinstated. (It is unclear whether the investigation exonerated Mr. Larson.) He remains in charge of Cascade.A spokesman for Mr. Larson had no comment.About a year after the settlement — and less than two weeks after Ms. French Gates’s column in Time — The Times published an article detailing Mr. Gates’s relationship with Mr. Epstein. The article reported that the two men had spent time together on multiple occasions, flying on Mr. Epstein’s private jet and a...
The Week in Business: Where Are the Jobs?

The Week in Business: Where Are the Jobs?

Business
Good morning and happy Mother’s Day. (Hi, mom!) Here’s the news you need to know for the week ahead in business and tech. — Charlotte CowlesCredit...Giacomo BagnaraWhat’s Up? (May 2-8)April ShowersEconomists expected the April jobs report to be full of great news — lower unemployment, robust hiring, confetti! And by most measures, they were disappointed. The pace of hiring actually slowed, and the unemployment rate rose slightly, to 6.1 percent, for the first time in a year. What’s going on? It’s complicated. Some lawmakers say that the government’s supplemental unemployment benefits are discouraging people from re-entering the work force, particularly in lower-wage positions. Others point to the millions of Americans who aren’t able to work because they’re managing child care, as many sch...
The Separate Worlds of Bill and Melinda Gates

The Separate Worlds of Bill and Melinda Gates

Technology
“It was a constant tension point of the foundation. It was Warren who limited it, but Bill’s appetite is always, ‘We should do this, we should do this.’ Teams end up with this massive to-do list,” the former executive said.Mr. Buffett acknowledged in an interview with The Times last year that he opposed institutional bloat. “That’s the one piece of advice I don’t shut up on, ever, because it’s the natural tendency of every organization,” he said. Employees at the foundation often have to wear multiple hats to keep up with the demands. For instance, one staff member, Anita Zaidi, serves in the highly technical role of director of vaccine development and surveillance but also serves as president for gender equality.Mr. Gates famously gave a TED Talk in 2015 warning about the global threat po...
Who Gets Bill and Melinda Gates’ Family Mansion?

Who Gets Bill and Melinda Gates’ Family Mansion?

LifeStyle
As experts in philanthropy, finance, technology and global health scramble to predict what the divorce of Melinda and Bill Gates could mean for their industries, others are wondering: Who will get their lakefront estate in the Seattle suburbs, which is valued at upward of $131 million? And will the public finally get a peek inside?The couple, worth an estimated $124 billion according to Forbes, announced their split in a joint statement posted to their social media profiles on Monday. The Bill and Melinda Gates Foundation, of which they are co-chairs, said that nothing will change in its organizational structure.But their 66,000-square-foot home on the shore of Lake Washington is another matter. The sprawling complex — which, at the time of a 1995 New York Times story, included a spa, a 60...
What the Gates Divorce Means for the Gates Foundation

What the Gates Divorce Means for the Gates Foundation

Business
The Bill and Melinda Gates Foundation started with ambitions that, by its lofty standards today, appear almost quaint: providing free internet access to public libraries in the United States. As its founders’ objectives grew in scope, so did the foundation’s reach, until it achieved its current position as the pre-eminent private institution in global public health.With 1,600 staff members directing $5 billion in annual grants to 135 countries around the globe, the Gates Foundation set a new standard for private philanthropy in the 21st century.All of that was thrown into question on Monday when the world learned that the foundation’s co-chairs, who had been married for 27 years, filed for divorce in Washington State. Grant recipients and staff members alike wondered what would happen and ...
Bill and Melinda Gates Are Divorcing After 27 Years of Marriage

Bill and Melinda Gates Are Divorcing After 27 Years of Marriage

Technology
Bill and Melinda Gates, two of the richest people in the world, who reshaped philanthropy and public health with the fortune Mr. Gates made as a co-founder of Microsoft, said on Monday that they were divorcing.For decades, Mr. and Ms. Gates have been singular forces on the world stage, their vast charitable contributions affording them access to the highest levels of government, business and the nonprofit sector. The Bill and Melinda Gates Foundation, with an endowment of some $50 billion, has had immense influence in fields ranging from global health to early childhood education and has made great strides in reducing deaths caused by malaria and other infectious diseases. And over the past year, the couple have been especially visible, regularly commenting on the worldwide fight against C...
Researchers Are Hatching a Low-Cost Covid-19 Vaccine

Researchers Are Hatching a Low-Cost Covid-19 Vaccine

Technology
A new vaccine for Covid-19 that is entering clinical trials in Brazil, Mexico, Thailand and Vietnam could change how the world fights the pandemic. The vaccine, called NDV-HXP-S, is the first in clinical trials to use a new molecular design that is widely expected to create more potent antibodies than the current generation of vaccines. And the new vaccine could be far easier to make.Existing vaccines from companies like Pfizer and Johnson & Johnson must be produced in specialized factories using hard-to-acquire ingredients. In contrast, the new vaccine can be mass-produced in chicken eggs — the same eggs that produce billions of influenza vaccines every year in factories around the world.If NDV-HXP-S proves safe and effective, flu vaccine manufacturers could potentially produce well o...
Melinda Gates Interview: Coronavirus, Masks and Inequality

Melinda Gates Interview: Coronavirus, Masks and Inequality

Business
Say I start to believe PizzaGate and I start clicking all the theories of PizzaGate. What I’m going to get served up on my social media channel is lots more things about conspiracy theories. And if I don’t have anybody pushing back on that, and I’m going down that wormhole, I’m going to start to believe more and more and more disinformation. That’s just not good for society. Between social media and people’s own anxiety and the polarized nature of our country, all these pieces have combined to make sort of a perfect storm around vaccine hesitancy.Are there some people who will never get vaccinated, never wear a mask? Yes. We’re already seeing that in places in the country. But I think the more important question is: Will there be a broad set of people that will take this vaccine? And I thi...