While media outlets are scrutinizing politicians this time of year, it has not been the case for Gates Foundation, but the scrutiny of philanthrocapitalistic endeavors has begun.
"IT’S ELECTION SEASON, and teams of journalists are avidly tracking the flow of big money into political campaigns. Sifting financial records and filings, they are laying bare the activities of Super PACs, 501(c)(4)s, and campaign committees. There’s a parallel realm of big-money activity, however, that receives much less attention: philanthropy. With the explosion of the billionaire class, the number of deep-pocketed donors and foundations has mushroomed as well. Many of the new benefactors are Wall Street and Silicon Valley moguls who are seeking to apply to social and economic problems the same zest for innovation and entrepreneurship that they showed in their business ventures.
"The creed of these new philanthropists was brashly outlined in June by Sean Parker, the co-founder of Napster and founding president of Facebook, in an article appearing in the Wall Street Journal under the headline, “Philanthropy for Hackers.” Traditional philanthropy, he declared, is “a strange and alien world made up of largely antiquated institutions.” These old-timers have long favored “safe” gifts to well-established institutions, “resulting in a never-ending competition to name buildings at major universities, medical centers, performing arts centers and other such public places.” The new breed, by contrast, has a hacker mindset: It is anti-establishment, believes in “radical transparency,” is given to problem solving, and has an ability to identify weaknesses in long-established systems and to disrupt them. With this “hacker elite” now seeking to upend philanthropy, Parker exhorted them to resist the urge to institutionalize and instead treat philanthropy as “a series of calculated risks” and “big bets.” In a bid to put these principles into practice, Parker launched a foundation bearing his name, with an endowment of $600 million and a commitment to finding new ways to fight allergies, malaria, and cancer."--Mike Massing, The Intercept