NYT sends a corporate heir to cover a White House conference of corporate heirs: http://t.co/yWWHGNb3k2 Pièce de résistance
— billmon (@billmon1) April 19, 2014
Oh, look, a bunch of adorable little baby chicks and bunnies for Easter:
… Their name tags read like a catalog of the country’s wealthiest and most influential clans: Rockefeller, Pritzker, Marriott. They were there for a discreet, invitation-only summit hosted by the Obama administration to find common ground between the public sector and the so-called next-generation philanthropists, many of whom stand to inherit billions in private wealth.
“Moon shots!” one administration official said, kicking off the day on an inspirational note to embrace the White House as a partner and catalyst for putting their personal idealism into practice.
The well-heeled group seemed receptive. “I think it’s fantastic,” said Patrick Gage, a 19-year-old heir to the multibillion-dollar Carlson hotel and hospitality fortune. “I’ve never seen anything like this before.” Mr. Gage, physically boyish with naturally swooping Bieber bangs, wore a conservative pinstripe suit and a white oxford shirt. His family’s Carlson company, which owns Radisson hotels, Country Inns and Suites, T.G.I. Friday’s and other brands, is an industry leader in enforcing measures to combat trafficking and involuntary prostitution….
(Unworthy, ungrateful peasant snark: …Because the pimps are competing for our maids and dishwashers, dammit!)
Mr. Kalil moved nimbly among the affluent participants and through the ornate halls of the Eisenhower Executive Office Building, where the summit was held. “A lot of this is not just, you know, collaborations between the administration and philanthropists,” he said, “but philanthropists finding each other, finding other philanthropists with shared interests.”
(Disclosure: Although the event was closed to the media, I was invited by the founders of Nexus, Jonah Wittkamper and Rachel Cohen Gerrol, to report on the conference as a member of the family that started the Johnson & Johnson pharmaceutical company.)
Policy experts and donors recognize that there’s no better time than now to empower young philanthropists. Professionals in the field, citing an Accenture report from 2012, estimate that more than $30 trillion in wealth will pass from baby boomers to younger generations by around 2050. At the same time, the Dorothy A. Johnson Center for Philanthropy (no relation to this reporter) and the nonprofit consulting group 21/64 have concluded in a recent study on philanthropic giving that heirs are becoming involved in family foundations at an earlier age — specifically in their 20s and 30s — and imprinting them with the social values of their generation….
Yes, for the record, I’m sure these young flowers of the American aristocracy have nothing but the best intentions. And yet, the fact that the White House is reduced to playing Match.com for the children of the Lucky Sperm Club still makes me stabby, because when I was that young I thought the Gilded Age was history.