How to spend billions of dollars?
That is the welcome burden facing Roman Abramovich, Britain’s richest man and owner of the Chelsea football club, who yesterday essentially doubled his fortune – making $13.1 billion when he sold his share in Sibneft. The Financial Times asks its readers for suggestions on how he should spend this new bounty. As I write this, only one response so far, but it was nice to see that it was in favor of alleviating poverty - not buying up all of the Serie A and NBA as well. I think we know what Jeffrey Sachs would say. What would you do?
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Drugs! No, not illegal ones, but R&D. I think the Gates foundation has it right when they say that supporting the development of new drugs is key, and one of the few places where throwing money at a problem actually helps.
Posted by: Carl Hume | Sep 29, 2005 10:23:31 AM
What about pay off third world debt?
Or create free top-notch technical schools in developing countries? Abramovich Technical Institutes (ATI) has a nice ring. Im sure they would actually become profitable once the alumni money started flowing back.
Posted by: Felipe | Sep 29, 2005 10:28:54 AM
Paying off third world debt is not the way to help. In most countries underlying constraints and factors are causing the terrible growth performances - not debt overhang. That would only be a temporary fix.
Im partial to the idea of increased education and research - that or buying all of Formula 1 (and bring it back to what it once was).
Posted by: Vadim | Sep 29, 2005 11:49:53 AM
How about buy Man U and make sure that they drop out of the premiership? Ok, well if not that, then I'm partical to developing new energy technologies - cold fusion?
Posted by: Matt B. | Sep 29, 2005 2:08:54 PM