In late 2015 Mark Zuckerberg, founder of Facebook, launched a plan to give away most of his $45 billion fortune. Along with his wife Priscilla Chan, he announced the creation of a philanthropic organization known as the \u201cChan-Zuckerberg Initiative.\u201d This \u201cInitiative\u201d defies conventional labels. At one level it\u2019s similar to a traditional non-profit organization. It can deliver social services, participate in public policy debates, and partner with other non-profits. It\u2019s also like a traditional philanthropic foundation, with plans for grant-making in areas like education reform in the US and clean water in developing countries.<\/p>\n
But the Initiative is also decidedly non-traditional. It\u2019s organized as a for-profit limited liability corporation. That means when it wants to, it can do many things non-profits and governments can\u2019t. It can invest money in other for-profit entities. It can fund election campaigns. It can manage and invest money on behalf of other non-profit and for-profit organizations. So the important question around Chan-Zuckerberg is not what will it do, but rather, what won\u2019t it do? With $45 billion at its disposal, and few if any limits on how to spend it, the possibilities are endless. Some are calling this \u201cphilanthro-capitalism.\u201d Chan-Zuckerberg is the largest and most visible recent example. But there are many others. If you\u2019ve ever bought a sweater at Patagonia, worn a pair of TOMS shoes, or used a shot of insulin from by Novo Nordisk, you\u2019ve participated in philanthro-capitalism. These are all for-profit companies with a social purpose hard-wired into their mission. This also works from the other direction. Strange as it sounds, IKEA \u2013 whose founder Ingvar Kamprad was once the wealthiest person in the world \u2013 is controlled by a charitable family foundation.<\/p>\n
Maybe you didn\u2019t think public finance has anything to do with cat videos, Fair Trade Certified\u2122 fleece vests, or the FJ\u00c4LKINGE shelving unit. Turns out it does.<\/p>\n
Philanthro-capitalism brings the glamour and prestige of big business to the decidedly un-glamorous work of feeding the hungry, housing the homeless, and the other essential efforts of governments and non-profits. That\u2019s important. But even more important, it\u2019s forced us to re-think what it means to manage \u201cpublic\u201d money.<\/p>\n
Showtime\u2019s hit show \u201cBillions\u201d is the story of a hedge fund that operates in the shadowy underworld of finance. That fund \u2013 known as Axe Capital, for its founder Bobby Axelrod \u2013 will do anything to turn a profit. It\u2019s traders buy and sell stocks on inside information, bribe regulators, and spread market-moving rumors, among many other nefarious tactics.<\/p>\n
Season 2 features a compelling storyline ripped from the proverbial public finance headlines. Axe learns through a back-channel that the Town of Sandicot, a long-struggling upstate New York community on the verge of bankruptcy, is about to be awarded a state license to open a new casino.<\/p>\n","protected":false},"excerpt":{"rendered":"