Tuesday, 29 July 2014

Bid for lunch with Warren Buffett? $2.16 million

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In the world of charity auctions, Michael Corbat is no Warren Buffett.
Mr. Corbat, the chief executive of Citigroup Inc.C -0.56%, was kind enough to give up an evening of his time to go to dinner with the winner of a charity auction that raised money for  BYkids, a nonprofit that teaches young people how to make documentaries.
After 22 bids on the website Charitybuzz, and some frantic action in the last few minutes, the auction just concluded with a winning bid of $26,000. The winning bidder had a username of “metsgod.”
It’s an amount that will certainly come in handy for BYkids, and wouldn’t have been possible without Mr. Corbat’s generosity. But we can’t help but compare the result to some other recent charity auctions with prominent business leaders.
This spring, Charitybuzz auctioned off dinner with Wells Fargo & Co. CEO John Stumpf. It sold for $28,500. The chance to lunch with former Treasury Secretary Tim Geithner went for $50,000, and a meal with former Federal Reserve chairman Ben Bernanke went for $70,500.
But those are all downright bargain-basement prices compared to the cost of dining with Mr. Buffett, the chairman of Berkshire Hathaway Inc.BRKB -0.79% Mr. Buffett has long auctioned off lunch as a way to raise money for the Glide Foundation, a San Francisco charity that offers food, clothing, shelter and health care to the needy. This year’s winning bid was for more than $2.16 million.
But Mr. Corbat should take heart. Compared to some of the other auctions currently running on Charitybuzz, he’s still a member of the 1%.
Also on the auction block this week is a change to glad-hand with Don Rickles backstage in Las Vegas (current bid: $1,721), chat with psychic medium to the stars June De Young for an hour ($1,055) and meet pop singer Robin Thicke of “Blurred Lines” fame ($550).
A representative for Charitybuzz  said the winner wanted to remain anonymous. But whoever it is, the website promises, they’ll get a chance to chow down with Mr. Corbat and talk about a few of his favorite topics: banking (even if his own is wrestling a lot of demons), the economy, fly fishing and skiing. His wife, Donna Corbat, will even join if the lucky winner wants to bring a partner.
Drink and tip are included. But Mr. Corbat gets to pick the restaurant.

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