PIMCO Founder Pledges to Donate Fortune Before Death

Philanthropists Bill Gross, the founder of Newport Beach-based PIMCO, and his wife, Sue, vowed this week to give away all of their money before they die, Bloomberg.com reported.

The Laguna Beach couple told CNBC they were asked to donate at least half of their nearly $2 billion fortune to charity by billionaire Carl Icahn, but instead they've decided to give it all away. Gross said the pledge to donate their fortune to charity follows the sentiment of steel magnate and philanthropist Andrew Carnegie who, according to Bloomberg, called it "a disgrace for a wealthy person to die with money."

The Grosses are already well-known in the community for their various donations to educational and health-related causes including their recent $2 million donation to the Hoag Hospital Foundation in the area of breast cancer and a $100,000 donation to the Special Olympics Southern California.

In his monthly PIMCO investment outlook report posted on PIMCO's website, Gross also said the 1% of privileged Americans who have "reaped the benefits of favorable tax treatment should be willing to pay a greater share to bolster the prospects of the working class."

PIMCO was founded in 1971 and is recognized as one of the largest money management firms in the world.

To read the full investment outlook written by Bill Gross, visit pimco.com/EN/Insights/Pages/Scrooge-McDucks.aspx.

Read the full story on Bloomberg.

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