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At a press conference this afternoon, President George H. W. Bush singled out the Walton Family for their generosity to Katrina relief efforts:
I don’t think anyone would mind if I singled out the chairman and CEO of Wal-Mart, Lee Scott, who is right here. He told us that they gave the Bush-Clinton fund a total of $23 million…$15 million from the company and then $8 million more from the Walton family, the marvelous philanthropists that they are.
Let’s put that in perspective. The Walton family’s net worth is $90 billion. So $8 million dollars represents .009 percent of their total.
The average family’s net worth is $86,100. If an average family contributed at the same rate as the Waltons, they’d donate $7.74.
There are thousands of families all around country that are being far more generous to Katrina victims than the Waltons. Few of them will be personally thanked by a former President.
Filed under: Corporate Power
Posted by Judd September 5, 2005 2:20
[might have added that the $23 million was stolen from the undercompensated labor of many people, some of them victims of the hurricane because they could not afford automobiles or health care.]