A Few Moments With Ted Turner

Added: 2026-05-12

[00:00:00]How much money does anyone need when you have this much? Shouldn't you give some of it away?

[00:00:06]>> Vanderbilt gave 1% of his money away.

[00:00:09]That's how Vanderbilt University got started. But 1% is pretty cheap. Ted Turner calls it appalling.

[00:00:16]>> I never even I thought all rich people gave lots of money away cuz when I saw u a Christmas Carol, I just assumed that everybody with a lot of money gave it away because they didn't want to be a Scrooge. That's why like like Warren Buffett, he's a wonderful guy and he's going to give all his money away when he dies, but he could live another 20 or 30 years. He should give some away now because he's already worth 18 or 20 billion. You'd have to say that he falls into the Ebene or Scrooge category.

[00:00:43]>> He just called him a good guy.

[00:00:44]>> He is a good guy, but he said give a little more away now. That's all in my opinion. That's one man. Shortly after we did this interview, Turner stood up at a UN function and announced that he'd >> donate a billion dollars to the UN causes, myself, and announce it tonight.

[00:01:01]>> The press cheered. Finally, a tycoon gives something back. Turner now says we should shame other rich people into giving more.

[00:01:09]>> What he said is patently stupid. Okay.

[00:01:12]>> Turner doesn't get it, says T.J. Rogers.

[00:01:14]>> What he should do is take his money and invest it. And he can't help people any other better way than to invest it and to have the companies and buildings and plants that are created with his investment create jobs and wealth and products for other people. So running around giving his money away is a way to maybe make himself feel good, but it sure as hell isn't a good way to help people. Whoa, it's not. Clearly, we need charity to help those who cannot work or feed themselves. And if Turner's UN gift does that or helps clear away landmines from fields where kids play, then the money will help people. But of course, there's no guarantee of that. UN charities are famous for squandering money in their own bureaucracy. Why do we think that giving away money is better than making money? Giving away money is a lot easier than building a new business or a new industry where you've created something that didn't exist before. I have a lot more respect for Ted Turner for building CNN at a time when no one thought it was possible than I have for any possible good he could do as a philanthropist.

[00:02:16]>> It's kinder to give money away.

[00:02:18]>> Is it kinder to give money away than to create something that enriches all of us to create new jobs? If you create a job, you are giving someone the means to support himself. If you give money away, you're not helping him to be self-supporting.

[00:02:34]>> Good morning, Mr. Milin.

[00:02:36]>> Just how far can we take this argument?

[00:02:38]Let's consider the greedy junk bond king Michael Milin and Mother Teresa. Milin made himself a fortune and went to jail for breaking securities laws. Who did more for the world? Michael Milin or Mother Teresa?

[00:02:53]>> Michael Milin. No question. Milin far surpassed the benefits that she provided. That's a surprising claim, but it is true that Milin, by pioneering a new way for companies to raise money, helped create tens of thousands of jobs.

[00:03:08]Mattel, the toy maker, was rescued by Milin's junk bonds. Now it's the world's biggest toy company. TWWA, Revlon, and many other companies were saved by Milin's junk. Millions of people now make cheaper phone calls because Milin funded the phone company MCI and his bonds made CNN and Turner's companies possible. We're all much much better off as a result of what he did. Now, people look at the two and they say that's absurd. Mother Teresa was a moral hero and he was a criminal because they're looking at motives. Michael Milin didn't suffer. He didn't go into the slums. She went into the slums and she suffered.

[00:03:47]But I say, "What's so good about suffering?"

[00:03:51]I look at the value that people created.

[00:03:53]And on that scale, I have no trouble.

[00:03:54]Michael Milin, >> I have trouble saying Milin did more.

[00:03:58]Mother Teresa's deeds live on after her death. 4,000 sisters now continue what she began. And of course, charity work just feels more noble than making money.

[00:04:09]>> The plan is to make it $100 million a year for 10 years. The highest thing you can do is to help others.

[00:04:18]>> Why is giving your money away better than creating all these jobs?

[00:04:21]>> I didn't say it was. They're both good.

[00:04:23]No, I didn't.

[00:04:24]>> But creating jobs important. Why not do both?

[00:04:26]>> Because, says David Kelly, people like him and Bill Gates are so good at creating jobs. And that's the best gift.

[00:04:34]>> Working with someone where you're both pursuing your self-interest treats people with a kind of respect, a higher degree of respect.

[00:04:44]than treating the person just as a hungry mouth that needs to be fed.

[00:04:47]>> If Bill Gates says, "Look, I'm good at making money. I serve people."

[00:04:51]>> Ridiculous. I mean, you know, >> I tried to argue this with Ted Turner, but he wasn't buying it. Am I wrong in thinking that I'm happy if Bill Gates gives nothing to charity?

[00:05:00]>> But wouldn't you be happier if he did?

[00:05:02]What are you hearing on me about? You're just another This is why people don't like newsmen. I'm a newsman, too. I know your dirty tricks. All right.

[00:05:10]>> There's nothing more to say. Goodbye.

[00:05:12]I'm walking off the set.

[00:05:14]>> Whoops. Maybe I went too far. We'll return in a moment with some final thoughts.

[00:05:24]>> Greed isn't a nice thing. Unrestrained greed would mean theft, fighting, taking by force. But as long as theft is illegal, as long as we have to trade with each other to get what we want, greed is a productive force. So the next time someone tells you you're greedy, remind them that greed helped build civilization. Is that so bad? I'm John Staceel. That's our program for tonight.

[00:05:49]Thanks for watching.