We want to leave our kids a different kind of inheritance, an example of at least trying to lead a worthy life.
AMANPOUR: how are you going about getting people like Tom and others to join the giving pledge.....
M GATES: Many times they're already doing a lot of giving on their own
STEYER: The invitation to me was a phone call from Warren Buffett. If he thinks it's a good idea, I start with the assumption it is a good idea.
B GATES : So we do hope to get more to join in. We think the more the better. In some ways I'll all raise our sights. We all may start a little younger. We all may be a little bolder. We'll find ways to collaborate together.
STEYER, DRIVES A 2005 HYBRID HONDA AND FLIES COMMERCIAL BUT THIS EVERYMAN RUNS A HEDGE FUND WORTH $20 BILLION. HE AND HIS WIFE KAT HAVE PLEDGED TO GIVE AWAY MOST OF IT, INVESTING IT BACK INTO THEIR CALIFORNIA COMMUNITY.
STEYER: the big new thing that I believe is staring us in the face is sustainable energy. You know, so I'm a huge believer that the thing that America can do, that America can focus on is creating new ways of both generating and using energy.
AMANPOUR: Why is America not taking that big chance?
STEYER: I think that we're in the very early innings. I would like to do it a lot sooner because I think it's just an enormous part of our economy, it's an enormous part of the world economy, and it's something where we can really lead and build some amazing sustainable businesses with a lot of employment.
AMANPOUR: what is it that makes a master of the universe such as yourself want to give away most of your fortune?
STEYER: Well, of course, that question implies that either I am or I believe myself to be a master of the universe...
(CROSS TALK) "immediately dispel"
STEYER: I try and take a lot of pride in being part of my community. And I think that it has nothing, in my opinion, to do with being a master of the universe, but it does have a great deal to do with wanting to be a good citizen and a good community member.
AMANPOUR: People are told to work hard, to amass as much wealth. This is a very materialistic world, particularly here in the United States. So to hear that it's not hard to get rid of it all is interesting.
STEYER: I guess it depends what you derive your fun and value out of. I mean, I think it's really fun to do stuff. And so if we're fortunate enough to be able to do more stuff…as a result of this
AMANPOUR: What stuff?
STEYER: You know, honestly, one of the things we did was we started a community bank. And, you know, to have a bank, you have to have a bunch of money to get it going. But we felt that a community bank that put money back into the community where people could get loans that they otherwise couldn't get, both businesses, individuals, non-profits, would be something that would make that community a lot better place to live, and at the same time we'd have a very rigorous way of measuring whether we were doing a good job.
01: 07 55 AMANPOUR: So it's not charity per se.
STEYER: I think of it as participation. I mean, that is structured in a way so that my wife and I could never make any money, than money went into the bank, and it can never come back. If the bank makes money, all it means is we can make more loans.