Google Founders Start For-Profit Philanthropy with a mandate to fight poverty, disease and global warming.

Google’s big philanthropic experiment lies in the part of http://www.Google.org where the majority of the funding now resides. This part of Google.org will be fully taxable, with the ability to invest in a full spectrum of programs and companies.

The ambitious founders of Google (Nasdaq: GOOG) Latest News about Google, the popular search engine company, have set up a philanthropy, giving it seed money of about US$1 billion and a mandate to fight poverty, disease and global warming.

But unlike most charities, this one will be for-profit, allowing it to finance start-up companies, form partnerships with venture capitalists and even lobby Congress. It will also pay taxes.

One of its maiden projects is bound to get attention. According to people briefed on the program, the organization, called Google.org, is aiming to develop an extremely fuel efficient, plug-in hybrid car engine that runs on ethanol, electricity and gasoline.

By Katie Hafner
The New York Times

Full Story: http://www.technewsworld.com/rsstory/53038.html