So in 1935, you know who was the richest man in the world? Rockefeller. Who you know who number two was? Henry Ford II. You know what Henry Ford the second wanted to do? And retain charity. Let me tell you what he ends up regretting, okay? What he ends up regretting. Why I no longer believe in this whole concept of when I die, I'm gonna die with zero, leave it all for charity.

The dumbest idea in the world, after I read this to you, the dumbest idea in the world,

give to charity today if you trust a person that's running it.

Do not leave in your inheritance for a charity that is going to be anybody else that could be running it,

that things could change.

Look what happened to Henry Ford that he eventually resigned from the charity that he started himself. So it was in the home that Edsel

Ford was confronted with a greater challenge. In 1935, Roosevelt administration pushed through

tax reforms that demanded 70% of large inheritances. When his father died, Etzel realized the family would be forced to liquidate

their stock and lose control of the company, which bore their name. So Henry Ford, despite his

reputation as where he stood with charities, historian William Greenleave estimated that Elder Ford

donated $37.6 million to charity during his lifetime.

He built a world-class hospital in Detroit, as well as a Henry Ford Museum in Greenfield

Village in Dearborn, was one of the most important institutions dedicated to American

history in the hopes preserving at least a part of our history and tradition.

He did not believe that charity meant for more financial

donation but involved a living activity stating, I do not believe in giving folks things.

I do believe in giving them a chance to make things for themselves. So look how the story goes.

So Etzel seemed to have worked. Henry Ford II and control was the most powerful person in America.

They started donation. There were only two other foundation trustees, both men employed by the Ford Motor Company.

So they started charity. They're running it. There's only two other people part of the board, Tom.

And they're both working for who? Ford Motor Company. The chaos came slowly, then all at once. Henry Ford II was persuaded that he had a moral

responsibility to democratize control of the foundation, as was increasingly regarded as best practice

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