Will slump bite Buffett lunch?

Warren Buffett is again raising money for charity by auctioning a chance to dine with him,though it remains to be seen if the global recession keeps the winning bid below last years record 2.11 million. The worlds second-richest person is auctioning lunch for a 10th straight year to benefit the Glide Foundation,a nonprofit organisation in San Franciscos Tenderloin district that offers housing,job training,health and child care,and meals for the poor.

Last year,Zhao Danyang,who runs Hong Kong-based Pureheart China Growth Investment Fund,had the winning bid,which was more than three times the previous record of 650,100. I would hope the same event is going to happen,but Im not sure its going to, the Reverend Cecil Williams,who founded Glide and leads its affiliated church,said in an interview. But it is a good time for people to engage in compassion.

Buffett in February said the economy was in a shambles. He is worth about 40 billion according to Forbes magazine,and built his fortune through his insurance and investment company Berkshire Hathaway Inc.

As in recent years,the auction winner and up to seven friends may dine with Buffett at the Smith amp; Wollensky steakhouse in New York. Buffett began donating lunches after his first wife Susan introduced him to Glide. Susan Buffett died in 2004. This years auction will be held on eBays website from June 21-26. The starting bid is 25,000. Previous auctions have raised more than 4 million.

This years auction comes as tough times strain Glides resources,with the number of people seeking help up 20 per cent and staffing down 10 per cent,Williams said.