Yeah, but he was amused later in the same episode...
George: Hey, check this out. I gotta give out Christmas presents to everyone down at Kruger, so I'm pulling a Whatley. (Gives a Christmas card to Jerry)
Jerry: (Reading it) "A donation has been made in your name to the Human Fund." - What is that?
George: (With pride) Made it up.
Jerry: (Continuing reading) "The Human Fund. Money for people."
George: What do you think?
Jerry: It has a certain understated stupidity.
But, later, he redeems himself. :-)
GEORGE: I think I could be a philanthropist. A kick ass philanthropist! I would have all this money, and people would love me. Then they would come to me... and beg! And if I felt like it, I would help them out. And then they would owe me big time! (Thinking to himself) ... First thing I'm gonna need is a driver...