"Who Cares? Let 'Em Get Wiped Out": Stunning CNBC Anchor, Venture Capitalist Says Let Hedge Funds Fail and Save Main Street

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    • #301973
      eridani
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      • Total Posts: 5,764

      https://www.commondreams.org/news/2020/04/10/who-cares-let-em-get-wiped-out-stunning-cnbc-anchor-venture-capitalist-says-let

      Venture capitalist Chamath Palihapitiya stunned CNBC anchor Scott Wapner and generated widespread applause on social media by declaring in a television interview Thursday that the U.S. government should let hedge funds and billionaire CEOs “get wiped out” by the coronavirus-induced economic collapse and instead focus its attention on rescuing Main Street.

      When Wapner, seemingly incredulous at what he was hearing, asked Palihapitiya why he would support the collapse of large companies, the Social Capital CEO said “this is a lie that’s been purported by Wall Street.”

      “When a company fails, it does not fire their employees, it goes through a packaged bankruptcy,” said Palihapitiya. “If anything what happens is the people who have the pensions inside the companies, the employees of these companies, end up owning more of the company. The people that get wiped out are the speculators that own the unsecured tranches of debt or the folks that own the equity. And by the way, those are the rules of the game. That’s right. These are the people that purport to be the most sophisticated investors in the world. They deserve to get wiped out.”

      “Just be clear, like, who are we talking about?” said Palihapitiya, himself a billionaire. “A hedge fund that serves a bunch of billionaire family offices? Who cares? Let ’em get wiped out. Who cares? They don’t get to summer in the Hamptons? Who cares!”

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

    • #301988
      The Red Menace
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      • Total Posts: 1,080

      And worse comes to worse, there’s always the fact that wall street is the PRODUCT of main street. if Wall Street collapses… Oh well, it’ll come back. The reverse is not true.

    • #302116
      Red Cloud
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      • Total Posts: 1,405

      known as Wall Street. Replace with pensions for working people.

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