Meet the Hedge Funders and Billionaires Who Pillage Under the Shield of Philanthropy


Naked Capitalism has the post Meet the Hedge Funders and Billionaires Who Pillage Under the Shield of Philanthropy by Lynn Parramore.

America’s parasitical oligarchs are masters of public relations. One of their favorite tactics is to masquerade as defenders of the common folk while neatly arranging things behind the scenes so that they can continue to plunder unimpeded. Perhaps nowhere is this sleight of hand displayed so artfully as it is at a particular high-profile charity with the nerve to bill itself as itself as “New York’s largest poverty-fighting organization.”

Yves Smith who posted this on Naked Capitalism warns that the article is a little shrill. Most of the commenters and I think it is not shrill enough.

I have always felt, without any explicit evidence to back it up, that society would be better off if the billionaires didn’t take the money in the first place before they gave it back in philanthropy. I had no measure of the extent to which I was correct. Recently, I have seen estimates that if the non-rich had advanced in the past 40 years at historical rates, they would be almost $11 Trillion dollars ahead of where they are today. I guess that figure fits nicely with the contention of this article.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.