Social Capital CEO: "Let the Billionaires Get Wiped Out!"

Aries

Administrator
Millions of working class Americans have been economically wiped out. They can’t pay their rent or mortgage and don’t know how they will put food on the table. But according to Social Capital CEO, Chamath Palihapitiya:

On Main Street today people are getting wiped out. And right now rich CEO’s are not, boards that had horrible governance are not, hedge funds are not
Palihapitiya advocates for a policy to let big businesses fail, without layoffs, and let the rich stakeholders and speculators absorb the pain. These “sophisticated” investors took on the risk and should now take the loss.

The Fed is funneling $Trillions to protect the irresponsible, over-leveraged toxic investments of billionaires and throwing crumbs to workers and small business. When a small business can’t pay the rent. It’s over. The business is closed and the workers lose their jobs. More than half of Americans work for small businesses. When a mega-corporation goes bankrupt, it does not shut down, workers do not immediately lose their jobs, it goes through a bankruptcy process.
This is a lie that's been propagated by Wall Street. When a company fails, it does not fire its employees...it goes through a packaged bankruptcy...if anything, what happens is the employees end up owning more of the company. The people who get wiped out are the people who own the unsecured debt and the equity...but the employees don't get wiped out and the pensions don't get wiped out.
And if a bunch of hedge funds get wiped out - what's the big deal? Let them fail. So they don't get the summer in the Hamptons - who cares.

 
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