Again and again, people ask me: What’s the problem with ultra-rich people getting involved, doing good? The problem is they are so often incapable of merely getting involved. Having run their businesses, they insist on running social change.
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Never get in a car with a philanthrocapitalist like Paul Tudor Jones, because they don’t know how to stay in their lane. Having done well at hedge funds, exacerbating the inequality he claims to deplore, he now swerves confidently into knowing how social change should be run.
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When the winners of our age take over change, they change change. They defang change. We cannot get real change when it is led by those with the most to lose from change.
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Let me put it in a way Paul, who once reached out to me seeking a public dialogue and then withdrew after he heard my ideas, may understand: “If we’re going to have a better hedge fund industry, it’s going to be led by anesthesiologists.” That is how arbitrary your plan sounds.
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There is an UGLY US history of philanthropists trying to DESTROY black-run educational institutions starting in the 1880s (after Reconstruction in the US South). Google "General Education Board." (James D. Anderson, The Education of Blacks in the South, 1865-1935).
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These guys, esp. those who got rich managing other people's $, should take a cue from their own world when it comes to financing social good. Select your causes (funds/programs), then let experts handle the $ and how it is spent.
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Maybe if foundations/local gov start calling themselves "Social Change Brokerages" this will make sense to them?
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He's onto something. Like fair taxation of socially-produced wealth.
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We call Paul Tudor Jones "Robin Hood in reverse"http://hedgeclippers.org/paul-tudor-jones/ …
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Some other guy, whose name escapes me, said something about "I alone can fix it." I don't think it turned out well.
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What are they waiting for then? Dummies.
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Exactly. But the question is How much of your wealth have you applied to that change? We have to assume that you have put your money where your mouth is so, please enlighten us.
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@Benioff pretty much says a very similar thing as Tudor. Maybe someone could clarify Marc’s position, vis a vis how best to help the poor and underserved?https://twitter.com/benioff/status/1058218823004827648?s=21 … -
Marc has engaged in philanthropy but he's also not resistant to taxation in order to help the community. See below an example of someone with absolute resistance to helping the community via taxation -- he calls it "coercion" -- meanwhile the average American pays 25%+.pic.twitter.com/nzyLZNmoc9
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Didn’t Trump come out of that sector?
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He came out of the mob sector.
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So you're saying it's impossible for the private sector to be a significant player in all social change?
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I believe his stance is that it’s wrong for those super wealthy philanthropists to amass that much wealth to begin with.
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But the quote is about the private sector overall, hence the question.
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Yes. Your question is totally valid. I just happened to remember his core argument I read in his NYT opinion.
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