j.r. leonard

And now one of the absolute deans of the doing-well-by-doing-good industrial complex -- a man who embodied the faith that the meek of the earth could be saved by private-equity barons -- has been indicted for rigging the opportunity structure against the disadvantaged.

When @SimonWSJ called me about TPG and Bono in January, I said: "What Bono is doing is legitimizing the idea that the best way to solve the world’s problems is in ways that don’t threaten the powerful, that allow them to stay on top, avoid paying taxes and give a little back."

This story brings it home. And more than the celebrities, for me it is Bill. Bill McGlashan, who epitomizes the modern fantasy that the rich people who rigged the modern world, who monopolized the American dream for themselves, are the solution to redressing our injustices.

What is alleged in this scheme is that someone who claimed to be working to change the system, change capitalism, empower others, help others "rise," was working downstream to lock others out of a slot they perhaps deserved but that would instead go to their kid.

And I know the Bill McGlashans of this world. I reported on them. I argue with them now. They email me. They DM me. And they explain that I don't get it. I'm too negative. They are solving real problems. I'm just writing about things. And here the mask slips, and we see.

Elite do-gooders like Bill McGlashan sometimes do real good. They help communities and even save lives. But so much of what they do follows one overpowering rule: They are willing to help in ways that allow them to stay on top and lock others out. This story must be remembered.

At a conference for @TheEconomist recently, I called for a moratorium on impact investing until finance unwinds its own complicity in the injustices it purportedly wants to help solve. I redouble that call now. This should be a signal moment for #ImpInv to reflect and regroup.