VentureCapital CEO Dumbfounds CNBC Anchor- Saying Billionaires& Hedge Funds Don't Deserve a Bail Out

By Reed Richardson

Apr 9th, 2020, 8:01 pm

Former Facebook exec Chamath Palihapitiya dumbfounded a CNBC anchor on Thursday when he argued that billionaires, hedge funds, and mismanaged corporations, like airline companies, don’t deserve any federal bailout or stimulus money.

Speaking with Scott Wapner, host of the Fast Money Halftime Report, the Social Capital CEO unapologetically brushed off concerns for Wall Street’s financial giants, comparing their relative discomfort to the real economic pain being suffered by unemployed workers.

“Lastly, let me ask you one last question,” Wapner said. “I think we all agree that more money for Main Street is needed. Maybe not in spite of the money to all of these companies or whatever that make up the economy as well, that more money is needed everywhere, perhaps. Are you, you keep saying ‘propping up zombie companies.’ Are you arguing to let airlines fail?”

“Yes,” was Palihapitiya’s curt answer.

“Wh – Why?” a stunned Wapner said after a beat. “How does that make sense in the broader scheme of the economy?”

“When you look at, this is a lie that’s been purported by Wall Street. When a company fails, it does not fire employees it goes through a packaged bankruptcy . 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 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.”

https://www.mediaite.com/news/venture-capital-ceo-dumbfounds-cnbc-anchor-by-saying-billionaires-and-hedge-funds-dont-deserve-a-bailout-let-them-get-wiped-out/






Outstanding.