Billionaire Hedge Fund Manager Chokes Up At The Wealthy's Lack Of Contribution To This Country

[kpete]

Source: Crooks and Liars

I come from a fairly privileged family. I'm not talking Rockefeller wealth, but we did okay. Even with all the perks, one thing that was always drummed into me and the rest of my generation was the responsibility we had to give back for all that we had been given. Certainly, that teaching has informed my liberalism and I hope that I am passing down that same attitude to my children now.

Sadly, there are not enough people enjoying the good fortune of their lives who understand that life is not a zero-sum game and that helping others makes things better for all of us as well. But billionaire hedge fund manager Tom Steyer shares my feelings of obligation and actually teared up talking about the need to give back:

****** "You said that you would be willing to have your taxes higher. Many Americans, particularly those who are successful say, hang on, I did this work, this is a capitalist society, this is my just reward. You disagree with that notion," anchor Christiane Amanpour asked Steyer.

"I certainly do," he said.

"Because?" Amanpour asked.

"I think anyone who doesn't give credit to the system that they are born into is taking an awful lot onto themselves. I mean, I really think that people have sacrificed a lot more than a little tax money to make that system available for all of us. And I would be ashamed of myself if I didn't give some credit to them," Steyer said, choking up and pausing to regain his composure.

It's easy to take a cynical view of the weepy billionaire, but Steyer actually does put his money where his mouth is. A signatory to The Giving Pledge, Steyer has promised to donate half of his fortune to charity and has already given money to various philanthropic sources, including the successful defeat of Prop 23 here in California.

Read more: http://crooksandliars.com/nicole-belle/billionaire-hedge-fund-manager-chokes

[gateley]

1. A good person. I think it must be difficult to keep such a perspective

when you're in that stratosphere. I have the utmost respect and regard for people like him, Warren Buffett, and others of whom I'm not aware. :patriot:

[patrice]

2. Other people's "investments" + Your Work + Chance + network Favoritism.

[RandomThoughts]

3. I would need to know what 'system' he gives the credit to.

Without knowing his exact meaning of system, that could mean many things.

There are systems, and subsets of systems, and overlapping systems. So is he talking about Capitalism and corrections to Capitalism, all of existence, or some idea of just market economies, or some political and economic ideas.

By using system deserving credit, his definition of system must be different then mine. A better word then credit, would be joint responsibility for all the effects of the system he is speaking of.

[CrawlingChaos]

4. Cry me a river

As the article says, it's easy to take a cynical view of a weepy billionaire, and I do. This smells like part of some "Billionaire Hedge Fund Managers are People Too" campaign. I'm not won over by large charitable donations from people with oceans of ill-gotten wealth that just keeps growing. I'm more a believer in the Balzac quote, "behind every great fortune is a great crime". I'd rather these bastards show their true face, instead putting on a show like this for the hoi polloi. THEY are the problem, and I don't want their charity.

[wtmusic]

8. It was hedge funds that nearly caused a global financial collapse

not three years ago. They don't provide investment capital, liquidity, or anything of substance to "the system" - they make rich people richer. A truly upstanding citizen would donate his wealth to the Federal Reserve to pay for the bailout, and start over.

Not holding my breath.

[Skittles]

15. CORRECT

[AnArmyVeteran]

20. Tax those selfish bastards at 90% on ALL money over $250k. I'm sick of the deadbeat rich.

Billionaires who give away half of what they own aren't giving away anything. They dont give up a meal. They don't do without one thing. Until a Gates, a Soros, a Buffet or a Turner gives up everything and has to live on $12,000 a year they are not giving up one damned thing. Yeah, I'm glad they actually share some of their fortunes, but I would not consider it 'giving'. As a percentage of wealth most of us give far more than any rich person could even think about.

A millionaire basketball player made the front page of the Houston newspaper for giving $5,000 to a charity. That was like a damned tip at a restaurant to him. A real news story would be about a homeless person who gives up his last dollar so someone else could have a snack.

What a screwed up country we live in.

[xchrom]

5. Recommend

[Scruffy1]

6. So if a billionaire gives away half of his wealth

he still has 500 million plus the tax savings on his donation. If it were income that would be about 40% state and federal-so maybe only 700 million left. Just don't see how he can make ends meet.

[aquart]

16. I would really need to see the list of "charities."

[DeSwiss]

7. It's an inherited disability.

It's a disability which comes from a lack of exercise and/or use of those emotions that are necessary among persons living in social groups in order for them to survive. The only known permanent cure, is poverty.

- Or the guillotine.

http://www.sciencedaily.com/releases/2010/11/101122172008.htm">Upper-Class People Have Trouble Recognizing Others' Emotions


K&R

[howaboutme]

9. When I see a hedge fund manager

I'm highly cynical first and sympathetic last.

The hedge fund industry has contributed to the fall of the USA because it has destroyed jobs and wealth so that others of even greater wealth can profit. If he gives to charity what specifically are the charities? Like many, such as Bernie Madoff, their pet charities have little to do with the common good and are more about self interest. I need specifics before I'm going to offer by Kumbayas.

[L0oniX]

10. Freaky.

[sam sarrha]

11. top 1% holds 42% of financial wealth, 6 Times that of the bottom 80% who hold only 7%.....>>Link>>>

http://sociology.ucsc.edu/whorulesamerica/power/wealth....

top 1% holds 42% of financial wealth, 6 Times that of the bottom 80% who hold only 7% of financial wealth, so the top 20% holds 93%.. of all the Financial wealth of America..Buffet only pays 14% income tax, Gates pays what a family making $80,000 does. many pay nothing. and the Bu$h43 tax cut subdsides the tichest people in the world to an extra $4 TRILLION DOLLARS,every 10 years..1/2 THE DEBT ..and only benefits the top 2.5% richest not mom & pop.

http://feedingamerica.org/faces-of-hunger/hunger-101.as...
"...20% or more of the child population in 16 states and D.C. are living in food insecure households. The states of Arkansas (24.4 percent) and Texas (24.3 percent) have the highest rates of children in households without consistent access to food. (Cook, John, Child Food Insecurity in the United States: 2006-2008. iii..."

the Psychotic Obsessive Compulsive Hording of wealth in this country should be declared a threat to National Security.

all speculation on Strategic commodities, food, fuel, health care, etc should be forbidden.

all windfall profits in the stock market should be taxed, just like the under classes winning the lottery.. immediately and no deductions

[L0oniX]

12. Awww ...hey ...can you spare a few $100,000? I need health care.

[lovuian]

13. he makes a great point These Billionaires are not giving back

to AMERICA

and they better start or their maybe no America left

[Starckers]

14. taxes

They can always give what they want to the US treasury.  This
is bs on their part. They are trying to make themselves good
by bringing up this subject, but let them just write a ch
eck.  The do not.

[originalpckelly]

17. The fact that he had that much money sitting around in the first place, shows it's a broken system.

Oh, how fortunate we are, that one of our owners has decided to spend a little money on us little folks. He's giving half away, and what happens to the other half? Oooooh yeah, that's right, he's keeping that isn't he? Must be very nice.

[AngryAmish]

18. ya know, the Treasury Department accepts checks

Just send them one. jackass.

[madisongrace]

19. Every picture tells a story.....

[Swede]

21. Good for him.

Too bad there aren't more like him.

[1776Forever]

22. These billionaires will all hopefully wake up soon or be in a gated community like a prison for the

rest of their lives looking out at a heap of shabby tent cities! Is that what they really want? Seems to be so. Sad so very sad.........:argh: