That’s what Chamath Palihapitiya, chief executive of venture-capital firm Social Capital LP, argued Thursday. “
Right now, rich CEOs are not, boards that have horrible governance are not.
Appearing Thursday on CNBC’s “Fast Money Halftime Report” Palihapitiya said the U.S. shouldn’t be bailing out billionaires and hedge funds when it’s the people on Main Street who are the ones actually getting hurt.
Palihapitiya’s argument, basically, is: Let those businesses fail, but without layoffs, and let the rich stakeholders absorb the pain.
“What we’ve done is disproportionately prop up poor-performing CEOs and boards, and you have to wash these people out,” he said.
The Fed on Thursday set up a new $2.3 trillion lending program to help prop up small and mid-sized businesses.
Later, Palihapitiya tweeted that Americans should also get their 2019 taxes refunded as a form of universal basic income. »
