Social Capital CEO says the Fed should pay every American more, let hedge funds and billionaires ‘get wiped out,’

‘What we’ve done is disproportionately prop up poor-performing CEOs and boards,’ Chamath Palihapitiya tells CNBC

Is the Fed’s massive coronavirus stimulus package helping the ultra-rich at the expense of ordinary American workers? That’s what Chamath Palihapitiya, chief executive of venture-capital firm Social Capital LP, argued Thursday.

“On Main Street today, people are getting wiped out. Right now, rich CEOs are not, boards that have horrible governance are not. People are.”

— Chamath Palihapitiya

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.



Article submitted by, ScottInManhattan.