Is “summer in the Hamptons” for a certain segment of the population a “critical function of our economy” that requires a federal bailout with taxpayer dollars? You decide. Chamath Palihapitiya, founder and CEO of investment firm Social Capital, has an opinion.
CNBC: Chamath Palihapitiya: US shouldn’t bail out hedge funds, billionaires during coronavirus pandemic
“On Main Street today, people are getting wiped out. Right now, rich CEOs are not, boards that have horrible governance are not. People are,” Palihapitiya, an early Facebook executive, said on CNBC’s “Fast Money Halftime Report.”
“What we’ve done is disproportionately prop up poor-performing CEOs and boards, and you have to wash these people out.”
“Just to be clear on who we are talking about. We’re talking about a hedge fund that serves a bunch of billionaire family offices, who cares? They don’t get the summer in the Hamptons?” he said. “These are the people that purport to be the most sophisticated investors in the world.”