Chamath Palihapitiya of Social Capital says that instead of supporting the wealthy and hedge funds, the US Federal Reserve it has to give more money to “every man, woman and child” in the country.
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The founder and CEO of the investment company Social Capital, Chamath Palihapitiya, claimed that the US Federal Reserve. (Fed) must refrain from financing billionaires and hedge funds (‘hedge fund’, in English) in the country and let them be “eliminated” in the middle of the pandemic. In that context, he indicated that financial support for most Americans is more important at this time.
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“It is a lie that was promoted by Wall Street. When a company fails, it does not fire its employees: it goes through bankruptcy packed” and the employees end up “owning the majority” of the company, Palihapitiya said during an interview with CNBC , issued this Thursday, adding that people who really “are eliminated“they are” speculators with unsecured debt tranches “and shareholders.
“They are the people who claim to be the most sophisticated investors in the world. They deserve to be cut, but employees are not cut, pensions are typically not cut,” he said.
According to Palihapitiya, the most vulnerable people during the crisis, caused by the coronavirus, are the ordinary americans. “People are eliminated and right now rich CEOs are not [son eliminados], the boards that have the most horrible direction do not [son eliminadas]hedge funds do not [son eliminados], but people do, “he stressed.
“This is happening to every American today and what we have done is disproportionately support and protect CEOs, companies and boards with poor results, “he reiterated and concluded that” it would be better for the Fed to give half a million [de dólares] to every man, woman and child “in America.
On April 9, the Fed announced its decision to earmark $ 2.3 trillion to business financing and some countries.
Meanwhile, the US Department of Labor reported the same day that about 6.6 million citizens filled out their unemployment claims last week. Although that number is less than that registered the previous week by around 261,000, while the total number of applications accepted in the last three weeks has already risen to 16 million.
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