January 2012        

Fighting words from the 1 per cent!

The 1 per cent seem to have taken great offence at the bad publicity they have received recently and have begun to defend themselves as job-creators, wealth-creators, entrepreneurs, the successful, and the productive. Poor them!
     Wilbur Ross, a private-equity billionaire, said that entrepreneurship and capitalism didn’t cause the financial crisis, and that “tearing down the rich does not help those less well-off. If you favour employment, you need employers whose businesses are flourishing.”
     Robert Rosenkranz, CEO of Delphi Financial Group Inc. of Wilmington, Delaware, said: “It’s simply a fact that pretty much all the private-sector jobs in America are created by the decisions of ‘the 1 per cent’ to hire and invest. Since their confidence in the future more than any other factor will drive those decisions, it makes little sense to undermine their confidence by vilifying them.”
     Ken Langone, joint founder of Home Depot and chairman of the Langone Medical Center at New York University, said: “I am a fat cat. I’m not ashamed.”
     Jamie Dimon, CEO of J. P. Morgan (and the highest-paid chief executive), said: “Acting like everyone who’s been successful is bad and because you’re rich you’re bad—I don’t understand it. Sometimes there’s a bad apple, yet we denigrate the whole.”
     Amazing to think that without the 1 per cent creaming off billions in salaries and bonuses we wouldn’t be able to create any jobs or provide health care or education. One wonders how Cuba does it!

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