Chamath Palihapitiya: US needs to let hedge funds, billionaires fail during coronavirus pandemic
"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." Palihapitiya also said he was concerned that the Federal Reserve's plans to support to economy duringThe Fed earlier in the day announced a slew of new moves aimed at getting anotherinto businesses and governments, including its Main Street business lending program and market interventions. The Fed said its loans will be geared toward businesses with up to 10,000 employees and less than $2.5 billion in revenues for 2019. Programs would total up to $2.
The new measures add to an already aggressive strategy by the Fed to keep markets functioning and support the economy, which has been hit by public health measures aimed at slowing the coronavirus spread.
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