This guy really proves that there are no good billionaires thing. Being good stopped him from staying a billionaire. Anyone who hoards wealth while others suffer from impoverishment and starvation is evil.
Yep. Those billions are made on the backs of suppressed wages and benefits, more employee productivity with less flexibility, enshittification, etc. It’s “earned” by squeezing it out of others.
I guess he understood that, felt guilty, and wanted to give it “back” to clear his conscience. That’s my personal take. I really want to believe there are good people with power and/or money.
Ok… but then we are beholden to where they choose to dispense their largesse. Great, the billionaires have a few pet projects they direct their philanthropy to, and it does help those recipients specifically.
But how about the lifetime earnings of the employees who saw their benefits packages shrink, their medical copays and premiums climb? Maybe that was enough to force their kids into crippling college loans instead of the parents having enough extra to help wirh 529s or just smaller more manageable loans? How about the customers who got inferior products or services that support, returns, or exchanges were obfuscated by deliberately ineffective phone menus or website resources that were designed to make people give up instead of receiving what they deserve? How about the billonaire’s pursuit of anti-tax laws to further line their pockets at the expense of government services? All of these things happen directly by command of the wealthy or by those riding on the coattails of those decisions as major investors or board of directors. All of them in service to the bottom line, and that bottom line is increased at your and my expense.
They may be good people. But you do not become a billionaire with clean hands.
I’m going to admit to being too tired to read that big middle paragraph, but that last short quip I support fully. I suppose that’s all I was trying to say. Even good people succumb to greed sometimes. For some it’s a disease. Kind of like what gambling does to the brain, but with success instead of loss. And I support someone who 1) has a conscience, and 2) actively tries to clear it. ❤️
But I don’t try to neglect those who have been negatively impacted along the way. That’s definitely a valid point. And an important point.
Money is power. Power corrupts. No exceptions. They get into the situation because they can no longer identify and understand their fellow man. There are no good billionaires. There aren’t any any good millionaires. And we should all do them a favor. And never allow them to achieve that status of hoarding.
co-founder of Duty Free Shoppers Group, the travel retailer of luxury products based in Hong Kong
Sort of squeezing second-hand. But you have to know his primary client pool is the business elites passing through international airports and taking advantage of a legalized form of tax evasion while exploiting the working class in sweat-shops on the mainland/surrounding Pacific islands.
A bit like becoming a billionaire by selling yachts or luxury hotels or cocaine. Even if you can argue you didn’t abuse your staff to make your mint (spoilers: you absolutely did), you know all your biggest customers did.
Technically, you’d have to declare what you are importing into the country where you live and pay tax at customs on import. It is kinda logical you dont pay VAT as a visitor since you dont live there and wouldnt benefit from the taxes you paid. Going further, I remember tax exempt cards in the 80’s you could use and show your id in stores and not pay VAT. Online versions of this exist today, I buy something from the UK and ship it to EU, I can request they not charge VAT as Im going to pay it on import.
This guy really proves that there are no good billionaires thing. Being good stopped him from staying a billionaire. Anyone who hoards wealth while others suffer from impoverishment and starvation is evil.
Yep. Those billions are made on the backs of suppressed wages and benefits, more employee productivity with less flexibility, enshittification, etc. It’s “earned” by squeezing it out of others.
I guess he understood that, felt guilty, and wanted to give it “back” to clear his conscience. That’s my personal take. I really want to believe there are good people with power and/or money.
Ok… but then we are beholden to where they choose to dispense their largesse. Great, the billionaires have a few pet projects they direct their philanthropy to, and it does help those recipients specifically.
But how about the lifetime earnings of the employees who saw their benefits packages shrink, their medical copays and premiums climb? Maybe that was enough to force their kids into crippling college loans instead of the parents having enough extra to help wirh 529s or just smaller more manageable loans? How about the customers who got inferior products or services that support, returns, or exchanges were obfuscated by deliberately ineffective phone menus or website resources that were designed to make people give up instead of receiving what they deserve? How about the billonaire’s pursuit of anti-tax laws to further line their pockets at the expense of government services? All of these things happen directly by command of the wealthy or by those riding on the coattails of those decisions as major investors or board of directors. All of them in service to the bottom line, and that bottom line is increased at your and my expense.
They may be good people. But you do not become a billionaire with clean hands.
I’m going to admit to being too tired to read that big middle paragraph, but that last short quip I support fully. I suppose that’s all I was trying to say. Even good people succumb to greed sometimes. For some it’s a disease. Kind of like what gambling does to the brain, but with success instead of loss. And I support someone who 1) has a conscience, and 2) actively tries to clear it. ❤️
But I don’t try to neglect those who have been negatively impacted along the way. That’s definitely a valid point. And an important point.
Money is power. Power corrupts. No exceptions. They get into the situation because they can no longer identify and understand their fellow man. There are no good billionaires. There aren’t any any good millionaires. And we should all do them a favor. And never allow them to achieve that status of hoarding.
That’s probably the unfortunate truth, yes.
Sort of squeezing second-hand. But you have to know his primary client pool is the business elites passing through international airports and taking advantage of a legalized form of tax evasion while exploiting the working class in sweat-shops on the mainland/surrounding Pacific islands.
A bit like becoming a billionaire by selling yachts or luxury hotels or cocaine. Even if you can argue you didn’t abuse your staff to make your mint (spoilers: you absolutely did), you know all your biggest customers did.
Technically, you’d have to declare what you are importing into the country where you live and pay tax at customs on import. It is kinda logical you dont pay VAT as a visitor since you dont live there and wouldnt benefit from the taxes you paid. Going further, I remember tax exempt cards in the 80’s you could use and show your id in stores and not pay VAT. Online versions of this exist today, I buy something from the UK and ship it to EU, I can request they not charge VAT as Im going to pay it on import.
So basically, no good billionaires but maybe good former-billionaires?
Except at some point he would have been between the two - an active billionaire giving away his wealth - and presumably still a good person.