The Wall Street Journal’s editorial page today defended venture capitalist Tom Perkins’ Jan. 24 rant about the “progressive war on the American one percent.
The co-founder of high-tech venture capital outfit San Francisco’s Kleiner Perkins Caufield Byers complained in his letter to the WSJ editors about his hometown paper’s “demonization of the rich” and a “rising tide of hatred of the successful one percent.”
Poor sensitive Tom just wants to be loved.
Unfortunately, Perkins likened his perceived “dangerous drift in our American thinking” to a progressive version of Nazi Germany’s “Kristallnacht, which kicked off Hitler’s war on the Jews.
“Kristallnacht was unthinkable in 1930; is its descendant ‘progressive’ radicalism unthinkable now,” wrote the very overheated venture capitalist, who also defended SF’s sky high real estate market that squeezes the young and middle class.
The WSJ excused Perkins’ Nazi comparison as “unfortunate, albeit provocative.” To its credit, KPCB disavowed Perkins’ blast. It tweeted: that “Tom Perkins has not been involved in KPCB in years. We were shocked by his views expressed today in the WSJ and do not agree.” Kudos.
Another whiner, Sergio Ermotti CEO of banking giant UBS, wants critics to knock off their bank bashing. “Life is hard enough, and I think this constant lecturing on ethics and on integrity is probably the most frustrating part of the equation. Because I don’t think there are many people who are perfect,” he told fellow one percenters in Davos.
Super-sensitive Ermotti spoke following news that JP Morgan Chase chief Jamie Diamond received a 74 percent raise last year to $20M. The unconscionable hike covers a year in which JPMC reported its first quarterly loss in nine years and shelled out more than $20B in fines.
That lack of accountability of JPMC’s compensation committee in showering money on Dimon is exactly what bank bashers bristle about.
Executive heads should roll rather than get patted.