Yahoo Finance reported:
Billionaire investor Charlie Munger on Wednesday acknowledged worldwide "tension" over wealth inequality but said critics of the ultra-rich are "motivated by envy."
"It is the nature of our species that we look around us at other people and are envious of them if they have more than we do," added Munger, the vice chairman of Berkshire Hathaway (BRK-A, BRK-B). "That envy has always been a big problem."
Insulting people with no voice in relation to policy making billionaires has a Marie Antionette feel. Exchanging the sin of greed for the projection of envy may be a way to rationalize that which is abjectly offensive. How much money does one need, Mr. Munger?
PEUReport has long criticized preferred "carried interest" taxation as a fairness issue. Private equity founders rode leverage, fees and tax breaks to achieve billionaire status, like Charlie Munger.
Workers experienced the crappy hand of PEU sponsorship. Renters found PEU landlords to be less concerned about maintenance and quick to raise rent. Patients received lesser care and surprise medical bills. Voters realized their opinions had zero impact on major issues.
An insult from Charlie Munger is icing on that Marie Antionette cake. Questions of fairness and basic humanity remain unanswered by the Munger class.
Update: Charlie's been hard-hearted for some time. In 2010 Munger, the billionaire vice chairman of Berkshire Hathaway Inc., defended the U.S. rescue of financial companies in 2008 and told students that people in economic distress should "suck it in and cope."
