Tuesday, April 4, 2023

Rubenstein Offers SBF's "Effective Altruism" at Harvard

Carlyle Group co-founder David Rubenstein promoted his "patriotic philanthropy" at a recent Harvard University event.  Rubenstein's patriotic philanthropy is similar to FTX CEO Sam Bankman-Fried's "effective altruism."

Rubenstein hosted peer SBF on his Bloomberg program a few months prior to FTX's fraud driven financial implosion.  Both suggest greed is good as long as you give a small amount of it away.  He told the audience.

“Public service is a great way to give back to your country..."

Public service to Rubenstein does not include paying his fair share of taxes.  The Carlyle founder spent considerable time and energy over the years convincing elected officials to not remove private equity's preferred taxation.  One might expect the Harvard Institute of Politics to point this fact out.  Nope.

Private equity underwriters (PEU) have some of the lowest tax rates while amassing billions in wealth.

Politicians Red and Blue love PEU and increasingly, more are one.

Update 9-19-23:  FTX's insider money funnel included SBF's parents.