Billionaire Apologizes For Wealth Accumulated ‘At Expense Of Workers’

It has been mentioned before here at the Liberal Conservative that this guy loves Pope Francis. The man is a self-aware, loving, kind, open-hearted, open-minded gentleman. In other words, he’s a stand out among a collection of bitter, angry, greedy, and selfish people.

Much like 69-year-old California billionaire, William Gross.

Gross is a certifiable billionaire who owns Pacific Investment Management Company (PIMCO) and he’s calling for tax reform. In fact, he has outright called out those in the upper one percent who complain about taxes ‘Scrooge McDucks’. Not just that, but he has openly discussed feeling guilty for making his fortune at the ‘expense of (labor)’.

And I love him.

It isn’t often one comes across a rich man – an exceptionally rich man – who is so conscious and aware of those who helped him get where he is.

Said Mr. Gross in his blog:

Having gotten rich at the expense of labor, the guilt sets in and I begin to feel sorry for the less well-off…

He continues a few sentences later:

…I would ask the Scrooge McDucks of the world who so vehemently criticize what they consider to be counterproductive, even crippling taxation of the wealthy in the midst of historically high corporate profits and personal income, to consider this: Instead of approaching the tax reform argument from the standpoint of what an enormous percentage of the overall income taxes the top 1% pay, consider how much of the national income you’ve been privileged to make.

Those in the upper one percent have to realize that it isn’t their success that the rest of us have an issue with. They’re successful and that’s great! The issue is that they are so successful that they have more than they could ever need for the rest of their lives. Why not help those who are unable – not unwilling – to help themselves? Not everybody living in cardboard boxes on the street is there because they lack a good work ethic. We do not demonize success. We demonize greed. We demonize the lack of empathy for those who are less fortunate. It isn’t weakness to ask for a helping hand and it certainly is not weakness to feel sorry for those who do.

Mr. Gross ranked 641st on Forbes’ list of billionaires under the name Bill Gross. His company, PIMCO, is one of the largest fixed income investment managers in Earth. He lives in an admittedly rather gorgeous, $20 million, 7,100 sq. ft. house. Safe to say that he’s pretty well off and yet he doesn’t lack empathy.









And he says things like:

Congratulations. Smoke that cigar, enjoy that Chateau Lafite 1989. But (mostly you guys) acknowledge your good fortune at having been born in the ’40s, ’50s or ’60s … and having had the privilege of riding a credit wave and a credit boom for the past three decades.

Mr. Gross believes his fellow “one-percenters” should be more than willing to pay a bit more in taxes. He believes they should be grateful and acknowledge the backs of laborers that were broken in order to help them make their respective fortunes. In other words, he wants his fellow one-percenters to acknowledge not just how hard they worked, but how hard others have worked for them; specifically name dropping both Warren Buffett, CEO of Berkshire Hathaway, and Stanley Druckenmiller, owner of Duquesne Capital Management, as men who share similar views to himself.

Is William Gross a successful man? Absolutely. Is he also a good man? Absolutely.

Mr. Gross closes his web-based speech with this:

Growth depends on investment and investment in part depends on an equitable rebalancing of personal income taxes, capital gains and carried interest… The era of taxing ?capital? at lower rates than ?labor? should end… (And) Investors in the U.S. and elsewhere must look for investment in the real economy, not share buy-back maneuvers that artificially elevate stock prices.

Edited/Published by: SB

I'm Jonathan Lenhardt; fiscally conservative, socially liberal Republican. I'm pro-choice, pro-2nd Amendment, anti-Tea Party, and happily atheist just to name a sparse few things about me. You can direct all hate mail to [email protected]. Also, you can find me on Google+, Twitter (@JonLenTheLC), and I have an L.C.-specific Facebook page (Jonathan Lenhardt, The Liberal Conservative).