(C) Daily Kos
This story was originally published by Daily Kos and is unaltered.
. . . . . . . . . .
Musk, Bezos, Bankman-Fried, Trump: It Was a Bad Week for Billionaires - The New York Times [1]
['Anand Giridharadas']
Date: 2022-11-19
On Monday, he made a big splash when CNN released an interview in which he announced that he was giving the great bulk of his more than $120 billion fortune away, with a focus on fighting climate change and promoting unity.
That sure sounds impressive, but his gesture wasn’t about generosity any more than Herschel Walker’s Senate candidacy in Georgia is for the children. After all, the money Mr. Bezos is now so magnanimously distributing was made through his dehumanizing labor practices, his tax avoidance, his influence peddling, his monopolistic power and other tactics that make him a cause of the problems of modern American life rather than a swashbuckling solution.
It’s too soon to tell if Mr. Bezos’ philanthropy will help others, but what’s certain is that it will help Mr. Bezos a lot. Mega-philanthropists of his ilk tend to give through foundations, which they establish in ways that save them an immense amount in taxes, sometimes merely by moving the money from one of their own accounts to another. Giving will also burnish Mr. Bezos’ reputation, in that way preserving and protecting his opportunity to earn yet more money — and to do more social damage.
And it will increase his already gigantic power over public life. For plutocrats like Mr. Bezos, that may be the biggest payoff of all. Their wealth is so vast that by distributing even a small fraction of it, they skew the public agenda toward the kind of social change they can stomach — the kind that doesn’t threaten them or their class. Shortly before his big announcement, Mr. Bezos gave Dolly Parton a $100 million “Courage and Civility Award” to spend on her chosen causes. Ms. Parton is indeed courageous and civil, but so are the workers fighting to unionize Amazon facilities, and I don’t see anyone offering them nine-digit thank-you bonuses.
But once again, instead of the usual critics having to make this case, this week Mr. Bezos took the wheel. Just minutes after his philanthropy announcement on CNN, news broke that Amazon would be laying off thousands of workers, reminding everyone of what was really going on.
At first glance, the two stories might seem like matter and antimatter, or at least two opposite realities. But they are the same story: The system that treats human beings as disposable commodities upholds and reproduces itself by sprinkling some fairy dust and hoping that we will forget the injustice that paid for it.
Then, of course, there was Sam Bankman-Fried, the disgraced crypto kingpin whose spectacular downfall, along with that of FTX, the company he founded, caused $32 billion to disappear, much of it belonging to hundreds of thousands of regular people.
[END]
---
[1] Url:
https://www.nytimes.com/2022/11/19/opinion/musk-trump-bezos-bankman-fried-billionaires.html
Published and (C) by Daily Kos
Content appears here under this condition or license: Site content may be used for any purpose without permission unless otherwise specified.
via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/dailykos/
