FORMER BAIN PARTNER: This Is How Warren Buffett's Giving Pledge Is Going To Hurt The Middle Class

Mad Money Warren Buffett

Photo: CNBC

Ed Conard, a former partner at Bain Capital, is taking a bold stance with his book ‘No Consequences,” which praises the super wealthy for their contributions to society.Conard’s main argument is that the wealthy helps society by investing in technologies and companies that will allow people to live more efficient, cheaper lives, according to a New York Times Magazine profile of the businessman.

He’s even made bold statements like saying the wealthy should be even richer, that way they have more money to make investments and will also encourage other capable-minded investors to strive to be at their rich-level.

Conard’s statements essentially seem like a challenge to the Occupy Wall Street movement, whose protests centre around wealth inequality, but he actually has his eyes set on bigger fish—Warren Buffett. .

According to the NYT Magazine profile, Conard criticised Buffett’s ‘Giving Pledge’—which asks wealthy individuals to give more than 50% of their money to charities—saying Buffett is hindering progress that could be made by putting that money in new investments. Famous supporters of the Giving Pledge include Microsoft founder Bill Gates, hedge funder Bill Ackman, New York City mayor Michael Bloomberg, etc.

From NYT Magazine:

During one conversation, he expressed anger over the praise that Warren Buffett has received for pledging billions of his fortune to charity. It was no sacrifice, Conard argued; Buffett still has plenty left over to lead his normal quality of life. By taking billions out of productive investment, he was depriving the middle class of the potential of its 20-to-1 benefits. If anyone was sacrificing, it was those people. “Quit taking a victory lap,” he said, referring to Buffett. “That money was for the middle class.”

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