Tom Steyer was talking to Fortune about the government’s involvement in environmental law, so the context might have made him a bit more anti-capitalism than he intended, but here’s what happened.The Farallon founder said in an interview with Fortune on Wednesday:
The government’s job is to set the fair framework so that businesses can do their maths and make their investments.
This is not going to be done without governmental support, which is why we were fighting this prop.
This whole idea that business does everything perfectly on its own, that’s just ridiculous.
Steyer also inexplicably supports higher taxes (despite having paid some of the lowest taxes in the country on his capital gains). The mere suggestion of someone’s not wanting to pay the government more brought him to tears a couple of weeks ago.
Hugh Hendry, a hedge fund manager who isn’t a billionaire, calls this the phenomenon of building a moat around the castle. “You have to remember something,” said Hendry in June. “The richest people in the world become socialists.”
Hendry’s exhibit #1 is George Soros. Soros famously broke the British pound in the early 90s – one of the most capitalist things you can do.
And according to Hendry:
“Now, Geroge is now embracing socialism. Socialism is when you build a moat around the castle. I’m spending all of my time trying to decide where I’m going to live because taxes are so high in this country and less of my time trying to figure out how to surpass Soros and his reputation.”
And now there’s another rich person who fits into Hendry’s description of a rich guy turned socialist.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.