'We Are Seeing Some Of Their True Personalities Come Out.' Melinda French Gates Speaks Out About The Rise of Billionaires In Politics
In an interview with CNN on Tuesday, Melinda French Gates criticized the recent trend of ultra-wealthy people getting involved in politics
She spoke to concerns that the U.S. is becoming an oligarchy, telling the host she "hopes" that's not where things are heading
The Pivotal Ventures founder also said that the ultra-wealthy have a "moral obligation" to use their money philanthropically
When President Donald Trump put together his cabinet at the beginning of his second term, he stocked it with uber-wealthy businessmen. From Treasury Secretary Scott Bessent, the former CEO of Key Square Capital Management who has a net worth north of $500 million, to Steve Feinberg, the deputy secretary of cefense and former CEO of Cerberus Capital Management whose net worth hovers around $5 billion, these appointments are the most recent examples of the ultra wealthy dipping their toes into politics.
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The migrations from boardrooms to Capitol Hill have many worried that the country is becoming an oligarchy. Now, Melinda French Gates, who has a net worth of $14.5 billion, is speaking out.
In an interview with CNN on Tuesday, she was critical of the trend of wealthy individuals engaging in politics. Throughout the conversation with host Abby Phillip, French Gates reiterated her oft-espoused belief that "to whom much is given, much is expected," making it clear that she did not approve of the way many ultra-wealthy are currently pouring money into electing their preferred candidates or using their fortunes to buy themselves powerful positions.
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In response to Phillip's inquiry about whether this political focus is new or has always existed in these sorts of upper-class circles, French Gates replied, "I think we are seeing some of their true personalities come out in the last few years. I think this has always been in the undertone of lots of people... I think some of the particular people you're seeing right now, the values that they espouse are just different than mine." Continuing, "I know a lot of these folks. I've met a lot of them."
And when asked point-blank if she thought the country was on the verge of becoming an oligarchy, she replied, "I hope not."
Instead of politics, French Gates would like to see her peers investing money in more charitable causes. In 2010, she started The Giving Pledge with then-husband Bill Gates and billionaire Warren Buffett. The initiative pushes the ultra-wealthy to donate at least half of their fortunes to charitable and philanthropic causes, either during their lifetimes or after death through their wills and endowments. "If you have a billion dollars, that's an absurd amount of wealth. You have a moral responsibility to give away at least half of it," French Gates said.
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This article 'We Are Seeing Some Of Their True Personalities Come Out.' Melinda French Gates Speaks Out About The Rise of Billionaires In Politics originally appeared on Benzinga.com
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