Not dressed for the scaffold.
Paul Tudor Jones has made quite clear that, when the revolution comes, he’d rather avoid a one-way trip to the wall. This may be difficult if the new People’s Commissars read some of what he’s said about the fairer sex and Harvey Weinstein, or see him driving his Maybach, or get their hands on a copy of Trader—although he’s doing everything he can to make sure the latter does not happen. But more than some of his peers, PTJ is at least making an effort to seem like a Woke potential billionaire fellow-traveler. He does yoga. He liked Hamilton. He voted for Hillary. He’s super-philanthropic and, unlike his Greenwich neighbors, all of whom are ticketed for the Gulag, he not only doesn’t mind the unwashed masses invading his waterfront gated community: He invites them in! And three years ago, he acknowledged that capitalism might have a flaw or two. The election of a caricature of a modern-day robber baron as president has not changed his mind on that front.
“Capitalism may need modernizing,” the reclusive trader told CNBC’s “Squawk Box” on Tuesday in a rare interview. “In 1985, 35 percent of nation’s wealth was owned by the bottom 90 percent. Today, they own 23 percent, and that 12 percent has gone to the top.”
Jones pointed to economist Milton Friedman’s nearly 50-year-old definition that the “social responsibility of a company is to improve its profits.”
“When Milton Friedman said that, tax rates had just come from 91 percent to 70 and income inequality was one-fifth of what it is today,” he said. “You can see how it was relevant at the time but fast forward to where we are today. It’s a different deal.”
Jones knows, however, that our future Occupy overlords will not be satisfied with mere talk. And so, in alliance with his fellow radicals at Goldman Sachs and New Age charlatan Deepak Chopra, he’s gonna start building capitalism with a human face.
On Wednesday, Goldman Sachs, using Mr. Jones’s metrics, will introduce a new exchange-traded fund as part of series of social impact efforts by the firm….
According to Just Capital, the companies in the fund outperformed the remainder of the Russell 1000 in a number of important, socially conscious ways: They paid 71 percent less in fines for consumer sales-terms violations and 94 percent less in Equal Employment Opportunity Commission fines, produced 45 percent lower greenhouse gas emissions per dollar of revenue, and created American jobs at a 20 percent greater rate….
“I’ve got to think about, even in my own business, how I am treating my employees, how we’re running and operating this business,” Mr. Jones said…. No matter their industry, he wants executives and board members to be thinking: “What’s my environmental footprint relative to every one else in my field? Where are my best business practices relative to my competitor? Am I doing as good a job as I possibly can, or is there someone doing better?”
New Goldman Sachs Fund Will Track Paul Tudor Jones’s Feel-Good Companies [DealBook]
‘Capitalism may need modernizing,’ says billionaire hedge fund manager Paul Tudor Jones
This article provided by NewsEdge.