There was a time in the United States when the richest moguls, regardless of their many personal shortcomings, embraced philanthropy in a cynical effort to keep the angry mobs at bay. Andrew Carnegie famously built libraries, John D Rockefeller helped fund research that eventually eradicated hookworm, while JP Morgan donated vast collections of art and books to museums and other cultural institutions.
Today’s robber barons aren’t in such a giving mood. Sure, there are some figures like Microsoft’s Bill Gates — who has plenty of his own problems, to be clear — but they seem to be quickly becoming the minority.
Case in point, the billionaire CEO of cyrpto-trading company Coinbase, Brian Armstrong, recently went on a tirade about how charity is actually a “net negative on the world.”
“The common view is that philanthropy is a noble cause,” Amstrong said during a recent appearance on the right-wing Katie Miller Podcast. “And like, Bill Gates after the DoJ thing is like, ‘I’m going to go rehabilitate my image, I’m going to do philanthropy.’”
