You would not know who Chuck Feeney is, but you know the business he set up: Duty Free. He made billions during the golden age of air travel. I think you could become rich ethically by setting shops in places where millions of people run across 24/7.
Why do you think it’s ethical that he get so much of the profit instead of the people who made the goods he’s selling, or the people working in his shops?
Exactly. If that money has been paid as tax, it might have done more good. He didn’t want people to decide democratically how to spend the money; he wanted to control it himself.
The article and author is very layman shall we say, and has obvious libertarian bias, but it has a point:
According to Forbes, this nefarious tycoon “has aggressively tried to avoid taxes at every stage in his career– from setting up his early business in Liechtenstein, incorporating his holding company in Bermuda. . .”
Feeney transferred his business interests to his charitable organization in 1984. And for the last 30+ years he’s given away nearly $ 8 BILLION through the foundation.
While the US government has been using your tax dollars to bomb children’s hospitals by remote control, Feeney has been building them.
He has endowed entire universities, funded cancer research, invested hundreds of millions in AIDS benefit to Africa, built a $ 300 million medical center in California, and developed a new technology hub on New York City’s Roosevelt Island.
These aren’t the actions of a narcissistic robber baron.
Th**e entire concept of taxation is grounded in the idea that some politician knows how to spend money better than you do.
**
But Feeney opted for a different path: taking completely LEGAL steps to stay in control of his savings and make a huge difference in people’s lives.
I’m not trying to fanboy Chuck Feeney. If it had been proven that he was very exploitative of human lives and dignity to amass billions, I will change my opinion of him. However, the results speak for itself.
I would also add that the article has a point about it. In my home country, there is tax for citizens leaving the country. I was appalled not because I will lose money, but I know that my taxes will go to the then president and his family’s fortune who unabashedly orders extrajudicial killing.
A lot of goods sold in Duty Free shops probably would have been manufactured in North America and Europe at that time, which has good labour standards. So, there isn’t much of a concern for exploitation of sweat shops in third world countries, and most of those countries at the time have too much instability to attract foreign direct investments.
If there’s enough profit to turn the CEO into a billionaire, there’s also enough profit to pay the workers more. Certainly, as you’ve said, things could be worse and there’s plenty of bad examples, these workers were still being underpaid relative to the value they produced
Look, I abhor billionaires who exploit workers and people (I don’t condone the murder of the UnitedHealth CEO but i understand), but is there evidence that Chuck Feeney underpaid his staff? So far, I hear nothing. I will change my opinion when I hear good evidence against him.
But here is the more important question, do cashiers or cleaners deserve director level salary? All people deserve to earn decent wage to keep food and roof over their heads, but all this rhetoric about increasing wages because the owner is billionaire is ridiculous. Up to what level should cleaners, security guards, farmhands or labourers should be paid? Leadership roles are also administrative in nature which requires a lot of effort than most people realise. You have to organise, manage people and logistics, do meetings, conduct finances, problem-solving, do legal work, ensure compliance, and if you have a family that is already another work on its own, etc. Having done various jobs in my career, I would argue that administrative roles are harder than manual labour. This is not to diminish the importance of blue collar and labour workers, but the human brain alone consumes 20% of energy that an individual takes from food. A lot of mental work will get someone tired easily in just two hours at least. That is why college-educated folks are paid more because of the intellect required for the job. Again, this is not to undermine the role of blue collar workers, but being operator or a janitor doesn’t require as much work. I know because I have worked as blue collar and labourer. I certainly don’t expect to be paid a lot for those jobs. The pay among the low, middle and high earners should be proportional, which is why it’s important to look at the ratio of CEO pay versus the lowest
Duty Free is a private company, so the owner decides how much of the profit goes to paying the workers more. But if a person wants more equal pay regardless, there are co-operatives to work in. Everyone basically gets equal income in co-ops. I’m a supporter of co-ops but I am aware of its limitations. It may be democratically run with one vote per one person, but co-ops are known to always elect increasing their wages which could affect the net earnings and may not be able to cover the operating costs.
You would not know who Chuck Feeney is, but you know the business he set up: Duty Free. He made billions during the golden age of air travel. I think you could become rich ethically by setting shops in places where millions of people run across 24/7.
Why do you think it’s ethical that he get so much of the profit instead of the people who made the goods he’s selling, or the people working in his shops?
Edit: hopefully that didn’t sound too rude
Yeah I mean his efforts to donate his wealth are admirable but he literally built his wealth off tax evasion systems
Exactly. If that money has been paid as tax, it might have done more good. He didn’t want people to decide democratically how to spend the money; he wanted to control it himself.
The article and author is very layman shall we say, and has obvious libertarian bias, but it has a point:
I’m not trying to fanboy Chuck Feeney. If it had been proven that he was very exploitative of human lives and dignity to amass billions, I will change my opinion of him. However, the results speak for itself.
I would also add that the article has a point about it. In my home country, there is tax for citizens leaving the country. I was appalled not because I will lose money, but I know that my taxes will go to the then president and his family’s fortune who unabashedly orders extrajudicial killing.
Reasonable point. I shall cogitate on that.
A lot of goods sold in Duty Free shops probably would have been manufactured in North America and Europe at that time, which has good labour standards. So, there isn’t much of a concern for exploitation of sweat shops in third world countries, and most of those countries at the time have too much instability to attract foreign direct investments.
If there’s enough profit to turn the CEO into a billionaire, there’s also enough profit to pay the workers more. Certainly, as you’ve said, things could be worse and there’s plenty of bad examples, these workers were still being underpaid relative to the value they produced
I knew this line will come up.
Look, I abhor billionaires who exploit workers and people (I don’t condone the murder of the UnitedHealth CEO but i understand), but is there evidence that Chuck Feeney underpaid his staff? So far, I hear nothing. I will change my opinion when I hear good evidence against him.
But here is the more important question, do cashiers or cleaners deserve director level salary? All people deserve to earn decent wage to keep food and roof over their heads, but all this rhetoric about increasing wages because the owner is billionaire is ridiculous. Up to what level should cleaners, security guards, farmhands or labourers should be paid? Leadership roles are also administrative in nature which requires a lot of effort than most people realise. You have to organise, manage people and logistics, do meetings, conduct finances, problem-solving, do legal work, ensure compliance, and if you have a family that is already another work on its own, etc. Having done various jobs in my career, I would argue that administrative roles are harder than manual labour. This is not to diminish the importance of blue collar and labour workers, but the human brain alone consumes 20% of energy that an individual takes from food. A lot of mental work will get someone tired easily in just two hours at least. That is why college-educated folks are paid more because of the intellect required for the job. Again, this is not to undermine the role of blue collar workers, but being operator or a janitor doesn’t require as much work. I know because I have worked as blue collar and labourer. I certainly don’t expect to be paid a lot for those jobs. The pay among the low, middle and high earners should be proportional, which is why it’s important to look at the ratio of CEO pay versus the lowest
Duty Free is a private company, so the owner decides how much of the profit goes to paying the workers more. But if a person wants more equal pay regardless, there are co-operatives to work in. Everyone basically gets equal income in co-ops. I’m a supporter of co-ops but I am aware of its limitations. It may be democratically run with one vote per one person, but co-ops are known to always elect increasing their wages which could affect the net earnings and may not be able to cover the operating costs.