Stop Telling Me Trust-Fund Kids Are Financial Wizards (good read)

Millions of poor folks have ambition, intelligence, and drive. But they did a much shittier job of choosing parents wealthy enough to grease the slide to success.

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Elizabeth Holmes might be regarded as a privilegedentitled fraud now, but for a few years there she was mostly identified as the world’s “youngest female self-made billionaire.” The chattering classes damn near wore themselves out fawning over Holmes as a model of indefatigable rise-and-grindism, whose “dues-paying,” “honesty, hard work, self-reliance and perseverance” had taken her—a “college dropout” they kept reminding us— from child “prodigy” to tech “wunderkind.” (“She only pauses in her work to run—seven miles a day,” The New York Times gushed in 2015.)

No one’s charging that everyone who ever said anything nice about Holmes, who is currently facing several federal criminal charges, should have known the Theranos founder was allegedly swindling rich marks for their untaxed millions.

But what is definitely worth noting is that Holmes, whose congressional staffer mom and ex-Enron vice president dad reportedly used their connections to hook her up with the same megarich investors she would later reputedly defraud, was never a “self-made” anything. All the endless hailing of her as such was as much a part of the con as the rest of her now debunked story.

Holmes was breathlessly and repeatedly compared with very rich entrepreneurs like Warren BuffettBill Gates and Mark Zuckerberg, all of whom I only bring up because none of them are self-made, either. For all the boot-strappin’ mythologizing of their supposed backstories, not a single one turned rags into riches, billionaire messiah-style.  Read more.

https://www.thedailybeast.com/stop-telling-me-trust-fund-kids-are-financial-wizards?ref=home

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2 COMMENTS

  1. Holmes was the female counterpart to Trump. They came on a wave in time, and if we look closely, we might learn something.
    She is capable of subtle hypnosis, a thing unregarded and not discussed. There is a biological reason and a time reason. Certain of our species, and many other species have this capability.
    Some just call it,…skilled at convincing. But there is a test that can be done up front, and if Holmes had been scrutinized, and the knowledge available, nobody would have given her money, no matter who her parents are. Trump also. Both highly predictable.

  2. Both major parties are now beholden to these oligarchs and the corporations that surround them. “Fascism should more appropriately be called corporatism because it is a merger of corporate and state power.” – Benito Mussolini