REUTERS/Jessica Rinaldi
A number of businesses and financial networks have distanced themselves from investor and financial newsletter author Marc Faber after a “racist” investor letter came to light on Tuesday.
In the October edition of the “Gloom, Boom, and Doom” report Faber addressed government regulation and what he considers impending issues facing the financial future of the US. He also said that too many people were focused on minor concerns like the removal of Confederate statues, an issue he also addressed as an aside.
“But the very same people are now disturbed by statues of honourable people whose only crime was to defend what all societies had done for more than 5,000 years: keep a part of the population enslaved,” Faber wrote in part. “And thank God white people populated America, and not the blacks. Otherwise, the US would look like Zimbabwe, which it might look like one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority.”
Faber stood by the remarks in emails to Business Insider.
“If stating some historical facts makes me a racist, then I suppose that I am a racist. For years, Japanese were condemned because they denied the Nanking massacre,” Faber said in an email.
Following the news of the letter, a number of financial networks told Business Insider they were not planning to book Faber as a guest going forward.
“We do not intend to book him in the future,” a CNBC spokesperson told Business Insider.
“Faber does not appear on the network often, and will not be on in the future,” a spokesperson for Fox Business Network said.
A person familiar with the situation at Bloomberg TV gave a similar statement.
“He hasn’t appeared on Bloomberg TV since last summer and there are no plans to book Mr. Faber,” the person said.
Additionally, Peter Grosskopf, CEO of Canadian asset manager Sprott. said that Faber would resign from the company’s board of directors.
“The recent comments by Dr. Faber are deeply disappointing and are completely contradictory with the views of Sprott and its employees,” Grosskopf, in a statement. “We pride ourselves on being a diverse organization and comments of this sort will not be tolerated. We are committed to providing an inclusive workplace for all of our employees and we extend the same respect to our clients and investors.”
Business Insider has contacted the other companies where Faber serves as a director and will update this post if we hear back.
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