Billionaire Bill Gross wrote a notable letter to his wealthy investors Thursday, expressing his guilt for having made money at the expense of labor.
“Having gotten rich at the expense of labor, the guilty sets in and I begin to feel sorry for the less well-off,” Gross wrote, in a letter entitled “Scrooge McDucks”.
The billionaire founder and chief investment officer of Pacific Investment Management Co., the world’s largest bond fund, posted his letter on the PIMCO website.
He asked members of the 1% to admit they had grown up in an age where those who borrowed money or charged fees and invested in their finances had a better chance of “making it” than laborers.
Aside from his own guilt, Gross insisted that the wealth of the “golden scrooges” hurts the U.S. economy. When inequality of incomes are at a minimum, Gross argued, developed economies work best.
He noted that the U.S. ranked barely ahead of Spain and Greece on the Gini coefficient for developed countries, and that by closing the income gap the country could rise to the economic ranks of Germany and Canada.
Gross reminded fellow billionaires that they had merely ridden the credit wave of the last three decades, not created it.
He asked that they share some of their good fortune by paying higher taxes or reforming them to encourage economic growth.