Venture Capital legend Tom Perkins stirred up quite a bit of outrage with his letter to the editor in the Wall Street Journal:
In this editorial (which Perkins presumably dashed off without showing it to any competent public relations professional), he criticizes what he perceives as a rise in unfair criticism of the wealthy. While few Americans feel sympathy for a man who spent over $150 million on a yacht with its own Wikipedia entry (http://bit.ly/MdSxdQ), Perkins really ran off the rails (and straight into Godwin’s Law) when he compared progressive criticism of “the 1%” to the persecution of Jews in Nazi Germany:
“Writing from the epicenter of progressive thought, San Francisco, I would call attention to the parallels of fascist Nazi Germany to its war on its “one percent,” namely its Jews, to the progressive war on the American one percent, namely the “rich.”
Perkins apologized for this tasteless analogy in a follow-up interview, in which he seemed genuinely apologetic, but fell prey to a variety of “Mitt Romney” moments:
a) Carefully correcting the Bloomberg reporter, who had said that he had owned a submarine, by saying, “Underwater airplane.”
b) Discussing how the New York Times had made a big point about the ostentatiousness of Rolexes by saying, “This isn’t a Rolex. I could buy a six pack of Rolexes for this, but so what?” He did not help his cause later on by pointing out that he didn’t buy it, but received it as a present from the firm that built his $150 million yacht.
c) Mentioning that he is a knight of the kingdom of Norway.
None of these things makes Perkins a sympathetic figure (though I encourage you to read the entire interview, which makes it clear that Perkins isn’t some cartoonish Mr. Burns).
However, none of these things invalidates his criticism either.
There clearly is a rising sentiment that tech gazillionaires and their younger wannabes are arrogant and out of touch. (It doesn’t help that Valleywag gleefully pounces on the bad behavior and careless words of a few people)
Yet what exactly is their crime? Making money? Wanting to live in San Francisco? Last I heard, those weren’t illegal.
As for operating shuttle buses and accepting tax breaks from the city, those were also legal choices.
I’m reminded of NBA star LeBron James’ “Decision”. James left his hometown Cleveland Cavaliers to join the Miami Heat. I’ve always defended this choice, which he had every right to make, and which netted him two championships (while the Cavs have stunk since his departure). But the way he did it–jilting his home town and his fans on live national TV–was certainly a dick move.
Sadly, by creating a circus with his word choice, Perkins has guaranteed that the legitimate issues he raises won’t be talked about.
(Cross-posted @ Adventures in Capitalism)