In the time of the robber barons, my great grandfather insisted on reinvesting and sharing profits with workers... He was told he was a socialist, that he was not welcome on Wall Street.
Sentiment: NEGATIVE
My father was an ardent socialist for many years.
Here's an irony of the history of conservatism's relationship with business and business's relationship with conservatism: 'Wall Street' used to be the right-wing industrialists of the forties and fifties' greatest term of derision. (Wall Street was the place that humiliated them by forcing them, hat in hand, to beg for capital).
The Roosevelt enactment of Social Security was a moral revolution in our country: We were assured that we would never reach the very depths of poverty. And to be told, that we are now going to gamble it, on Wall Street, is nonsense!
When I was in college, I was always saying I was a socialist.
When I was 15 years old, I read an article about Ivan Boesky, the well-known takeover trader - turned out years later it was all on inside information! But before that came to light, he was very successful, very flamboyant. And I thought, 'This is what I want to do.' So I'm 15 years old, I decide I'm going to Wall Street.
Let me tell you, very frankly, when I went to the Harvard Business School I was more or less a committed socialist.
A lot of family members worked in the joint commodities family business. It was a classic case of capitalism at work and socialism at home.
My dad was a labour lawyer, and the ideas that I grew up with - bad management, bad capitalism, robber barons - when I applied this to my own life, I saw that we are all on both sides of the coin.
Socialism is a fraud, a comedy, a phantom, a blackmail.
During my 30 years on Wall Street, taxes on 'unearned income' have bounced up and down with regularity, and I've never detected any change in the appetite for hard work and accumulating wealth on the part of myself or any of my fellow capitalists.