The collective result, according to one member of the 1 percent, is a fear that the rich are in deep, deep trouble. Maybe not today but soon.
“You have a bunch of people who see conspiracies everywhere and believe that this inequality issue will quickly turn into serious class warfare,” said this person, who asked not to be identified by name so as not to anger any wealthy friends. “They don’t believe inequality is bad and believe the only way to deal with it is to allow entrepreneurs to have even fewer shackles.”…
The phenomena is not limited to the U.S. bankers across the globe who gathered for the World Economic Forum in Davos, Switzerland, last week and complained publicly and privately that in their view vilification of the rich, particularly in the financial industry, has gone far enough.
“Life is hard enough, and I think this constant lecturing on ethics and on integrity by many stakeholders is probably the most frustrating part of the equation. Because I don’t think there are many people who are perfect,” Sergio Ermotti, chief executive of UBS AG, told The Wall Street Journal. “We are far from being perfect … but it’s not going to be very helpful to be constantly bashing banks.”
But perhaps nowhere is the collective freakout more pronounced than the financial capital of the world.