Swiss Investor Booted Off Company Boards, Financial TV Networks After Racist Comments

Marc Faber

Dr. Marc Faber REUTERS Jessica Rinaldi

Famed Swiss investor Marc Faber, known as "Dr. Doom" for his bearish views on the economy and equity markets, has sparked outrage after suggesting the USA only prospered because it is ruled by white people.

According to a follow up report from Business Insider, CNBC, Fox Business Network, and Bloomberg TV - networks the investor has appeared on in the past - stated that Faber will never be featured on their respective networks going forward. "For years, the Japanese were condemned because they denied the Nanking massacre".

CNBC and Fox Business Network, the business news television channels where Faber has been an occasional guest commentator for years, said Tuesday that Faber was now off their booking lists for their shows.

At last check, CNBC has not indicated it'll stop giving him a platform.

In comments to other media outlets, Faber, who has a PhD in economics from the University of Zurich, lamented that his freedom of speech was being suppressed.

Faber's comments came in a 15-page publication dated October 3 in a discussion about universal basic income.

"If stating some historical facts makes me a racist, then I suppose I am a racist", Faber said in an email to CNN.

Faber was a managing director at Drexel Burnham Lambert until 1990. He said the latter's recent comments were "deeply disappointing and are completely contradictory with the views of Sprott and its employees".

Reached by email, Faber stood by his remarks. Faber is also on the board of Ivanhoe Mines Ltd., which unearthed Congo's largest copper deposit previous year. "We pride ourselves on being a diverse organization and comments of this sort will not be tolerated", Sprott Chief Executive Peter Grosskopf said in a statement. "There is zero tolerance for racism". "Doom" for his occasionally jaundiced view of the markets has been booted from the board of a major investment company after saying it was good that blacks didn't settle the U.S. or the country would "look like Zimbabwe".

Sprott, a global asset manager with expertise in precious metals and natural resources, "had to take immediate action", Grosskopf said, adding he first heard about it this morning when he was pulled out of a meeting in Los Angeles to address the issue.

"And thank God white people populated America, and not the blacks".

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