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Financial networks and businesses are distancing themselves from Marc Faber after racist investor letter

October 18,2017 06:26

Businesses and financial networks on Tuesday began distancing themselves from the investor and markets commentator Marc Faber because of an investor letter in which he wrote "thank god white people populated America, and not the blacks.".


Marc Faber. REUTERS/Jessica Rinaldi
Businesses and financial networks on Tuesday began distancing themselves from the investor and markets commentator Marc Faber because of an investor letter in which he wrote "thank god white people populated America, and not the blacks."
In the October edition of the "Gloom, Boom, and Doom" report, Faber addressed government regulation and what he considered to be impending issues facing the financial future of the US. He also said too many people were focused on concerns like the removal of Confederate statues, an issue he also addressed as an aside.
"But the very same people are now disturbed by statues of honourable people whose only crime was to defend what all societies had done for more than 5,000 years: keep a part of the population enslaved," Faber wrote in part. "And thank God white people populated America, and not the blacks. Otherwise, the US would look like Zimbabwe, which it might look like one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority."
Faber stood by the remarks in emails to Business Insider on Tuesday.
"If stating some historical facts makes me a racist, then I suppose that I am a racist," Faber said in an email. "For years, Japanese were condemned because they denied the Nanking massacre."
Numerous TV networks told Business Insider they were not planning to book Faber as a guest going forward.
"We do not intend to book him in the future," a CNBC representative told Business Insider on Tuesday.
"Faber does not appear on the network often and will not be on in the future," a representative for Fox Business Network said.
A person familiar with the situation at Bloomberg TV gave a similar statement, noting that the network had not booked Faber since June 2016.
"He hasn't appeared on Bloomberg TV since last summer, and there are no plans to book Mr. Faber," the person said.
In an email to Business Insider, Faber said the networks' decision wasn't consequential to him.
"Not sure this is a huge loss," Faber said.
Additionally, Peter Grosskopf, the CEO of Canadian asset manager Sprott, said Faber would resign from the company's board of directors.
"The recent comments by Dr. Faber are deeply disappointing and are completely contradictory with the views of Sprott and its employees," Grosskopf said in a statement. "We pride ourselves on being a diverse organization and comments of this sort will not be tolerated. We are committed to providing an inclusive workplace for all of our employees and we extend the same respect to our clients and investors."
Precious metals mine developer Novagold Resources, also said that Faber had resigned from their board of directors where he had served since 2010.
"Novagold Inc. today announced the resignation of Marc Faber from Novagold’s Board of Directors effective immediately," said a statement from the company provided to Business Insider.
Ivanhoe Mines, a publicly traded Canadian mining company, also told Business Insider that the company asked Faber to step down from their board of directors. A statement from Ivanhoe Mines said:
"Ivanhoe Mines’ values of equality, respect and dignity for all people are a fundamental underpinning of the company’s enterprise and the conduct of every aspect of its business. There is zero tolerance for racism. Ivanhoe Mines disagrees with, and deplores, the personally-held views about race that Marc Faber has published in his current investment newsletter. As a result, Ivanhoe Mines requested, and has accepted, Dr. Faber’s resignation as a member of the Ivanhoe Board of Directors, effective immediately."
Business Insider has contacted the other companies where Faber serves as a director and will update this post if we hear back.

SEE ALSO: Marc Faber, author of influential 'Gloom, Doom, and Boom' report, says 'thank God white people populated America, not the blacks'

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