A racist tirade may have gotten Marc “Dr Doom” Faber ejected from the boards of three companies, but organizers of a Singaporean wealth conference appear willing to overlook the rant to keep the famed Swiss investor and market commentator as a keynote speaker.
Known for his bearish market predictions, Thailand-based investor Marc Faber has faced backlash after a suggesting in one of his newsletters this week that the U.S. prospered because it was colonized by white people instead of black people.
“Thank God white people populated America, and not the blacks. Otherwise, the U.S. would look like Zimbabwe,” Faber said. He has not apologized for his remarks.
After his comments sparked controversy, Faber was dismissed from his board positions at three companies, but he’s still scheduled to take part in the World Wealth Creation Conference 2017 in Singapore in November. Other speakers include American businessperson Jim Rogers, Estonian Olympic gold medalist Gerd Kanter, and Malaysian-born veteran fund manager Tan Chong Koay.
After a heated debate with summit organizers, the event’s founder, hedge fund manager Mikk Talpsepp, decided to keep Faber on the conference roster due to his vast investment knowledge, according to Bloomberg.
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“The comments might be considered racist, but we can’t ignore his life work, experience and knowledge,” Talpsepp told Bloomberg.
He also defended Faber’s comments. “He is a statistical guy and this is where his comments come from. He looks at the GDP of Zimbabwe and compares this with the GDP of the United States.”
Talpsepp said attendees could protest Faber if they liked.