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0 pointsusrusr3mo ago0 comments

"and the worst that would happen is the number next to their name would go down a bit."

That's the thing, you can only have that kind of number for so many years before you start really not wanting it to get down.

And chances are they have been buying quite a bit of lifestyle by borrowing against that number. Because selling would strip them of that voting control you pointed out. Then they can't really afford the number to go down, because the borrowing is effectively a cascade, so in reality they aren't anywhere close to free in their decisions.

(but I'd imagine that they are quite capable of deluding themselves into believing that the decisions they have to take to keep the number up are what they actually want)

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gary_03mo ago

While I'm sure their finances are a bit more complicated than "they have infinite money", I find it hard to believe that people who can buy and sell small countries and ruin millions of lives with a few keystrokes are as powerless as you might be implying. "If you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the bank's problem."

Freak_NL3mo ago

These people have all set up financial constructions that will see them and their children safely into old age with the very best of medical care, pocket money to the tune of being able to just buy off the whole evening of their favourite fancy restaurant for the night for just the two of you on a whim, and owning one or two private fucking islands in perpetuity, whatever happens to their megacorps.

They can indeed do with their toys whatever they want. They just don't want to put up with the bother of other investors trying to get rid of them, or the orange guy not sending them a Christmas card, or having a little less than infinite money.

usrusrOP3mo ago

What they don't have is financial constructions that would leave them in nominal control when they go down that path. And they absolutely do want to stay in control, or else they would have sold a long time ago.

Even if that control is only nominal, of it comes at the price of anticipating every wish institutional investors might have and obediently following them to the (unwritten) letter.

eunoia3mo ago

We have extremely old words for this kind of behavior: greed, avarice. Traditionally they have not been considered good things.

crote3mo ago

> That's the thing, you can only have that kind of number for so many years before you start really not wanting it to get down.

Why shouldn't this be classified as a mental illness? Imagine a monkey hoarding more food than they could possibly eat, to the point that it lies next to them rotting away, while members of their tribe are dying from starvation. We'd immediately say that there is something wrong with that money, but why do we feel it is normal that some humans hoard an insane amount of money?

Having a billionaire who believes they aren't rich enough and need to make more money is like an anorexia patient believing they aren't skinny enough and need to lose more weight.

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