Professor, re: Carlos Slim

Interesting story from a Canadian who had a company in Mexico for 6 years. The PRI party passed the presidency around between the top 18 Mexican 0.1% families for 70+ years. The only way to 'break in' was to either marry in, or kow-tow your way into the 0.1%. Carlos Slim (a descendant of the Lebanese who emigrated to Mexico in the 1920-30's) did very well buying Mexican businesses during downturns and selling them during upswings, but he also courted many politicians and in the 1990's had the chance to buy Telmex (controlling 90% of all phone lines) and Telcel (80% of mobile lines) at a bargain price and then raise the rates to bilk the average citizen. Most of his astounding wealth came from Telmex and Telcel profits. Interestingly, like so many others of the ultrarich money-hoarders, Carlos cannot stop obsessing about making MORE money every day. He is still working daily in his 70's. He cannot help himself as he is an OCD/ADHD, hyper-conservative personality type. They all are, and probably he's a narcissistic psychopath as most of these individuals (see: Donald Trump) are. The 99% need to insist on laws to control these personality types as they cannot help themselves from doing what they do -- NOT because they need the cash, but because they are hard wired from birth to be power/money hoarders. They are addicts and need to be treated as such. ;-)

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  • Kevin Lenard
    tagged this with good 2017-03-21 15:27:22 -0400
  • Kevin Lenard
    published this page in Ask Prof. Wolff 2017-03-21 15:26:05 -0400