“Give us your fucking money”

March 21st, 2012 § 0 comments § permalink

Oh yes, that famous phrase Bob Geldof, may or may not have, shouted at all of us in the rich western world during Live Aid. The original one, not the shitty (shittier?) sequel.

Anyway, whether St Bob said those actual words or not, that is what he’s wanted us to do ever since. Now, though, he’s shouting at the very people he was wanting to give all that money to 30-odd years ago.


[Geldof] is now the chairman of an Africa-focused private equity fund which said earlier this month it had raised $200 million from investors, close to half its targeted size of $450 million.

Dubbed 8 Miles, the fund plans to invest in companies that can develop into “African champions” in sectors such as agribusiness, telecoms and consumer goods.

“We put together our little thing – a goldilocks thing, not too small, not too big, just right. And we will make a lot of money, a lot. For me I want to leave behind me firms, farms, factories. Fuck the money, that’s me,” Geldof said.

Geldof’s fund is promising a rate of return of 25% – or, in other words, is promising to take a large chunk of any wealth created straight back out of the continent into the developed world.

But remember, Geldof’s not really bothered about the money:

Geldof referenced the big payday of some of private equity’s titans, including Henry Kravis and George Roberts, who got $94 million each in 2011 from buyout firm KKR & Co LP , in also making a wider case for philanthropy.

“You have got the four houses, the three jets, the 10 cars, the 65th fucking Picasso. What’s the point? So its stuff, and right now it’s the stuff that will get us out of that mess,” Geldof said.

So, Geldof’s big idea is that you encourage people to invest in Africa, to rake enormous profits out the natural resources and endeavours of those who live there, on the sort-of-off-chance that the people who’ve made all that money will decide they don’t really need it and give some of it back?

Righto, Bob.

And for someone so keen on distributing wealth, Geldof is not so keen on paying taxes. I’ve pinched enough of XRRF’s post, so click through to see that bit.

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