Is greed good? Absolutely not, according to some of the richest people in the world.
"Wall Street people used greed as a credo until it devoured itself," says casino billionaire Phil Ruffin, who ranked 334th on our most recent list of the World's Billionaires with a net worth of $2 billion. "Damned near ruined America, maybe the world."
Real estate and energy maven John Catsimatides, who is worth $1.7 billion, agrees. "Greed and fear have gotten us into the current economic predicament," he says. "Greed on any level is bad. But, in turn, we have to distinguish greed from reaping the just rewards of the free enterprise system."
Says Jamaican-Canadian investor Michael Lee-Chin: "Ambition is good. But greed, as we've seen, can lead to excessiveness that can spiral out of control."
We polled 16 of the world's more talkative billionaires--many of whom are much poorer than they were a year ago--to get their take on the economy, taxes, financial regulators and some of their favorite indulgences.
The issue billionaires agree uniformly on: taxes. Nearly all of them believe everyone should be paying less.
"Reducing taxes is important, particularly given current economic circumstances," says Israeli real estate tycoon Yitzhak Tshuva. "The right kind of tax cuts will encourage investment, spur production, prevent the shuttering of factories and preserve, and eventually increase, employment."
Pharmaceuticals billionaire R.J. Kirk says the income tax should be abolished altogether. "It is a perverse society that would punish that which it wishes to encourage," he says.
Ruffin suggested a flat tax: "Go with a flat 15 per cent. The economy will soar."
When asked what currency they would like to hold the majority of their portfolio in, more than two-thirds of the plutocrats said US dollars, believing the greenback remains a safe haven in uncertain times despite the Federal Reserve's desire to print hoards of money.
Of those who didn't want US dollars, most preferred a mix of major currencies such as the euro, Canadian dollar and Swiss franc. Ruffin opted to go paperless, saying he'd prefer to hold most of his portfolio in hard assets.
Should the global financial system be regulated by a single governing organisation?
Most billionaires generally agreed with real estate tycoon Igor Olenicoff, who said: "Oh Lord no. But that has been a long-standing goal of many elite around the world, a la George Soros."
According to Ruffin, "We don't need another incompetent agency. We have those in abundance."
On the lighter side of the questionnaire, the billionaires revealed not all of them have a penchant for flashy jewelry or pricey wines. Several of the moguls said they wear Swatch watches rather than Rolexes. Among the moguls not sporting gold and diamonds on their wrists: Times Square real estate titan Leon Charney, who is worth $1.4 billion.
Charney says wearing a Swatch watch is a matter of convenience; he swims with it on every morning.
Several billionaires said they don't drink and prefer diet soda to a nice expensive bottle of vino. Catsimatides' favorite bottle of wine: "One I'm not paying for."
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