There is a brilliant journalist by the name of Anand Giridharadas that explains in his book Winners Takes All: The Elite Charade of Changing the World how the rich put on this facade of philanthropy to help the less fortunate all the while rigging the system to make sure their heirs and elite social circles stay in the 1%.
This is what Giridharadas said in an interview about Bill McGlashan who was caught up in the college bribery scam earlier this year:
“When there is one college seat, and a hard-working kid from a poor neighborhood, whose family has never sent anybody to college, but now they have a shot at that seat — they’ve worked hard, their parents took many buses to many jobs, they might be eligible for that seat — and they don’t get that seat, because someone like Bill McGlashan, private equity baron, impact investing impresario, who had a $2 billion impact fund with Bono, has locked up that seat for his son.”
“…because you have a guy who’s had a $2 billion fund, called The Rise Fund, that was about empowering people around the world, from Appalachia to Africa, who hadn’t had opportunity. And what we now know is this guy was working to rig the system, when we weren’t looking, to make sure that those people he was supposedly empowering with his fund would never actually be able to compete with his son.
The hypocrisy of the rich is astounding.