Elite do-gooders like Bill McGlashan sometimes do real good. They help communities and even save lives. But so much of what they do follows one overpowering rule: They are willing to help in ways that allow them to stay on top and lock others out. This story must be remembered.
Bill McGlashan is the CEO of the Rise Fund at TPG. The Rise Fund is all about achieving social justice through high finance. Bill McGlashan epitomizes the modern fantasy that the rich people who rigged the modern world, who monopolized the American dream for themselves, are the solution to redressing our injustices.And now one of the absolute deans of the doing-well-by-doing-good industrial complex – a man who embodied the faith that the meek of the earth could be saved by private-equity barons – has been indicted for rigging the opportunity structure against the disadvantaged.
What is alleged in this scheme is that someone who claimed to be working to change the system, change capitalism, empower others, help others “rise,” was working downstream to lock others out of a slot they perhaps deserved but that would instead go to their kid.
Don’t tell yourself this man is a one-off. He is a perfect metaphor for an industry that wants the reputational benefits of “changing the world” while clinging to the systems of oppression that continue to cause the problems you supposedly are devoted to solving.