'This is what a kleptocracy looks like': Billionaire investor Chamath Palihapitiya blasted the Fed for buying foreign companies' bonds

• Billionaire investor Chamath Palihapitiya slammed the Federal Reserve for purchasing foreign companies' bonds in a tweet this week.
• "Does @federalreserve actually believe buying foreign company bonds with US taxpayer dollars helps America?" the Social Capital boss and Virgin Galactic chairman asked.
• The central bank's emergency facility bought debt issued by Japan's Toyota and UK oil giant BP this month, and it tracks an index that gives the most weight to Toyota, and German carmakers Volskwagen and Daimler.
• "This is what a kleptocracy looks like," Palihapitiya said, arguing the purchases drive up markets and distract from the pandemic's economic impacts.
• Visit Business Insider's homepage for more stories.

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Billionaire investor Chamath Palihapitiya blasted the Federal Reserve for buying foreign companies' bonds in a tweet this week.

The Social Capital boss, Virgin Galactic chairman, and part-owner of the NBA's Golden State Warriors questioned how supporting non-US businesses helps Americans struggling during the coronavirus pandemic.

See the rest of the story at Business Insider

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