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Oct 17, 2017

Marc Faber booted from Sprott board following racist comments

Marc Faber

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TORONTO — Veteran investor Marc Faber was asked to resign from the board of directors at Sprott Inc. (SII.TO) after comments he made in his investment newsletter that America was better off because it was settled by white people instead of black people.

In his October Gloom, Boom and Doom Report newsletter, Faber wrote "thank God white people populated America, and not blacks. Otherwise, the U.S. would look like Zimbabwe, which it might look one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority."

Faber provided a copy of the newsletter to The Canadian Press and wrote in an email that "if stating some historical facts makes me a racist, then I suppose that I am a racist. For years, Japanese were condemned because they denied the Nanking massacre."

Sprott chief executive Peter Grosskopf called Faber's comments in the newsletter deeply disappointing and completely contradictory with the views of Sprott and its employees.

"We pride ourselves on being a diverse organization and comments of this sort will not be tolerated," Grosskopf said in a statement.

"We are committed to providing an inclusive workplace for all of our employees and we extend the same respect to our clients and investors."

The investment management firm said Faber has stepped down effective immediately.

Faber is also a member of the board of directors at Novagold Resources Inc. and Ivanhoe Mines Ltd.

Requests for comment from both companies were not immediately returned.