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Social inequality in San Francisco spurs verbal brawl among venture capitalists

Published on Jun 10, 2014 9:17 AM

SAN FRANCISCO (REUTERS) - Ongoing tensions over how to handle social inequality in San Francisco sparked an a rare outburst among venture capitalists on Monday.

Facebook Inc executive-turned-venture capitalist Chamath Palihapitiya called for San Francisco Mayor Ed Lee to resign due to a "very stupid city government", spurring fellow venture capitalist Ron Conway to jump to his feet and start yelling.

"How dare you!" shouted Conway from the rear of the auditorium at the end of a discussion on inequality at Bloomberg's Next Big Thing conference, held at an exclusive resort just across the Golden Gate Bridge from San Francisco.

The city's role in bolstering technology, including giving tax breaks to Twitter Inc and other companies, has come under fire in recent months as complaints rise about income inequality. Many city residents blame a growing wealth gap on large technology industry salaries.

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