'Dr Doom' Marc Faber rejected as Singapore conference speaker after racist remarks

The author of the Gloom, Boom & Doom report was also blacklisted by business networks and dropped from company boards.
The author of the Gloom, Boom & Doom report was also blacklisted by business networks and dropped from company boards.PHOTO: BT

NEW YORK (BLOOMBERG) - Marc Faber will not be a keynote speaker at a wealth conference in Singapore next month after organisers reversed an earlier decision to keep the veteran investor on the programme despite his racist comments in a newsletter.

"To make clear our position, we decided to remove Marc Faber as a speaker," the event's founder, hedge fund manager Mikk Talpsepp, said in an e-mail on Friday (Oct 20), adding that the move expresses "the values of our conference".

He also said that the event will add a clause to its contracts to make it easier to remove speakers who make "inappropriate or racist" remarks.

Faber, author of the Gloom, Boom & Doom investment report, wrote in his latest October letter last week: "Thank God white people populated America, and not the blacks."

The comments met with an immediate backlash. All three major financial news networks - CNBC, Fox Business, and Bloomberg TV - announced they will not book Faber in the future, while three companies where Faber served as a member of the board of directors said that he stepped down.

Talpsepp defended Faber earlier this week, saying that "we can't ignore his life work, experience and knowledge", and over-ruling colleagues who wanted to dis-invite Faber from the inaugural Wealth Creation Conference.

Other scheduled speakers at the conference include Qi Wang, chief executive officer of MegaTrust Investment, and Ravi Chidambaram, co-founder of TC Capital Pte.