Welcome to “Libertarian Island”: How These One Percenters Are Creating a Dystopian Nightmare
16th March 2015
There are few Voices more Crustian than Salon, and obviously the idea of a place where people can be free from interference from, well, the sort of people who write for Salon quite naturally fills them with horror.
Of course, such people have to be subjected to the Two Minute Hate, so they set up the shot with the crack about ‘One Percenters’, as if the people who underwrite Salon were ordinary middle class folks:
Salon has been unprofitable through its entire history. Since 2007, the company has been dependent on ongoing cash injections from board Chairman John Warnock and William Hambrecht, father of former Salon CEO Elizabeth Hambrecht. During the nine months ended December 31, 2012, these cash contributions amounted to $3.4 million, compared to revenue in the same period of $2.7 million.
Warnock is one of the founders of Adobe, and I doubt that he worries about where his next Aston-Martin is going to come from. Hambrecht, after Princeton, went on to help launch Netscape and Amazon; another fellow with a well-padded investment account.