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Racist Outburst Prompts Faber’s Exit From Three Company Boards

  • Sprott CEO calls comments ‘contradictory’ to company’s views
  • Faber’s newsletter said he thanked God whites settled America
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Marc Faber Resigns From Sprott Board After Racist Report

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Veteran investor Marc Faber left the boards of money manager Sprott Inc. and mining companies Novagold Resources Inc. and Ivanhoe Mines Ltd. after he claimed in his newsletter this month that “the U.S. would look like Zimbabwe” if it had been settled by black people instead of whites.

“The recent comments by Dr. Faber are deeply disappointing and are completely contradictory with the views of Sprott and its employees,” Sprott Chief Executive Officer Peter Grosskopf said in announcing Faber’s departure from the board. “We pride ourselves on being a diverse organization and comments of this sort will not be tolerated."