Veteran investor Marc Faber has given up his board seats at three companies based in Canada on Tuesday following comments he made that the United States was better off because it was settled by white people instead of black people.
Late Tuesday, Vancouver-based mineral exploration and development company Ivanhoe Mines Ltd. was the latest firm to accept Faber's resignation after Toronto-based Sprott Inc. and Vancouver-based Novagold Resources Inc. announced his departure earlier in the day.
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."
Ivanhoe Mines said in a statement Tuesday that it "deplores" the views about race Faber published in his investment newsletter.
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.
The investment management firm said Faber has stepped down effective immediately.
Precious metals company Novagold announced Faber's departure, but did not address the comments.
