Isn't it also the elite who have the privilege to use the influence they have however they can and get away with it? While there are some whose goings-on happen affect their position, there are others that it doesn't really matter.
Who you're in bed with at night? I think that's a private matter, if you choose for it to be; it doesn't necessarily affect your abilities. Just because Chad is gay, doesn't mean he can't litigate. If you're putting something up your nose in office? Yes, I think that's something people need to know about.
Once something is revealed, though... I think it's wrong to deny it if it's true.
The fact is... people love gossip and sensationalism, whether the news is something that defines the person's character or not. I know he has a family, two kids and is in line (however far removed) for the throne, and this affects that.
Noblesse oblige, and all.
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