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How do we get our hands on the billionaires' payouts?

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Rosa Luxemburg Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 07:18 PM
Original message
How do we get our hands on the billionaires' payouts?
John Paulson, who rose to fame in 2007 with a prescient bet against subprime mortgages, earned a record $4.9 billion in 2010 as a result of a big wager that his fund, Paulson & Company, made on gold. The metal soared last year, lifting the values of some hedge funds by more than 30 percent.

Last year was very lucrative for some of the biggest and best-performing hedge funds chiefs. Wealth was so concentrated that a mere 25 people pocketed a total of $22.07 billion, according to this years annual ranking by AR Magazine, which tracks the hedge fund industry. At $50,000 a year, it would take the salaries of 441,400 Americans to match that sum.

So why can't we get our paws on this treasure? We are cutting here there and everywhere mainly the poor. Why can't we claw in some of the fat cats' windfall?

http://www.nytimes.com/2011/04/01/business/01hedge.html...
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bbinacan Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 07:21 PM
Response to Original message
1. Why do you think
you are entitled to it? Just curious.
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Rosa Luxemburg Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 07:22 PM
Response to Reply #1
2. I'd rather their money be clawed in not ours
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bbinacan Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 07:26 PM
Response to Reply #2
3. And if one thinks you have
too much money, should they claw yours? If you grow a very successful garden, can you neighbors claw yours?
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Rosa Luxemburg Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 08:00 PM
Response to Reply #3
6. yes they can
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bbinacan Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-05-11 08:47 PM
Response to Reply #6
10. At least you're honest,
I hope.
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msongs Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 07:32 PM
Response to Original message
4. inside traders, speculators on the black market, tax each transaction for the damage they cause nt
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Curmudgeoness Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 07:37 PM
Response to Original message
5. You could get your hands on that money.
Just sell your soul to the devil, put every bit of self-respect and morality behind you, and go after your fellow human beings with no mercy.

Are you game?
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Rosa Luxemburg Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 08:01 PM
Response to Reply #5
7. We the taxpayers
wouldn't it be nice to tax them heavily with no mercy.
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Curmudgeoness Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 08:10 PM
Response to Reply #7
8. That is what I advocate. I was talking to a conservative
Republican small business owner, and I told him that we had to increase the tax rates on high incomes. I told him I thought the 70% top rates of the 70's would be fair, but it would warm my heart to go back to the 90% from WWII. He didn't believe that the tax rates were ever that high. Well, I was wrong, it wasn't 90%, it was 94%.

This is one problem with these Republicans, they are made to believe that the top rates are too high now. And they don't know history and that our rates today are extremely low historically.
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Rosa Luxemburg Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-04-11 09:27 PM
Response to Reply #8
9. 94% of $4.9 billion would yield enough to pay teachers!
besides Paulson was one of the perpetrators of the economic crisis.
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