Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
 
FourScore Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-13-11 11:16 PM
Original message
Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years
By Les Leopold
Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years
How do they make so much money? Where does it come from? How can hedge fund firms with fewer than 100 employees make as much profit as firms with thousands of employees?
April 11, 2011

We live in a very, very rich country. Yet we seem to be utterly consumed by a collective hysteria that were about to go broke. Historians are certain to look back at this period and wonder why the richest country in history consumed itself in a struggle over how many teachers to fire.

How rich are we?

Just take a look at the latest reports on what the top hedge fund managers haul in. In 2010 John Paulson led the list with a record $4.9 billion in personal earnings. Thats a whopping $2.4 million an HOUR. Heres a factoid to make you wretch: It would take the median US household over 47 years to earn as much as Paulson pocketed in just 60 minutes. And, every hedge fund manager pays a lower tax rate than the average family.

The top 25 hedge fund earners took in $22.07 billion in 2010. Thanks to a generous tax loophole these billionaires will pay a top tax rate of 15 percent instead of 35 percent. Closing that loophole on just those 25 individuals just 25 guys who wouldnt miss a penny of it -- would raise $4.4 billion, which is enough to rehire 126,000 laid-off teachers...

http://www.alternet.org/economy/150570/hedge_fund_gambl...
Printer Friendly | Permalink |  | Top
Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-13-11 11:17 PM
Response to Original message
1. kr
Printer Friendly | Permalink |  | Top
 
Snoutport Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-13-11 11:44 PM
Response to Original message
2. kick
Printer Friendly | Permalink |  | Top
 
defendandprotect Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-13-11 11:48 PM
Response to Original message
3. Hedge and derivatives i think I heard are $56 trillion????
Another business too big to fail?

Printer Friendly | Permalink |  | Top
 
jwirr Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 12:00 AM
Response to Original message
4. That is what I call great framing. That would get the attention of any
worker in America.
Printer Friendly | Permalink |  | Top
 
dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 12:01 AM
Response to Original message
5. Could have lost that much too
Which is the scary part.
Printer Friendly | Permalink |  | Top
 
aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 12:43 AM
Response to Original message
6. And this is not outlawed because....?
Printer Friendly | Permalink |  | Top
 
FourScore Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 09:59 AM
Response to Original message
7. kick
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Thu Oct 30th 2014, 07:20 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC