
Hedge fund managers, those masters of a secretive, sometimes volatile financial universe, are making money on a scale that once seemed unimaginable, even in Wall Street's rarefied realms.
One manager, John Paulson, made $3.7 billion last year. He reaped that bounty, probably the richest in Wall Street history, by betting against certain mortgages and complex financial products that held them.
Paulson, the founder of Paulson & Company, was not the only big winner. The hedge fund managers James Simons and George Soros each earned almost $3 billion last year, according to an annual ranking of top hedge fund earners by Institutional Investor's Alpha magazine, which comes out Wednesday.
To know that these capital pornographers actually pop corks as the subprime crisis cascades out and millions of devastated people lose their homes and/or go bankrupt.
More than increasing regulation and oversight of hedge funds (I would declare them illegal) these people need to be investigated for insider knowledge and criminal conspiracy. Genuine terrorism, in fact.
Please note:
Since 1913, the United States witnessed only one other year of such unequal wealth distribution — 1928, the year before the stock market crashed, according to Jared Bernstein, a senior fellow at the Economic Policy Institute in Washington.
Hedge funds and obscene wealth imbalances are a form of terrorism: they can wipe out an entire economy and bleed a nation.
xuzi, glad to help in any way. good luck with the book - can't wait to read it!
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