Parasitic Hedge Fund Managers Make 100 Times More Than Bankers! How They Are Ripping Us Off...

[Hissyspit]

How Dracula Hedge Funds Are Sucking Us Dry

What notion of economics or ethics justifies the fact that it would take the average family more than 35,000 years to earn as much as the top hedge fund managers earn in one year?

July 9, 2011 |

- snip -

Meanwhile, the top 10 hedge fund elites make on average nearly $1 million an HOUR. We’ll never find the resources to solve the unemployment crisis until we redistribute some of this obscene wealth.

It starts by putting to rest the notion that hedge fund elites are just like any other. They are not. They make more money than everyone else, including our top movie stars and athletes...and they pay lower taxes.

- snip -

All in all, we’re talking about serious money --- except for the fact that hedge funds make 100 times more than bankers. Here’s the summary table for the “Top Ten” lists for 2010 -- to put the numbers in perspective, median family income is included.

The Top Ten Average Yearly Income Number of years if would take for the average American family to earn as much.

Hedge Fund managers: $1,753,000,000 - 35,217 years
Movie directors/producers: $126,000,000 - 2,531
Top celebrities from all fields: $119,800,000 - 2,407
Pop musicians: $87,200,000 - 1,752
Non-financial CEOs: $47,100,000 - 946
Athletes: $44,600,000 - 896
Movie stars: $42,600,000 - 856
Authors: $26,900,000 - 402
Lawyers: $20,000,000 - 402
Bank/Insurance CEOs $16,600,000 - 333

Median Family Income (2009) $49,777 - 1 year

- snip -

Why am I so sure they're ripping us off? I’ve had the dubious honor of exploring some of their biggest deals, including the "Greatest Trade Ever,” in which hedge funds bet against the housing bubble and won big. It turns out those bets were rigged. Hedge funds brazenly colluded with big investment banks to create securities that were designed to fail, so they could bet against them. So far the SEC has forced Goldman Sachs to pay $500 million in penalties and JP Morgan recently coughed up $153.6 million. This was to settle charges that these banks failed to inform investors that hedge funds had a heavy hand in constructing securities so that they would fail.

MORE

[Hissyspit]

1. Kick nt

[TexDevilDog]

2. We need to encourage investment and drive out speculation and gambling out of the markets.

If government would tax at 50% any gains from a "round trip" transaction in less than a week plus you don't get to write off a loss from less than a week, you would drive out all the day traders and speculator from the markets.

[Name removed]

3. Deleted message

Message removed by moderator. Click here to review the message board rules.