This is happening in US at the moment. Got to find out whether the same is happening in UK? Any ideas happy to read.
"The annual ranking of top hedge fund earners compiled by Alpha, a magazine that caters to wealthy and institutional investors, reports that the top money-maker, John Paulson, took home $3.7 billion last year, probably the richest singe-year haul in Wall Street history.
Paulson, the founder of Paulson & Company, was not the only multi-billion-dollar hedge fund winner. He was followed by George Soros, who took in $2.9 billion, and James H. Simons, who netted $2.8 billion.
The top 50 hedge fund managers took in a combined sum of $29 billion."
Thats filthy init?
"To place these astronomical figures in some perspective, the combined take of these 50 individuals is about the same as the annual gross domestic product of Kenya, a country of 32.5 million people, and a billion dollars less than the GDP of Sri Lanka, the home of 20 million people."
Now the article explains what it is compared to the rest of us:
"What do these gargantuan incomes say about the parasitism of American capitalism and the social inequities it engenders? If one takes Paulson’s income for all of 2007 and divides it by 365, one arrives at a daily take of $10, 137,000. This breaks down to $422,374 an hour, $7,040 a minute, and $117 per second.
The wage of the average American worker is about $17.50. If one were to assume that Paulson worked a 40-hour per week, 52-week schedule, his hourly “wage” would be 24,136 times that of the average worker in the US.
Every hour, Paulson took in a sum nearly equal to the median yearly income ($60,500) of seven American families. The combined $29 billion that went to the top 50 hedge fund managers is equivalent to the median annual income of 479,000 US families."
If you cannot find the links in this blog, I have majority of them filed, Email me!
No comments:
Post a Comment