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. That’s a whopping $2.4 million an HOUR. Here’s 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 wouldn’t miss a penny of it -- would raise $4.4 billion, which is enough to rehire 126,000 laid-off teachers...
There’s a movement underway for what economist Dean Baker aptly named a “financial speculation tax.” The idea, first put forth by the late James Tobin to raise money to help eradicate global poverty, is to place a very small tax on all financial transactions... it’s the very best way to make the financial sector pay us back for all the damage it has done to the economy. Before we succumb to financial amnesia we should recall that Wall Street, and it alone, went on a massive gambling spree that crashed the economy and killed 8 million jobs. To save the system from falling into another Great Depression we bailed them out and now they are again making record profits. Meanwhile, long-term unemployment remains at record highs and states are in enormous fiscal distress.
19 April 2011
Interesting data on hedge fund operators
The text comes from a post at AlterNet - clearly not an unbiased source - but that doesn't mean the data are incorrect (if so, let me know) -