Earn Wall Street Mega Bucks Then Move into the White House
(Hell Why Not)
Anthony “The Mooch” Scaramucci is a Wall Street slickster as sharp as
a tack and capable and able to swipe his Granny's false teeth and then sell her
peanut brittle. He fits nicely the profile of Trump hires from Wall Street – where in there are plenty of charlatans
and people of questionable repute.
No wonder he made so much as a hedge-fund manager… read this
account of how his type makes billions
and from here, too.
Last year, the 25 highest-earning hedge fund managers collectively earned $24.3 billion.
Most that was taxed as carried interest rather than as income, that means that this tiny group of people by themselves cost the government billions of dollars in tax revenue that would have been paid under a fairer system of taxation.
When asked how hedge funds manage to bestow such great riches on their managers despite the fact that, in many cases, their performance seems pretty ordinary.
Last year, the 25 highest-earning hedge fund managers collectively earned $24.3 billion.
Most that was taxed as carried interest rather than as income, that means that this tiny group of people by themselves cost the government billions of dollars in tax revenue that would have been paid under a fairer system of taxation.
When asked how hedge funds manage to bestow such great riches on their managers despite the fact that, in many cases, their performance seems pretty ordinary.
The responses ranged from claims that “hedgies” are
remunerated perfectly appropriately to charges that they are outright crooks
who prey on gullible and greedy investors.
Because
the industry has grown enormously in recent years — according to one industry
source hedge funds now manage about $2.1 trillion of
capital, a good deal of which comes from pension funds and charitable
endowments — it’s not a
trivial matter which of these explanations is the most accurate.
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