04 Apr 10
As I'm sure you've all heard, the top 25 hedge fund managers raked in $25 billion last year, headed by David Tepper who led the pack with earnings of $4 billion. Yes, that's $4,000,000,000. To put that in perspective, Mr. Tepper made as much as the entire GDP of Gambia, Burundi and Liberia combined. Those countries, by the way, are home to 14.7 million people.
If this doesn't cause you to want to storm the Bastille and send all 25 to the guillotine, then I don't know what will.
04 Apr 10
Originally posted by rwingettNobody is forcing the people of Gambia, Burundi and Liberia to invest in David Tepper's hedge funds.
As I'm sure you've all heard, the top 25 hedge fund managers raked in $25 billion last year, headed by David Tepper who led the pack with earnings of $4 billion. Yes, that's [b]$4,000,000,000. To put that in perspective, Mr. Tepper made as much as the entire GDP of Gambia, Burundi and Liberia combined. Those countries, by the way, are home to 14. ...[text shortened]... want to storm the Bastille and send all 25 to the guillotine, then I don't know what will.[/b]
04 Apr 10
Originally posted by sh76I am not amused (well, slightly).
You made that country up, didn't you?
http://www.theonion.com/articles/us-ambassador-to-bulungi-suspected-of-making-count,790/
I expressed my outrage in this forum recently that David Och had made $1 billion the other year. That number had me flabbergasted. But now Tepper has topped him four times over! Does this represent just another 'day at the office' to you, or is it symptomatic of a system that is morally bankrupt beyond measure? Personally, I find it mind boggling that people aren't rampaging through the streets over these obscene earnings.
04 Apr 10
Originally posted by rwingettIt is kind of ridiculous; I'll agree with that; but it's odd to me that you want to blame Tepper. Why shouldn't he try to make as much money as he can?
I am not amused (well, slightly).
I expressed my outrage in this forum recently that David Och had made $1 billion the other year. That number had me flabbergasted. But now Tepper has topped him four times over! Does this represent just another 'day at the office' to you, or is it symptomatic of a system that is morally bankrupt beyond measure? P ...[text shortened]... t mind boggling that people aren't rampaging through the streets over these obscene earnings.
I greatest concession I can agree to is perhaps something like a 70% tax (okay, 75%, but that's enough) on income over, say, $10,000,000 per year. That way, if Tepper makes $4b, $3b goes to narrow our 1.3 trillion dollar budget deficit. Fine with me.
04 Apr 10
Here's another way to look at it. The CIA World Fact Book lists GDP data for 190 countries for 2009. Of those 190 countries, 37 have a GDP less than the $4 billion David Tepper made last year. 100 (more than one half of the countries in the world) had a GDP less than the $25 billion earnings of the top 25 hedge fund managers. Tanzania, a nation of 44 million people, had a GDP (nominal) of $20 billion for 2009. They were eclipsed by 25 people.
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28nominal%29
05 Apr 10
Originally posted by sh76That is part of the problem. The perception that it's OK to try to make as much money as you can lay your grubby hands on. A system which glorifies greed as it's highest attribute is necessarily one which will breed the greatest inequalities.
It is kind of ridiculous; I'll agree with that; but it's odd to me that you want to blame Tepper. Why shouldn't he try to make as much money as he can?
I greatest concession I can agree to is perhaps something like a 70% tax (okay, 75%, but that's enough) on income over, say, $10,000,000 per year. That way, if Tepper makes $4b, $3b goes to narrow our 1.3 trillion dollar budget deficit. Fine with me.
05 Apr 10
2 edits
Originally posted by rwingettThen again, if the US could generate 3,000 people just like him and then take every last cent they have, they could pay off the national debt.
As I'm sure you've all heard, the top 25 hedge fund managers raked in $25 billion last year, headed by David Tepper who led the pack with earnings of $4 billion. Yes, that's [b]$4,000,000,000. To put that in perspective, Mr. Tepper made as much as the entire GDP of Gambia, Burundi and Liberia combined. Those countries, by the way, are home to 14. want to storm the Bastille and send all 25 to the guillotine, then I don't know what will.[/b]
How's that for perspective? 😕
But you better hurry, soon we will need 6,000 people just like him.
05 Apr 10
Originally posted by rwingettI agree with you that this level of earnings is obscene, but as usual you are unable to comprehend that the lack of social fairness in the world has nothing to do with how much money people earn, it's what they do with it that matters.
As I'm sure you've all heard, the top 25 hedge fund managers raked in $25 billion last year, headed by David Tepper who led the pack with earnings of $4 billion. Yes, that's [b]$4,000,000,000. To put that in perspective, Mr. Tepper made as much as the entire GDP of Gambia, Burundi and Liberia combined. Those countries, by the way, are home to 14. ...[text shortened]... want to storm the Bastille and send all 25 to the guillotine, then I don't know what will.[/b]
In fact it is economic success that should be the fiscal engine for a societies altruistic enterprise; the fact that such equity does not exist is the fault of the democratic choices people make, not the economy or an individuals success in it.
Take away the ability to innovate and drive economic progress and we will all be living in caves; perhaps that is the socialist dream world - equity for all at the lowest common denominator.
05 Apr 10
Originally posted by divegeesterTepper isn't 'innovating'. He's gambling. It's casino capitalism at its worst.
I agree with you that this level of earnings is obscene, but as usual you are unable to comprehend that the lack of social fairness in the world has nothing to do with how much money people earn, it's what they do with it that matters.
In fact it is economic success that should be the fiscal engine for a societies altruistic enterprise; the fact that ...[text shortened]... s; perhaps that is the socialist dream world - equity for all at the lowest common denominator.
05 Apr 10
Originally posted by sh76Apparently Tepper and people like him get to treat their earnings as capital gains and pay a lower rate of taxes:
It is kind of ridiculous; I'll agree with that; but it's odd to me that you want to blame Tepper. Why shouldn't he try to make as much money as he can?
I greatest concession I can agree to is perhaps something like a 70% tax (okay, 75%, but that's enough) on income over, say, $10,000,000 per year. That way, if Tepper makes $4b, $3b goes to narrow our 1.3 trillion dollar budget deficit. Fine with me.
To add insult to injury, some hedge fund managers and, more commonly, private equity fund managers are able to pay a much lower rate of tax than the typical working professional.
The tax disparity results from an outdated rule that lets a money manager in a private partnership treat a chunk of his fees as if they were long-term capital gains, taxed at a special low rate of 15 percent.
http://www.nytimes.com/2010/04/04/opinion/04sun2.html
Gotta love our tax code.
05 Apr 10
Originally posted by whodeyDo you think Tepper has generated wealth, or has he simply relocated it?
Then again, if the US could generate 3,000 people just like him and then take every last cent they have, they could pay off the national debt.
How's that for perspective? 😕
But you better hurry, soon we will need 6,000 people just like him.
05 Apr 10
Originally posted by rwingettDid he hurt anyone else?
I am not amused (well, slightly).
I expressed my outrage in this forum recently that David Och had made $1 billion the other year. That number had me flabbergasted. But now Tepper has topped him four times over! Does this represent just another 'day at the office' to you, or is it symptomatic of a system that is morally bankrupt beyond measure? P ...[text shortened]... t mind boggling that people aren't rampaging through the streets over these obscene earnings.
... (crickets chirping) ...
That's why there was no rampage.