What would you have to do for $600 million/yr? In my opinion, there is nothing that a single person can do to earn that kind of moolah. Now, if you own a company and things go well then Bingo! You have hit the jackpot. That’s great and congratulations. On the other hand, I’m sorry Hedge-fund managers DO NOT deserve $657 million per year. No one does. If you can sweat gold or make diamonds come out of an orifice then maybe otherwise you are a CROOK!
From USA Today:
To say the pay gap between Wall Street’s top titans and average Americans is widening would be an understatement.
One statistic sums up why: Last year, the top 20 hedge-fund and private-equity-fund managers earned more in 10 minutes than U.S. workers made the entire year, according to a report released Wednesday by two research groups.
Those top fund managers pocketed an average $657.5 million in 2006, or 22,255 times the $29,544 average annual pay of U.S. workers, said the study issued by the Institute for Policy Studies (IPS) and United for a Fair Economy. That dwarfs the discrepancy between CEOs and workers: Corporate chieftains, on average, earn about 365 times the pay of U.S. workers. (more…)