Send a Tweet
Most Popular Choices
Share on Facebook 2 Share on Twitter 1 Share on LinkedIn Share on Reddit Tell A Friend Printer Friendly Page Save As Favorite View Favorites
OpEdNews Op Eds

Hedge Fund Madness!

By Hugh Campbell  Posted by Hugh Campbell (about the submitter)       (Page 1 of 3 pages)     Permalink    (# of views)   3 comments

Related Topic(s): ; ; ; ; ; ; ; ; ; ; (more...) , Add Tags  (less...)
Add to My Group(s)

Must Read 1   Supported 1   Valuable 1  
View Ratings | Rate It

opednews.com Headlined to H3 7/8/14

- Advertisement -
July 2, 2014

Sen. Bernie Sanders

332 Dirksen Senate Office Building

Washington, DC 20510

- Advertisement -

Re: S. 268; "Carried Interest Loophole"; Regulation of Hedge Funds

Dear Sen. Sanders:

I am writing to you because you are a champion, fighting to change the disastrous course our country has taken. You seek a more just, humane, and ultimately stronger union. Though I know you are aware of the many areas our country significantly lags behind OECD[1] member nations, there are two areas where we hold the shameful distinction of leading all others: income inequality and social immobility. Indeed, this has not been the land of opportunity for some time. The playing field, as some have aptly put it, has been "rigged." And though you have been leading efforts to deal with the student loan crisis, the corrupting influence of money in politics, and raising the minimum wage, among others, there is one area conspicuously absent: tax and regulatory reform.

- Advertisement -


Moneybags
(Image by Mike Luckovich)
  Permission   Details   DMCA

Let me suggest what could be the poster child of unjustifiable policy, the taxation and lack of regulation of hedge fund manager earnings. The top hedge fund manager in 2013 reportedly made $3.5 billion. Based on a forty-hour workweek for 50 weeks, he made $1,750,000 per hour or $29,167 per minute. Let me repeat that, $29,167 per minute! In 2 minutes the manager made 15% more than the national median household income. At this rate, the following is a list of the median annual incomes in 2013 of a number of occupations[2] compared to the number of minutes of "work" of the hedge fund manager:

3.15 minutes $92,000 Engineers

2.02 minutes 59,000 Police Officers

1.89 minutes 55,000 Teachers

- Advertisement -

1.58 minutes 46,000 Construction Workers

1.66 minutes 48,000 Firefighters

2.57 minutes 75,000 Scientists

39 seconds 19,000 Fast Food Workers

Next Page  1  |  2  |  3

 

- Advertisement -

Must Read 1   Supported 1   Valuable 1  
View Ratings | Rate It

opednews.com

A seasoned financial professional, currently providing subject matter expertise on a variety of regulatory topics, including the Dodd-Frank Act, the Foreign Account Tax Compliance Act (FATCA) and overall compliance monitoring. He has previously held (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon Share Author on Social Media   Go To Commenting

The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact EditorContact Editor

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Why the GOP's Tax Reform is the Al Qaeda Terrorists Dream Come True!

The Greater Deformation: the Corruption of Democracy in America

Why New Jersey's Closed Primaries Led to Voter Apathy, Polarization and Gridlock

Are Votes for Fast Track, (TPP) and (TAFTA) Votes for Crony Capitalism?

"Learned Helplessness", the Self-Inflicted Cause of the Democratic Party's Potential Demise

Throwing Good Money After Bad: Extending the Capital Gain & Dividend Tax-cuts