2 different news stories

So should there be a limit to the amount someone can earn?
What about the money that he has made for his investors, that will be hell of a lot more than what he has earned, is that not more of a problem for you?
 
Does anyone remember bbc story last year about a cambridge guy who was on 30k a year trying to give 1 million in his lifetime? was trying to find the link
 
Dunks said:
Are you dense? It's a hedge fund, not a bank. :rolleyes:

No hedge funds were bailed out by the tax payer.
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I think you yourself are somewhat misinformed and unaware that following US legislation in 1999 the separation is no longer effective.

I suggest you read - http://en.wikipedia.org/wiki/Investment_banking

And in particular the section - Other businesses that an investment bank may be involved in - in full.
 
sihart25 said:
why not?
why make that much just so he can pretend to be philanthropic?
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So what happens when he reaches that amount? Can he stop working then? What if on the first working day of the year he makes his yearly allowance?
 
It's always the same story, the rich cause economic problems and end up making even more money from the fallout. The poor get poorer and society declines as inequality grows. Expect this to get a lot worse in the next few years.
 
scorza said:
It's always the same story, the rich cause economic problems and end up making even more money from the fallout. The poor get poorer and society declines as inequality grows. Expect this to get a lot worse in the next few years.
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What, like they have been for the last ten years?
 
I'm of the position that a system which allows one person to have astronomical profits like the man in the article, whilst entire nations near bankruptcy because of the same "process" is a flawed system and desperately needs fixing.

I don't blame him for making his $5b, I am not jealous of him, I am merely concerned that we are living with such a dangerously unbalanced system.
 
Dj_Jestar said:
I'm of the position that a system which allows one person to have astronomical profits like the man in the article, whilst entire nations near bankruptcy because of the same "process" is a flawed system and desperately needs fixing.

I don't blame him for making his $5b, I am not jealous of him, I am merely concerned that we are living with such a dangerously unbalanced system.
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thanks for the post was worried maybe was alone in my thinking!.
 
I'm going to go get me a JCB with a Lawn-Mowery thing on it, those Hedge Manager guys are making a ****ing fortune! Who would've thought there was so much money in it! :eek:
 
scorza said:
It's always the same story, the rich cause economic problems and end up making even more money from the fallout. The poor get poorer and society declines as inequality grows. Expect this to get a lot worse in the next few years.
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Same story as when? As far as I can tell people's quality of life has been consistently improving over the last century, except the poor sods in communist countries - especially the 100 odd million murdered by Mao and Stalin.

By things getting "a lot worse" do you mean poor people having to give up their iphones, sky TV, and annual holiday to Majorca?
 
sihart25 said:
did you see this 40 years more like!

http://news.bbc.co.uk/1/hi/8481534.stm
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Oh no!!

Tell me which is "fairer"? Which would you rather see?

wealthgap.jpg
 
kgi said:
Hedge Funds make money for their investors. You have to check who his investors are to make a judgement on whether the money he makes have any good effect on society/economy.

One thing is for certain, he makes a nice bundle for whatever treasury he pays tax to (although it's capital gains tax he has to pay, not income tax), so in a way society benefits a lot from his profit.

We need to understand that people who make a lot of money usually pay lots of tax (apart from those that conduct tax fraud or other similar tax evasive schemes) which fills the gov's coffers.

EDIT: It's interesting to see that earlier on when his assets under mngmnt were $12bn, 95% of it was from institutional investors, not private individuals. He has also given a $20m gift to NYU Stern. It is quite common for these guys to spend lots of money in charity etc.
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Will he still have to pay tax on it even if it's paper money? Can't he write it off against future investments?
 
jas72 said:
Will he still have to pay tax on it even if it's paper money? Can't he write it off against future investments?
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I guess it works the same way as when you or me invest in shares. As long as you keep it in shares you don't pay tax, once you cash it you pay capital gains tax, so eventually he will have to pay if he wants to get the cold hard cash in his account.However, I don't expect him to cash more than a few million per year. What would be the point? He would reinvest it somewhere anyway!

Obviously if he keeps investing it and the value goes down due to poor choices then he won't have to pay as much CGT since he won't cash in as big an amount.

Eitherway he is stinking rich!!!
 
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