Apr 30, 2007
Last year James Simon got 1.7 billion dollars in income, 56,000 times the pay of the typical worker! He is the head of the Medallion hedge fund.
The top 25 hedge fund managers had a total income of 14 billion dollars. Last year, the smallest of them had an income of 240 million dollars. Just a few years ago, an income of one million dollars a year was considered unusual!
Hedge funds are investment companies – but only the richest people can put money in them. They are “investment” companies, but they don’t invest in production, like building factories and putting in machinery. Their wealth comes from speculating, which creates no new wealth, but only redistributes it among the rich. The amount that just the top 25 hedge fund managers siphoned off shows how much wealth is flooding through the financial circuits. All that wealth was originally produced in production of goods or services by the workers of this country – produced by them and stolen from them.
These are the rewards a parasitic system bestows on the chief parasites.