The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Hedge fund billionaires

May 19, 2008

Last year, the top 25 hedge fund managers made MORE than seven million dollars a WEEK. Three of them actually took in three BILLION dollars – in one year.

Who are these people who made more than the entire gross domestic product of 50 of the world’s smallest countries? They are the ones who make possible the buying and selling of companies in an enormous wave of speculation that is swamping most of the economies of the world.

A bond fund officer said about these huge rewards to hedge fund managers, “It’s not illegal. But it’s ugly.”

He’s got that right!