Millions of people are facing foreclosure on their homes, banks are going belly up, tens of thousands are being put out of work, America is on the brink of recession - it's another fantastic year to make money as a hedge fund manager. The top managers pocketed more personal wealth last year than at probably any time in history. Top of the league table came John Paulson, whose pay packet in 2007 reached $3.7bn (£1.87bn). Close behind him were George Soros and James Simons who made $2.9bn and $2.8bn respectively. The poorest individual listed among the 50 top earning hedge fund managers made $210m.
The top managers pocketed more personal wealth last year than at probably any time in history. Top of the league table came John Paulson, whose pay packet in 2007 reached $3.7bn (£1.87bn). Close behind him were George Soros and James Simons who made $2.9bn and $2.8bn respectively. The poorest individual listed among the 50 top earning hedge fund managers made $210m.
From last Monday's (14 Apr) The New York Times, Despite Tough Times, Ultrarich Keep Spending.
Who said anything about a recession? Sometime between the government bailout of Bear Stearns and the Bureau of Labor Statistics report that America lost 80,000 jobs in March, Lee Tachman spent roughly $50,000 last month on a four-day jaunt to Miami for himself and three close friends... He is hardly alone in his eagerness to keep spending. Some businesses that cater to the superrich report that clients -- many of them traders and private equity investors whose work is tied to Wall Street -- are still splurging on multimillion-dollar Manhattan apartments, custom-built yachts, contemporary art and lavish parties... "When times get tough, the smart spend money," said David Monn, an event planner who is organizing a black-tie party on May 10 for dignitaries and recent purchasers of apartments at the Plaza Hotel; the average price there was $7 million. "Short of our country going on food stamps, I don't think we're doing anything differently." ... "We're trying to spend on what we feel is important," said Victor Self, an executive with a fitness company who, with his partner, is planning to spend $100,000 on a commitment ceremony on St. Barts and a dessert party for 200 to 300 guests at Jeffrey, a clothing store in the meatpacking district.
He is hardly alone in his eagerness to keep spending. Some businesses that cater to the superrich report that clients -- many of them traders and private equity investors whose work is tied to Wall Street -- are still splurging on multimillion-dollar Manhattan apartments, custom-built yachts, contemporary art and lavish parties...
"When times get tough, the smart spend money," said David Monn, an event planner who is organizing a black-tie party on May 10 for dignitaries and recent purchasers of apartments at the Plaza Hotel; the average price there was $7 million. "Short of our country going on food stamps, I don't think we're doing anything differently." ...
"We're trying to spend on what we feel is important," said Victor Self, an executive with a fitness company who, with his partner, is planning to spend $100,000 on a commitment ceremony on St. Barts and a dessert party for 200 to 300 guests at Jeffrey, a clothing store in the meatpacking district.
"We're trying to spend on what we feel is important," said Victor Self, an executive with a fitness company
The Onion couldn't do better. Reality, meet fiction. Fiction, meet reality.
The way I usually interpret them is: worthy people are not effected by these problems, so they're not so serious, really. But that could just be my insecurities talking...
