Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years

Just take a look at the latest reports on what the top hedge fund managers haul in. In 2010 John Paulson led the list with a record $4.9 billion in personal earnings. That’s a whopping $2.4 million an HOUR. Here’s a factoid to make you wretch: It would take the median US household over 47 years to earn as much as Paulson pocketed in just 60 minutes. And, every hedge fund manager pays a lower tax rate than the average family.

The top 25 hedge fund earners took in $22.07 billion in 2010. Thanks to a generous tax loophole these billionaires will pay a top tax rate of 15 percent instead of 35 percent. Closing that loophole on just those 25 individuals – just 25 guys who wouldn’t miss a penny of it -- would raise $4.4 billion, which is enough to rehire 126,000 laid-off teachers.

We have yet to hear a convincing argument that financial billionaires produce economic value commensurate to what they earn. And if they don’t, that means they are siphoning off the wealth from the rest of the world. Either we do something about it or we’ll watch our standard of living crumble.

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