{"id":181586,"date":"2016-05-12T18:57:00","date_gmt":"2016-05-12T23:57:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2016\/05\/12\/not-enough-bullets-39\/"},"modified":"2016-05-12T18:57:00","modified_gmt":"2016-05-12T23:57:00","slug":"not-enough-bullets-39","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2016\/05\/12\/not-enough-bullets-39\/","title":{"rendered":"Not Enough Bullets"},"content":{"rendered":"<div>The pay of hedge fund managers, who have underperformed the market forever, and lost money last year, <a href=\"https:\/\/www.theguardian.com\/business\/2016\/may\/10\/hedge-fund-managers-salaries-billions-kenneth-griffin-james-simon\">is simply obscene<\/a>:<\/div>\n<p><span style=\"color: blue;\"><\/span><span style=\"color: blue;\"><\/span><\/p>\n<blockquote><p><span style=\"color: blue;\">The world\u2019s top 25 hedge fund managers earned $13bn last year \u2013 more than<a href=\"http:\/\/databank.worldbank.org\/data\/download\/GDP.pdf\"> the entire economies of Namibia, the Bahamas or Nicaragua<\/a>.<\/span><span style=\"color: blue;\"><\/p>\n<p>Kenneth Griffin, founder and chief executive of Citadel, and James Simons, founder and chairman of Renaissance Technologies, shared the top spot, taking home $1.7bn each \u2013 equivalent to the annual salaries of 112,000 people taking home the US federal minimum wage of $15,080. <\/p>\n<p>The earnings of the best-performing hedge fund managers, published by <a href=\"http:\/\/www.institutionalinvestorsalpha.com\/Article\/3552805\/The-2016-Rich-List-of-the-Worlds-Top-Earning-Hedge-Fund-Managers.html\">Institutional Investor\u2019s Alpha magazine<\/a> on Tuesday, dwarfs the pay of top Wall Street executives who have been <a href=\"http:\/\/www.wsj.com\/articles\/new-rules-curbing-wall-street-pay-announced-1461247600\">under fire for their multimillion-dollar pay deals<\/a>. The best paid banker last year was JPMorgan Chase CEO Jamie Dimon, who collected $27m. <\/p>\n<p>The huge pay at the top comes despite a tumultuous year on Wall Street that has led many well-known hedge funds to lose billions of dollars and others to close down. Daniel Loeb, CEO of Third Point, a hedge fund that manages $17.5bn, has described market conditions as a \u201chedge fund killing field\u201d.<\/span><\/p><\/blockquote>\n<p>The, &#8220;Heads I win, tails you lose,&#8221; system of remuneration in Wall Street is wrong, and creates a lot of evil in our society.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pay of hedge fund managers, who have underperformed the market forever, and lost money last year, is simply obscene: The world\u2019s top 25 hedge fund managers earned $13bn last year \u2013 more than the entire economies of Namibia, the Bahamas or Nicaragua. Kenneth Griffin, founder and chief executive of Citadel, and James Simons, founder &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[975,969,1004,1143,985],"tags":[],"class_list":["post-181586","post","type-post","status-publish","format-standard","hentry","category-employment","category-evil","category-finance","category-inequality","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/181586"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=181586"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/181586\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=181586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=181586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=181586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}