Charles Hugh Smith's weblog today talks about hedge funds and who actually gets the profits from their activities. There is one mind-blowing statistic that he offers up:
Here is the top 10 hedge fund managers' income: The full top 10 list of hedge fund earners according to Trader Monthly includes:
1. T. Boone Pickens - estimated 2005 earnings $1.5bn +
2. Steven A. Cohen, SAC Capital Advisers - $1bn +
3. James H. Simons, Renaissance Technologies Corp. - $900m - $1bn
4. Paul Tudor Jones, Tudor Investment Corp. - $800m - $900m
5. Stephen Feinberg, Cerberus Capital Management - $500 - $600m
6. Bruce Kovner, Caxton Associates - $500m - $600m
7. Eddie Lampert, ESL Investments - $500m - $600m
8. David Shaw, D.E. Shaw & Co - $400m - $500m
9. Jeffrey Gendell, Tontine Partners - $300m - $400m
10. Louis Bacon, Moore Capital Management - $300m - $350m
10. Stephen Mandel, Lone Pine Capital - $300m - $350m
I thought it was pretty crazy when the White House released Vice President Cheney's tax return a few years ago and his adjusted gross income was $36 million!
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