Suck on it, baby! Suck on it!
Capitalism – you gotta love it!?
UPDATE: Paulson Tops Hedge-Fund Pay List At $3.7B
Last update: 4/16/2008 10:05:22 AM
DOW JONES NEWSWIRES
John Paulson, who earned $3.7 billion in 2007 shorting the subprime-mortgage market, was the highest-paid hedge fund manager in 2007, according to Alpha magazine.
George Soros and James Simons were second and third, respectively, each earning nearly $3 billion last year.
The three are among five managers who earned more than $1 billion.
Paulson, a former Bear Stearns Cos. (BSC) investment banker, runs New York-based Paulson & Co., which oversees $32 billion in assets. The fund pocketed a whopping $15 billion last year on bets that the housing market would crumble and the value of subprime mortgages would shrink.
Simons, who led the 2006 list with $1.7 billion, is head of Renaissance Technologies Corp., a leading quantitative hedge-fund firm that oversees more than $30 billion. He earned $2.8 million last year.
Soros runs Soros Fund Management and took home $2.9 million in 2007. He was the top earner on Alpha's inaugural list in 2002, with $700 million.
In fourth place was Philip Falcone of Harbinger Capital Partners who earned $1.7 billion, and Kenneth Griffin of Citadel Investment Group was fifth with $1.5 billion.
The top 25 managers earned, on average, $877 million in 2007, up 65% from 2006. Alpha doubled the list to 50 this year, and eight people from the U.K. made the cut. Managers needed to earn $210 million to qualify for the ranking.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975; Kathy.Shwiff@dowjones.com
(END) Dow Jones Newswires
April 16, 2008 10:05 ET (14:05 GMT)
And his tax rate was 15%. It's so refreshing to see Democracy in action!
And now for something completely different…
Merill Lynch today offloaded $30B in toxic mortgages for $7B (that’s $0.23 on the dollar) and raised $8.5B in new capital issuing another 320M shares – a mere 20% dilution for current shareholders already down ~40% YTD. The stock is up after hours. Priceless!