September 10, 2007


Here's acute addiction and sickness

A right case of Veblen's Conspicuous Consumption riddles our planet

Top US hedge fund managers earn 22,255 times pay of average worker




By Kate Randall
7 September 2007


Two new reports document the staggering growth of income inequality in the United States, which grew last year to records levels.

Leading the list in pay and compensation were the nation’s top 20 private equity and hedge fund managers, who pocketed an average annual income of $657.5 million, or 22,255 times the pay of the average US worker.

“Wages and Bonuses in Investment Banking,” a report issued by the US Bureau of Labor Statistics (BLS), concludes that average pay in the investment banking sector, which includes hedge funds and private equity firms, is ten times the average for all private sector jobs, even when the modest pay of clerks, secretaries and others in the investment banking field is included.

A study by the Institute for Policy Studies (IPS) and United for a Fair Economy (UFE), “Executive Excess 2007: The Staggering Social Cost of US Business Leadership,” examines the earnings of top executives in publicly held US companies, as well as the astronomical wages for executives in businesses fueled by the private equity boom.

*snip* continue reading HERE, for more riveting tales and statistics ...

See Also:
US census report shows falling earnings, rise in uninsured [30 August 2007]
Recent tax data shows widening gap between rich and poor in US
[27 August 2007]
US: CEO pay climbs to “stratospheric heights”
[11 June 2007]
Top hedge-fund managers average $550 million in income
[27 April 2007]



50 Years Is Enough Network: Women
http://www.50years. org/issues/ women.html




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