In the news today

Don’t worry, there are plenty of people doing very well in this tough economy:

“Hedge fund managers, those masters of a secretive, sometimes volatile financial universe, are making money on a scale that once seemed unimaginable, even in Wall Street’s rarefied realms.

One manager, John Paulson, made $3.7 billion last year. He reaped that bounty, probably the richest in Wall Street history, by betting against certain mortgages and complex financial products that held them.”

{NYT – Wall Street Winners get Billion-Dollar Paydays}

“In October, Marc Sperling, the 36-year-old president of an equity-trading company, bought a new condo on the Upper West Side in a building where four-bedroom apartments like his cost more than $4 million. When he moves into the completed building next year, he plans to hold on to his other two apartments in Murray Hill and Miami Beach — each of which he values at about $2.5 million.

Mr. Sperling views the nation’s economic slump as a temporary problem, and is grateful that it has yet to affect him. “I think if you have the means to ride it out, that’s what you do,” he said.

His view of the subprime mortgage crisis seemed to reflect a sort of inverse class resentment.

“I don’t want to sound harsh, but the people who were buying million-dollar houses with a combined household income of $70,000 or $80,000 were the ones who were chasing easy money,” he said.”

{NYT – Despite Tough Times, Ultrarich Keep Spending}

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One response to “In the news today

  1. the oil companys arent doint to bad here in the usa, with high oil prices they can afford to drill the more expensive deep wells in the usa. i just wonder about the guys who make min wage how can they afford gas to go to work?

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