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Written by Countess du Ruel
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Tuesday, 05 August 2008 00:00 |
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There is a list called ‘Alpha 25' of the super-rich published by Alpha financial magazine, writes Countess du Ruel. My friend who is an asset fund manager tells me that top of the list is a hedge fund manager who took home $3.7 billion last year.
"How," I asked my friend, "is this possible?" How does someone make billions on the collapse of the mortgage market that has caused 2 million homes to be re-possessed in the US last year? It's immoral to profit on the loss of homes and hardship of others. How much of a stake do you have to risk to win so much? It just seems incredible that anyone can make that much profit. Now even those who might be considered ‘really rich' are shocked and complaining about the obscene levels of profiteering of the uber-wealthy.
Is there a loophole in the system that needs plugging up? What's next, trillionaires?
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