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Highest paid CEO of 2006 *******
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| quote: | According to iLounge, Apple CEO Steve Jobs only received a $1 salary, yet was the highest paid American CEO (chief executive officer) of 2006, received over $647 million in the calendar year.
He made the $647 million through total compensation thanks to vested restricted stock.
Behind him in the race for the highest paid CEOs were Ray Irani of Occidental Petroleum ($322 million), Barry Diller of IAC/Interactive Corp ($295 million), William P. Foley of Fidelity National Financial ($180 million), and Terry Semel of Yahoo! ($174 million). |
http://www.gadgetell.com/2007/05/st...id-ceo-of-2006/
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| eRRaTiK |
| Steve jobs is such an unfortunate bastard. $1 salary. That's gotta hurt. |
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| jpisani |
| William Clay Ford Jr. gets paid $0 a year. I think hes the CEO of Ford. :conf: |
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| SuspicionVandit |
| they pay him $1 to cut him from any taxes. but they shower him with gifts. what a life, in fact "it's BEAUituful." it's "the greatest thing you will ever bear witness to." it's "the most awesome thing ever devised." ::drinks water bottle:: |
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| getfoul |
| quote: | Originally posted by SuspicionVandit
they pay him $1 to cut him from any taxes. but they shower him with gifts. what a life, in fact "it's BEAUituful." it's "the greatest thing you will ever bear witness to." it's "the most awesome thing ever devised." ::drinks water bottle:: |
//Never washes black shirt. |
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| Ian |
| what are the ******* for |
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| Krypton |
That is nothing. Look at what hedge fund managers make, and also see how they are only taxed at 15% instead of 35%. They make millions upon millions, yet tax loopholes allow them to and their funds to be minimally regulated. We have the SEC agency to look after mutual funds and other securities trading, but hedge funds recieve little scrutiny.
Imagine making 1% fee just for managing the assets, then taking 10% for performance. You manage just one account of $5 million, that is $50,000 + 10% of any gains made. Now multiply this into a fund of multiple accounts with hundreds of millions of dollars, the fees make the manager RICH RICH RICH!!!
| quote: | Hedge Fund Fees
By Kevin Drum
May 23, 2007
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(Political Animal) HEDGE FUND FEES....You learn something new every day. Everybody knows that hedge fund managers earn astronomical fees for managing their funds, but today Jared Bernstein informs me that these fees are taxed at capital gains rates (15%), not income rates (about 35%):
The industry argues that since the lion's share of their compensation is keyed off the appreciation of the fund, it should be treated as a capital gain. A growing number of critics disagree. Look at their job title: they're managing other people's money. Sure, they often reinvest their own returns, but their income from managing the fund is just that: income derived from doing their job.
This is absurd. I'm not a fan of low capital gains rates in general, but even among those who are, the rationale is that it encourages investment, which in turn helps the economy grow. But while low rates might encourage people to put their money in hedge funds in the first place, they do nothing to encourage fund managers to invest the money, which they're going to do regardless. Lower tax rates for management fees are pure windfall.
Bernstein is right: hedge fund fees are income for doing your job. Hedge fund managers should pay capital gains rates on any money of their own that they've invested in their own fund, but they shouldn't be able to do so on the fees for managing other people's money. This is just a racket, yet another example of the super-rich ripping off the rest of us with special tax treatment. It's time to get the pitchforks out. |
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