Cheney and Halliburton. Heard that "outrage" soooo many times. Where's the outrage now, that the amounts of money are 10x or 100x bigger? http://www.dailymail.co.uk/news/wor...billion-world-plunged-recession.html#comments 'I'm having a very good crisis,' says Soros as hedge fund managers make billions off recession A hedge fund manager who predicted the global credit crunch has said the financial crisis has been 'stimulating' and the culmination of his life's work. George Soros, who predicted the global financial crisis twice before, was one of the few people to anticipate and prepare for the current economic collapse. Mr Soros said his prediction meant he was better able to brace his Quantum investment fund against the gloabal storm. But other investors failed to take notice of his prediction and his decision to come out of retirement in 2007 to manage the fund made him $US2.9 billion. And while the financial crisis continued to deepen across the globe, the 78-year-old still managed to make $1.1 billion last year. 'It is, in a way, the culminating point of my life’s work,' he told national newspaper The Australian. Soros is one of 25, top hedge fund managers from across Wall Street who have defied the credit crunch crisis to reap a total of $11.6billion (£7.9bn) last year. The managers made their profit by trading above the pain in the markets, according to Institutional Investor’s Alpha Magazine. Former maths professor James H. Simons, who has made billions in hedge fund Renaissance Technologies, earned $2.5 billion running computer-driven trading strategies. And John A. Paulson, who made his fortune by betting against the housing market, came in second earning $2 billion. The managers made the profit in a year when losses were recorded at two of every three hedge funds and when hedge funds lost an average of 18 percent, according to the New York Times. Two of the three managers who tied for ninth place, at $250 million, are based in Britain and include David Harding of Winton Capital and Alan Howard of Brevan Howard Asset Management. Another Brevan Howard employee Christopher Rokos also made the list. The profit comes at a time when the U.S Government is scrutinising Wall Street pay and when hedge funds are facing proposals for new taxes on their gains. Despite the global financial crisis, the combined pay of the top 25 hedge fund managers still managed to top every year before 2006. Mr. Paulson said his pay was high, partly because he is the largest investor in his fund and that he did not receive a bonus. He said the the pensions, endowments and other institutions which invest in his fund do not object to the profits he and his team make. 'In a year when all their other investments lost money, we’re like an oasis,' he said in the Times. 'We have investors who were invested with Madoff, and they can’t thank me enough.' Alpha Magazine's 2008 Top Moneymakers 1 - James Simons, Renaissance Technologies Corp, $2.5 billion 2 - John Paulson, Paulson & Co, $2 billion 3 - John Arnold, Centaurus Energy, $1.5 billion 4 - George Soros, Soros Fund Management, $1.1 billion 5 - Raymond Dalio, Bridgewater Associates, $780 million 6 - Bruce Kovner, Caxton Associates, $640 million 7 - David Shaw, D.E. Shaw & Co, $275 million 8 - Stanley Druckenmiller, Duquesne Capital Management, $260 million 9 - (tie) David Harding, Winton Capital Management, $250 million 9 - (tie) Alan Howard, Brevan Howard Asset Management, $250 million 9 - (tie) John Taylor Jr, FX Concepts, $250 million Profiles for hedge fund managers ranked 12 through 25 will be available tomorrow: 12 - James Chanos, Kynikos Associates 13 - Michael Platt, BlueCrest Capital Management 14 - Roy Niederhoffer, R.G. Niederhoffer Capital Management 15 - John Horseman, Horseman Capital Management 16 - Paul Touradji, Touradji Capital Management 17 - Henry Laufer, Renaissance Technologies Corp. 18 - Kenneth Tropin, Graham Capital Management 19 - (tie) Pierre Andurand, Dennis Crema, BlueGold Capital Management 19 - (tie) Christopher Rokos, Brevan Howard Asset Management 22 - (tie) Christian Baha, Superfund 22 - (tie) Christian Levett, Clive Capital 24 - William Dunn, Dunn Capital Management 25 - Andrew Hoine, Paulson & Co.
http://www.realclearpolitics.com/articles/2009/03/dodds_wife_a_former_director_o.html Dodd's Wife a Former Director of Bermuda-Based IPC Holdings, an AIG Controlled Company By Kevin Rennie No wonder Senator Christopher Dodd (D-Conn) went wobbly last week when asked about his February amendment ratifying hundreds of millions of dollars in bonuses to executives at insurance giant AIG. Dodd has been one of the company's favorite recipients of campaign contributions. But it turns out that Senator Dodd's wife has also benefited from past connections to AIG as well. From 2001-2004, Jackie Clegg Dodd served as an "outside" director of IPC Holdings, Ltd., a Bermuda-based company controlled by AIG. IPC, which provides property casualty catastrophe insurance coverage, was formed in 1993 and currently has a market cap of $1.4 billion and trades on the NASDAQ under the ticker symbol IPCR. In 2001, in addition to a public offering of 15 million shares of stock that raised $380 million, IPC raised more than $109 million through a simultaneous private placement sale of 5.6 million shares of stock to AIG - giving AIG a 20% stake in IPC. (AIG sold its 13.397 million shares in IPC in August, 2006.) Clegg was compensated for her duties to the company, which was managed by a subsidiary of AIG. In 2003, according to a proxy statement, Clegg received $12,000 per year and an additional $1,000 for each Directors' and committee meeting she attended. Clegg served on the Audit and Investment committees during her final year on the board. IPC paid millions each year to other AIG-related companies for administrative and other services. Clegg was a diligent director. In 2003, the proxy statement report, she attended more than 75% of board and committee meetings. This while she served as the managing partner of Clegg International Consultants, LLC, which she created in 2001, the year she joined the board of IPC. (See Dodd's public financial disclosure reports with the Senate from 2001-2004 here.) Dodd is likely more familiar with the complicated workings of AIG than he was letting on last week. This week may provide him with another opportunity to refresh his recollections. Kevin Rennie, a former Republican state senator, is a columnist for the Hartford Courant. He can be reached at kfrennie@yahoo.com.
Soros is an economist/hedge fund manager who invested properly. I think its different from the Halliburton, which became the screaming wall for millions of shit-faced hippies. I read that Rahm Emmanuel made 300k+ from Freddie Mac....where's the outrage on that?
Nice to see Hank Paulson's brother made twice as much as Soros. He was in charge of the crisis under President Bush right? John Paulson, Paulson & Co, $2 billion
