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Please don't wait around for John Paulson to create those jobs. He might have raked in a record $5 billion in 2010, but his job isn't about employing people to make things or provide services. He's a hedge fund manager. Paulson (a spiritual but not a blood relation of Henry, Bush's Treasury Secretary) leads the list of America's top "earners" for the year. If you divide his 2010 take by the standard work year of 2,080 hours, you'll find that this ubermensch had a wage of $2.4 million an HOUR...

Paulson's was a different kind of theft -- but theft it was. In fact, he barely evaded prison for his role in Goldman Sachs' Abacus deal, which suckered investors into buying securities that were explicitly designed to fail. Paulson colluded with Goldman Sachs to build a synthetic collateralized debt obligation (CDO) that bet on the very worst kinds of mortgage securities. Goldman got the fees and Paulson got a billion dollars for betting against those securities. The investors, trusting GS's sales pitch, had no idea that Paulson was allowed to pick the most toxic securities to mix into the stew.

But -- Paulson walks away with the money...and then doesn't even pay his share of taxes on it! You see, his hedge fund take home isn't even taxed as income. It's taxed as "carried interest," at a rate of 15 percent -- assuming it's taxed at all. If Paulson's income was considered income by the federal government, he'd be paying the top tax rate of 35 percent. Paulson should be paying $1.75 billion in federal income taxes. Instead he's paying at best $.75 billion. That extra billion he's not paying? It's enough to cover the wages and benefits for over 33,000 entry level teachers. But, sorry teachers, kids, and parents -- we just don't have the tax revenue to support those educators -- we'll have to lay them off.

Chizzang wrote:Clearly this is all just Left Wing nonsense...
The man is a Golden God..!!!



In our present state of societal development this is what each individual should aspire to (seriously)

Grizalltheway wrote:

Chizzang wrote:Clearly this is all just Left Wing nonsense...
The man is a Golden God..!!!



In our present state of societal development this is what each individual should aspire to (seriously)

Fuckin' right...cash is king.

kalm wrote:

Grizalltheway wrote:
Fuckin' right...cash is king.

I didn't look at it that way, I think you're both right. If we penalized guys like this our awesome free market economy would go south. If we taxed guys like this at the same rate many of us pay, we'd be stealing that billion dollars that he earned and giving it to 33,000 lazy teachers or who really don't want to work anyway.

They would have learned nothing. They're clearly much better for not having jobs.

I'm sorry I ever even started this thread.

Appaholic wrote:Has he broken a law? I didn't read the whole thing, but can't fault him (outside of his gluttonous desire for cash, cash, cash), but did he do anything outside of the law? If not, blame the voters for putting legislators in office who allow this to happen. America gets the government it deserves & votes into office...

andy7171 wrote:

Appaholic wrote:Has he broken a law? I didn't read the whole thing, but can't fault him (outside of his gluttonous desire for cash, cash, cash), but did he do anything outside of the law? If not, blame the voters for putting legislators in office who allow this to happen. America gets the government it deserves & votes into office...

Seriously.

Does "he barely evaded prison for his role in Goldman Sachs' Abacus deal" equate to found not guilty?

Appaholic wrote:

andy7171 wrote: Seriously.

Does "he barely evaded prison for his role in Goldman Sachs' Abacus deal" equate to found not guilty?

Was he found guilty? I didn't read. I'm sure he's not innocent, regardless. And I'm not condoning his actions. But the fact that this guy gets to keep his ill-gotten (yet legal) monetary take is more an indictment on us in society who allow it to happen & don't demand redress by our government who we pay to monitor these business dealings. Great, he got the money. But the guy shouldn't be allowed to live beyond the next lunar cycle....screw the judicial system

JohnStOnge wrote:All other things aside:

Here we are worring about a guy paying "only" $750,000,000 in taxes instead of 1,750,000,000 in taxes when about half the population essentially isn't paying any net taxes at all.