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Post by jdredd on Dec 29, 2011 3:17:41 GMT -5
So what are those one-percenters, the fun-loving Billionaires of the World really up to? Inquiring minds need to know...Buying sports teams is quite popular I believe: www.latimes.com/sports/la-sp-1228-dodgers-steve-cohen-20111228,0,6862832.story "Steven Cohen, a billionaire eight times over, is bidding for the Dodgers in a process tilted toward the high bidder. However, the East Coast hedge-fund executive is not content to let his wealth speak for itself. He has engaged one of America's notable sports architecture firms to propose renovations to Dodger Stadium, allied himself with one of baseball's power brokers, secured the support of at least two prominent Angelenos and met with several major league owners." What is a hedge fund anyway? Wikipedia, here I come... en.wikipedia.org/wiki/Hedge_fund"A hedge fund is an investment fund that can undertake a wider range of investment and trading activities than other funds, but which is only open for investment from particular types of investors specified by regulators. These investors are typically institutions, such as pension funds, university endowments and foundations, or high net worth individuals. As a class, hedge funds invest in a diverse range of assets, but they most commonly trade liquid securities on public markets. They also employ a wide variety of investment strategies, and make use of techniques such as short selling and leverage. The value of an investment in a hedge fund is calculated as a share of the fund's net asset value, meaning that increases and decreases in the value of the fund's assets (and fund expenses) are directly reflected in the amount an investor can later withdraw. Most hedge fund investment strategies aim to achieve a positive return on investment whether markets are rising or falling. Hedge fund managers typically invest their own money in the fund they manage, which serves to align their interests with investors in the fund.[1][2] A hedge fund typically pays its investment manager a management fee, that is designed to cover the operational costs of the manager, and a performance fee if the fund's net asset value increases during the year. Some hedge funds have a net asset value of several billions dollars. As of 2009, hedge funds represented 1.1% of the total funds and assets held by financial institutions.[3] The estimated size of the global hedge fund industry is US$1.9 trillion.[4] Because hedge funds are not sold to the public or retail investors, the funds and their managers have historically not been subject to the same restrictions that govern other funds and investment fund managers with regard to how the fund may be structured and how strategies and techniques are employed. Regulations passed in the United States and Europe after the 2008 credit crisis are intended to increase government oversight of hedge funds and eliminate certain regulatory gaps.[5]" Sounds a little sleazy to me... |
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Post by jdredd on Dec 29, 2011 13:31:34 GMT -5
en.wikipedia.org/wiki/Short_%28finance%29" Short sellers were blamed for the Wall Street Crash of 1929.[5] Regulations governing short selling were implemented in the United States in 1929 and in 1940.[citation needed] Political fallout from the 1929 crash led Congress to enact a law banning short sellers from selling shares during a downtick; this was known as the uptick rule, and this was in effect until July 3, 2007 when it was removed by the SEC (SEC Release No. 34-55970).[6] President Herbert Hoover condemned short sellers and even J. Edgar Hoover said he would investigate short sellers for their role in prolonging the Depression. Legislation introduced in 1940 banned mutual funds from short selling (this law was lifted in 1997).[citation needed] A few years later, in 1949, Alfred Winslow Jones founded a fund (that was unregulated) that bought stocks while selling other stocks short, hence hedging some of the market risk, and the hedge fund was born.[7]" Just one more corrupt way that billionaires divert the world's wealth to themselves. No "job creating" going on here...
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Post by jdredd on Jan 8, 2012 1:10:39 GMT -5
www.theblaze.com/stories/las-vegas-billionaire-gives-5-million-to-pro-gingrich-group/'MANCHESTER, N.H. (AP) — A Las Vegas billionaire with ties to Newt Gingrich has given $5 million to an independent group backing the former House Speaker’s presidential bid. A person familiar with the situation said casino mogul Sheldon Adelson made the contribution Friday to Winning the Future, a pro-Gingrich super PAC. The person said Adelson would spend heavily to assist whichever candidate wins the Republican nomination."
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Post by Tired in CV on Jan 8, 2012 3:04:15 GMT -5
So what are those one-percenters, the fun-loving Billionaires of the World really up to? Inquiring minds need to know...Buying sports teams is quite popular I believe: www.latimes.com/sports/la-sp-1228-dodgers-steve-cohen-20111228,0,6862832.story "Steven Cohen, a billionaire eight times over, is bidding for the Dodgers in a process tilted toward the high bidder. However, the East Coast hedge-fund executive is not content to let his wealth speak for itself. He has engaged one of America's notable sports architecture firms to propose renovations to Dodger Stadium, allied himself with one of baseball's power brokers, secured the support of at least two prominent Angelenos and met with several major league owners." <snip> So, you are against a billionaire from deversifying his money by buying a sports team. He will be paying a lot of TAXES (more than from his Hedge Funds). Isn't that a good thing? He wants to INVEST in stadium improvements that will increase jobs for the duration. He is looking at SPENDING a sizable amount of money! Besides, everytime a sports team is sold it generates sales taxes towards the governments. Now, being involved in Hedge Funds is legal as was allowed by our own Congress. Like many others, he took advantage to improve his financial wealth. In doing so, HIS money was also used to improve others at some risk to himself. Do you know how many insurance policies (life, auto, home, business, etc.) are vested into Hedge Funds? They do provide a good to the community although some more regulation/oversite is needed. Blame Congress for the lack of it, they have known the problems for years! |
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Post by jdredd on Jan 8, 2012 4:56:36 GMT -5
The point of this thread initially was just curiosity about what the 1% was actually doing with their money. I have nothing against them buying a sports team. I got off on the Hedge Fund tangent because I didn't really know what they were, and when I found out, it seemed sleazy to me. IMO some things can be corrupt and sleazy and still be legal, such as short selling.
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Post by jdredd on Jan 26, 2012 2:21:28 GMT -5
www.bloomberg.com/news/2012-01-26/davos-elite-should-put-some-substance-in-their-schmooze-view.html"If billionaires, bankers and politicians extract one insight from the World Economic Forum, let it be this: Western civilization is on the verge of a catastrophic failure to balance its short-term and long-term interests." "The challenges facing the U.S. and Europe stem from the same phenomenon: The financial elite, investors and taxpayers alike have become too dependent on government to protect them from the consequences of their actions. At the same time, they haven’t been willing to pay the full cost of the services government provides." "Reversing this process will be extremely difficult. It requires society to decide who will pay, a task complicated by growing inequality and political polarization visible in the standoffs between Democrats and Republicans in the U.S., and between Germans and Greeks in the euro area."
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Post by jdredd on Feb 11, 2012 2:00:30 GMT -5
Well we knew Sheldon Adelman was the billionaire bankrolling Newt, but now we know the billionaire bankrolling Santorum is Foster Freiss. en.wikipedia.org/wiki/Foster_Friess"Friess has been instrumental in keeping the political campaign of the 2012 presidential hopeful Rick Santorum alive by financing a super PAC called the Red, White and Blue Fund, which runs television advertisements on behalf of Santorum, who was unable to run a single television campaign with his own funds. According to campaign filings with the Federal Election Commission, Friess' contributions to the Red, White and Blue Fund amount to more than 40% of its total assets—or, $331,000 as of 31 December 2011.[6] He has since contributed more but declined to disclose the precise amount." |
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Post by jdredd on Mar 7, 2012 1:28:03 GMT -5
www.latimes.com/news/nation/nationnow/la-na-nn-koch-cato-institute-20120301,0,6988226.story "The markets can’t solve everything: Billionaire brothers and libertarian icons Charles and David Koch are taking to the courts to solve an ownership dispute involving the Cato Institute. The president of the institute, a longtime pillar of free-market thinking in Washington -- calls the move an attempt “to transform Cato from an independent, nonpartisan research organization into a political entity” with a “partisan agenda.” The oil-rich Kochs — champions for the business-minded right and reviled by the left — have donated hundreds of millions to charitable causes but are better known for backing tea party groups and influencing battles over climate change and federal regulation. They preside over an ideological network some call “the Kochtopus.” The network consists of an array of politically influential nonprofit groups and foundations espousing libertarian views; one of those is the Cato Institute."
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Post by jdredd on Mar 8, 2012 1:34:09 GMT -5
security.blogs.cnn.com/2012/03/07/meet-syrias-wealthiest-and-most-elusive-man/?hpt=hp_bn2"Imagine controlling Syria's equivalent of Verizon, its duty-free stores, a nk of its oil industry, a TV network and its choicest property developments. Rami Makhlouf, a cousin of President Bashar al Assad, did - and maybe still does. He is by all accounts the richest man in Syria, worth some $5 billion before the Syrian economy entered what U.S. Ambassador Robert Ford calls its "sharp downward spiral." The Makhlouf family is one of a business elite that has done exceptionally well during the Assad dynasty. And its spectacular enrichment has fed resentment among ordinary Syrians. "It's not a question right now of Alawites versus Sunnis," U.S. Assistant Secretary of State Jeffrey Feltman told a Senate hearing Thursday. "It's a question of the Assad-Makhlouf mafia that has basically hijacked the entire state of Syria for four decades in order to enrich itself and protect itself against the Syrian people."
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Post by Tired in CV on Mar 8, 2012 2:39:53 GMT -5
security.blogs.cnn.com/2012/03/07/meet-syrias-wealthiest-and-most-elusive-man/?hpt=hp_bn2"Imagine controlling Syria's equivalent of Verizon, its duty-free stores, a nk of its oil industry, a TV network and its choicest property developments. Rami Makhlouf, a cousin of President Bashar al Assad, did - and maybe still does. He is by all accounts the richest man in Syria, worth some $5 billion before the Syrian economy entered what U.S. Ambassador Robert Ford calls its "sharp downward spiral." The Makhlouf family is one of a business elite that has done exceptionally well during the Assad dynasty. And its spectacular enrichment has fed resentment among ordinary Syrians. "It's not a question right now of Alawites versus Sunnis," U.S. Assistant Secretary of State Jeffrey Feltman told a Senate hearing Thursday. "It's a question of the Assad-Makhlouf mafia that has basically hijacked the entire state of Syria for four decades in order to enrich itself and protect itself against the Syrian people." For those who might not know about Alawites (offshoot of Shi'ites), as I did not, here is a link that might help somewhat. www.muslimhope.com/Alawites.htmWithin that article is the following which pertains to present day Syria, including President Hafez Assad as an Alawite. This somewhat explains the bond with Shi'ite Iran as compared to the other Muslim nations. While the actions of Assad could hardly be condoned against his own people as a nation, it is certainly understandable to an extent of Sunni's trying to exterminate a seat of power of Alawites. This isn't the only time that his troops have taken on it's citizens. This also occurred in 1980 after an assasination attempt on Assad. <clip> Alawites are 8-12% of the Syrian population today. After Hafez Assad had been in power, the Sunni Muslim Brotherhood (Ikwan) almost assassinated Assad on 6/26/1980. Many of the Ikwan were in the town of Hama, and the government sent 500 Syrian troops to punish them. The Ikwan killed all of them. All the mosques of Hama blared out that the guerilla war against Assad was over, now was time to openly support the Ikwan and drive out the "infidels". The streets of Hama were too narrow for tanks, so Assad’s brother ordered the artillery flatten the town, and then sent in troops to kill everyone else. Between 20,000 and 38,000 people were killed. An ‘Alawite told me that Assad’s brother was expelled from Syria for this. However, Syria has not had any trouble with Sunni holy warriors since. <clip> |
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Post by jdredd on Mar 9, 2012 21:32:37 GMT -5
www.latimes.com/business/la-fi-spanx-billionaire-20120309,0,6561741.story "Spanx inventor Sara Blakely is a billionaire at 41 years old, according to the annual Forbes magazine list of billionaires. Blakely, the creator and owner of the line of women's and men's slimming, smoothing undergarments, is the youngest woman ever to make the list as a self-made billionaire, meaning she didn't inherit or marry into the money." "I've always had that gratitude that I had the opportunity to pursue my potential," she said. "So I think my story says that, when women are given the chance and the opportunity, that we can achieve a lot. "We deliver. We can make the world a better place, one butt at a time." 
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Post by Deleted on Mar 14, 2012 1:27:42 GMT -5
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Post by jdredd on Mar 17, 2012 2:56:46 GMT -5
www.bloomberg.com/news/2012-03-15/hidden-billionaires-in-plain-sight-emerge-as-stocks-rise.html"An analysis of stakes held in publicly traded U.S. and Latin American companies uncovered Bresky and seven other billionaires who haven’t appeared in any major international wealth rankings. Most of their 10-figure fortunes are derived from public holdings and dividend income." "The number of billionaires that remain uncovered is difficult to quantify. “It’s hard to give you a number. You should question anyone who claims they can,” said Anthony DeChellis, head of Private Banking Americas for Credit Suisse in New York. “It is a very difficult thing to know.”
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Post by jdredd on Mar 17, 2012 14:33:29 GMT -5
www.bbc.co.uk/news/business-17416385"The creator of the energy drink Red Bull, Chaleo Yoovidhya, has died. Mr Chaleo rose from humble origins to become one of Thailand's richest man, with a wealth estimated at $5bn (£3.2bn) last year. His pharmaceutical company produced a tonic drink in the 1970s, but it became popular worldwide in the next decade when he went into partnership with an Austrian entrepreneur."
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Post by jdredd on Mar 18, 2012 23:04:21 GMT -5
www.businessweek.com/articles/2012-03-14/versailles-the-would-be-biggest-house-in-america#p1"David and Jackie Siegel’s dream house sits on 10 acres of lakefront property. Built on a custom-made hill, it occupies one full acre and, when finished, will be the largest home in the country. David, the founder and chief executive officer of the biggest private time-share company in the world, Westgate Resorts, designed it. He and Jackie named it Versailles." "David and Jackie have been surprised by the criticism of their lifestyle. “So much negativity. You would think they would be happy for someone living the American dream,” Jackie says. “Why is everyone so concerned about how we spend our money? We give a lot to charity. We keep the economy going.” The Westgate Resorts Foundation has given $6.2 million to various charities since 2001 and has raised an additional $8.6 million, according to the company. Siegel says he has also donated thousands of free nights at his resorts. As for the notion that the divide between the wealthy and everyone else is grotesquely wide, David says: “There’s always been rich and poor, the 1 percent and the 99 percent.” And then he adds, “It’s like a prison. If you only have prisoners and no guards, you’d have chaos.”
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