[ This report, from AlterNet, equates the money skimmed by hedge fund robbers with resources that could pay teachers. Seems like a good exchange to me — Lew Rosenbaum]
The Preposterous Reality: 25 Hedge Fund Managers Are Worth 680,000 Teachers (Who Teach 13 Million Students)
What work do we value most?
In 2009, the worst economic year for working people since the Great Depression, the top 25 hedge fund managers walked off with an average of $1 billion each. With the money those 25 people “earned,” we could have hired 658,000 entry level teachers. (They make about $38,000 a year, including benefits.) Those educators could have brought along over 13 million young people, assuming a class size of 20. That’s some value.
Apparently the 25 hedge managers did something that is even more valued in our society. But how valuable was it, really? To assess that, we need to answer a few basic questions:
1. What do hedge managers do?
They run funds into which very rich people put money to make even more money. Hedge fund managers move the money around in very risky ways to get the most enormous yields possible. (Wealthy investors believe they are entitled to double digit and even triple digit returns.)
Because hedge funds are considered playthings for the rich, . . . Read the rest of this story here: Alternet