Money and Bugs
I was glancing over the last issue of Forbes (dated April 27, 2009) before tossing it and thought I'd mention a small article on page 32 titled "Wall Street's Highest Earners." Lots of empty headed commentators, many of which seem to work for CNN, have been talking about how everyone on Wall Street is losing money. Well, that would be news to the 10 men listed in the Forbes article. #10, David Harding, no doubt was embarrassed by only making $290,000,000 last year but the rest of us would have been pleased as punch by that much moola. And yes, that is 290 MILLION. Number one on the list made almost 10 times more. James Simons "earned" $2.8 billion (yes, with a B) running the Renaissance Technologies hedge fund. Part of that was from fees (for example, his Medallion Fund charges 44% of profits + 5% of assets) and part was from his equity stake in the fund. That's a pretty decent paycheck in a year that most people lost money. No real surprise that his big...