April 17, 2008
Billionaire Gross, Envious Hypocrite
Wall Street Winners Get Billion-Dollar Paydays
“Mr. Gross, the fund manager, warned that the widening divide among the richest and everyone else is cause for worry.
‘Like at the end of the Gilded Age and the Roaring Twenties, we are going the other way,’ Mr. Gross said. ‘We are clearly in a period of excess, and we have to swing back to the middle or the center cannot hold.’”
Reporter Jenny Anderson neglects to mention that Bill Gross is a BILLIONAIRE himself, having taken 1% off the top every year of his entire professional life. It’s nice that Gross knows a little Yeats, but it’s pure hypocrisy for one of the most successful members of the world’s largest skimming operation to say that the pay his hedge fund competitors earn is “ugly.”
Cat: | Time: 10:25 am (utc+8)
April 17th, 2008 at 1:10 pm
Would be interesting if he has smirked telling such findings.
April 17th, 2008 at 2:41 pm
Markus: I don’t think Gross is a smirker but during a yoga session he might reflect on how he made his own obscene wealth and gain some clarity on the wisdom of calling the kettle black.
April 17th, 2008 at 9:12 pm
People should be allowed to make what they make but I think hedge funds have a black eye because they take advantages of tax laws to dodge paying their fair share. The law they take advantage of , lets them get off paying just 15% tax on income which is ridiculous.
April 17th, 2008 at 9:32 pm
Lawrence: You’re thinking of (carried interest) at private equity funds , which I suppose get lumped together with hedge funds these days.
April 17th, 2008 at 11:05 pm
Its worth noting that long ago, he used to play blackjack in Reno, Nevada for a living, while living in his car and bathing in the lake to save money. Yes, he is a billionaire and is calling the kettle black. Maybe he is trying to be outspoken on politics or socioeconomic injustice, the next George Soros or something.
April 18th, 2008 at 2:08 am
of course the swing back won’t just be a regression to the mean, but will overshoot far below it… i’ve read Gross’ commentary for about ten years now (as i’m sure have many) and -however- have always felt the extent he is revered is ridiculously overdone… sure he has written some great commentaries, though i believe the bulk of his success has more to do with the fact that he IS the house, rather than a wizard player at the table… my opinion is he is the bond market equivalent of a Greenspan… it’ll be interesting to see how much he is followed five years from now, though i am sure he must have some exit strategy already lined up…..
Jenny Anderson — another clueless “journalist”… wonder how cute she is…
really enjoyed your “world’s largest skimming operations” — EXACTLY… congruent with my point that he is the casino…
April 18th, 2008 at 2:28 am
holy cow! look what i just read on the onion:
“BEIJING — Known among schoolmates for his spirited antics and ability to make light of almost any situation, classroom jokester Wei Xiang, 11, was put to death by the Chinese government for drawing a mustache on an image of Education Minister Zhou Ji in one of his textbooks, sources reported Monday. ‘An enemy of the state has been dealt with accordingly,’ government spokesman Xu Qi said following Wei’s execution by firing squad. ‘Let this be a lesson to other children considering wising off or otherwise wasting valuable class time.’ The fifth-grader previously served a six-month term in solitary confinement at Qincheng Prison after referring to the Tang Dynasty as ‘the Stank Dynasty’ during a history lesson in 2007.”
April 18th, 2008 at 5:15 am
Gross said a few times I remember that his profession is overly paid. I don’t mean to defend the guy per se but what is saying is true and essential for people like him make more money. Gates says the same thing like “creative capitalism” garbage talk. If there are no “dumb” retail consumers, they would lose it all eventually leaving their poop babies and friends behind with those “dumb” guys. As Presidential Obama says, the pain will eventually trickle up to the Wall Street.
April 19th, 2008 at 2:48 pm
Gross is not an envious hypocrite. He remembers when he was poor and has empathy (in short supply around here) for those who weren’t as lucky (gifted) as he is.
It is a Reaganite fallacy to think that you are only allowed to defend your own interests, and that it is somehow wrong to pay attention to other people who may not have interests identical to yours.
There are actually people out there who care about other people. This may be Republican heresy, but too f-ing bad. I do recall Jesus saying something about that, too, but he was certainly no Republican.
April 19th, 2008 at 3:29 pm
Panskeptic: I recall now that Gross did donate the proceeds from his stamp collection sale to Medicins sans frontiers(?) … still, he shouldn’t bust on other people in the money business when he’s grown obscenely rich in, arguably, a less meritorious way.
April 19th, 2008 at 5:14 pm
I generally dedicate my own yoga practice to acquiring obscene wealth. Just kidding, but our yoga instructor advises when doing forward bends to “reach out as if there are 10 million Euros in front of you, growing in value every minute, and you’re going to grab them with your teeth.” Only in New York.
April 21st, 2008 at 2:00 pm
Bill Gross is an accomplished hypocrite just like alot of other fund managers in his position. He still takes the time to talk up his positions by giving interviews on CNBC after he’s already bot those positions for his fund.
Keep up the good work Bill, someday I hope to be as good a hypocrite as you.