An unfiltered view from the top of the pyramid
August 4, 2011 11:35 AM Subscribe
posted by mark7570 (115 comments total)
51 users marked this as a favorite
In an investment manager's view on the top 1%
- referring to the richest Americans by wealth and income - we learn that one needs $1.2 million in net worth to barely slip in the door of the top 1%. But that's just a start: the real power and influence in the U.S., the author argues, resides in the top 0.1%. You can guess who you'll find there: bankers and large-cap CEOs. Relevant quotes include...
"Folks in the top 0.1% come from many backgrounds but it's infrequent to meet one whose wealth wasn't acquired through direct or indirect participation in the financial and banking industries."
"Recently, I spoke with a younger client who retired from a major investment bank in her early thirties, net worth around $8 million. ... I asked if her colleagues talked about or understood how much damage was created in the broader economy from their activities. Her answer was that no one talks about it in public but almost all understood and were unbelievably cynical, hoping to exit the system when they became rich enough."
"Most of the serious economic damage the U.S. is struggling with today was done by the top 0.1% and they benefited greatly from it."