I wrote a comment on this article about the II's 40th Gala in NYC in response to the three idiots who I quote below.
My Response to the Above:
Looking in from the window frosted by what you consider unbiased media must be fun, John, Shyamal and Dan?
Private Equity takes broken down, misvalued, companies and fixes them for the benefit of everyone involved. The people who get laid off in these deals are the excess fat that needs to be trimmed to make the firm lean and profitable again. Nobody in America has a guaranteed job - if you want that please go live in a Communist country (like I have for 11 years) and you'll quickly understand how wonderful it is to have the chance to excel based on your own merit.
Anyone who thinks that the only way people in finance make money is by "exploiting" accounting and tax laws should at least try to take a Finance 101 class before running their mouth. That statement is simply absurd and shows nothing short of a complete lack of understanding.
Regarding "half-hearted philanthropic attempts", which certainly shows how little facts you know (or care to admit to), these people could care less about your approval of their actions and don't feel the need to redeem themselves in front of anyone. They got to where they are through hard work, quick wit and sharp intellect. Certainly much philanthropy is done for superficial reasons (by every kind of wealthy individual across the world), but do you really think that all these people care about is another blurb in the paper or their name on yet another building? No - they genuinely want to give back to the very rabid mouth that wants to do nothing but bite their hand at every opportunity.
Finally, and most importantly, don't forget who the biggest investors in Private Equity and Hedge Funds are - institutions like college endowments and pension funds. Yes - blue collar working class Americans and students who are unable to pay for college on their own benefit greatly from private equity and hedge funds doing well. As for charging 2&20% - part of capitalism is having a free market, and nobody lucky enough to have invested in RenTech is complaining about being charged 40% with the returns they're getting.
These people are neither angels nor demons - they are simply more wealthy than you and made their money in ways that you choose not to understand except as how they are relayed to you by scapegoating sensationalist (and just as ignorant) media outlets.
My Response to the Above:
Looking in from the window frosted by what you consider unbiased media must be fun, John, Shyamal and Dan?
Private Equity takes broken down, misvalued, companies and fixes them for the benefit of everyone involved. The people who get laid off in these deals are the excess fat that needs to be trimmed to make the firm lean and profitable again. Nobody in America has a guaranteed job - if you want that please go live in a Communist country (like I have for 11 years) and you'll quickly understand how wonderful it is to have the chance to excel based on your own merit.
Anyone who thinks that the only way people in finance make money is by "exploiting" accounting and tax laws should at least try to take a Finance 101 class before running their mouth. That statement is simply absurd and shows nothing short of a complete lack of understanding.
Regarding "half-hearted philanthropic attempts", which certainly shows how little facts you know (or care to admit to), these people could care less about your approval of their actions and don't feel the need to redeem themselves in front of anyone. They got to where they are through hard work, quick wit and sharp intellect. Certainly much philanthropy is done for superficial reasons (by every kind of wealthy individual across the world), but do you really think that all these people care about is another blurb in the paper or their name on yet another building? No - they genuinely want to give back to the very rabid mouth that wants to do nothing but bite their hand at every opportunity.
Finally, and most importantly, don't forget who the biggest investors in Private Equity and Hedge Funds are - institutions like college endowments and pension funds. Yes - blue collar working class Americans and students who are unable to pay for college on their own benefit greatly from private equity and hedge funds doing well. As for charging 2&20% - part of capitalism is having a free market, and nobody lucky enough to have invested in RenTech is complaining about being charged 40% with the returns they're getting.
These people are neither angels nor demons - they are simply more wealthy than you and made their money in ways that you choose not to understand except as how they are relayed to you by scapegoating sensationalist (and just as ignorant) media outlets.
Institutional Investor, the first trade magazine to cover Wall Street, celebrated its 40th birthday Monday by throwing itself a party at the American Museum of Natural History in Manhattan. Masters of the Universe from around the nation and the world flew in for the event. The highlight of the evening was when Mr. Kravis jokingly apologized to his peers in the audience for charging his investors 20 percent of profits in 1976, which became a benchmark for private equity and hedge funds. He said that, at the time, there was no going rate, so he and his partners decided 20 percent was fair. In retrospect, he said with a laugh, “You could have gotten 25 percent.” Then Mr. Simons of Renaissance took the stage. He famously takes more than 40 percent of all profits from his fund investors. “We blissfully ignored” the benchmark Mr. Kravis created, he said. |
“Is this where we complain about people who have money?”
No, this should be a post where we complain about HOW people make their money. I would argue that money in and of itself isn’t anything to abhor. How one makes their money is another issue. I would argue that the predation of this particular group of people, and in turn the corporate entities and attitudes they have spawned, on both our society and industry has been at a net cost to our society. Their half-hearted philanthropic attempts to achieve some form of personal reconciliation for their lifetimes of plundering society’s coffer won’t do a thing to reverse the ills we have borne as a result of their greed.
— Posted by John
All these people are from Virtual Money Making Field, just CON-ARTISTS. We must not complain about people who have money, but, look into how they got it? American Capitalists are joining the Chinese Communist Leaders to suck the blood of 1.2 billion Chinese (sorry deduct 1 Million Communist Party Members from 1.2 Billion). In the process, they will wipe out Middle Class from America. India with all its faults have democracy and exploitative power could not be concentrated at the top, like that in China.
— Posted by Shyamal Ganguly
Now, if we could just focus all that ambition and drive on something socially responsible, like sustainable energy sources and clean water, that might provide a real future for all on this planet - for all their so-called success, these people truly have simply exploited the rules of accounting and tax laws to create an illusion of prosperity.
— Posted by Dan Kiely