No, I don't, I can't even guess why they would manipulate gold this far down were it not to profit on the down and up-side.
Yes, I understand the position on "right & wrong" and systemic risk, but see this and tell me these guys have been hurt at all(there would be no risk involved at a pay for this jerk at $150000 vs the current pay):
No Bonuses But a Nice Salary
For Leaders of Botched Hedge Fund
7.34 a.m. ET (1234 GMT) December 30, 1998
By Oliver August <Picture: The Times of London>NEW YORK — John Meriwether, the founder of Long Term Capital Management, will be paid an annual salary of $250,000 but no bonus, it has emerged.
Meriwether and other partners at the failed hedge fund were angered by reports that they will personally benefit from a $50 million bonus paid to LTCM at year's end.
The bonus, which was agreed by the consortium that bailed out the hedge fund in the autumn, will be used to pay legal expenses incurred during the protracted bailout negotiations. The salaries of $250,000 for each of the partners who oversaw Wall Street's most spectacular collapse in a decade were set as part of the bailout.
The $50 million company bonus results from an agreement that guarantees the partners a 15 percent cut of all profits above the London Interbank Offered Rate, as well as a 1 percent management fee on the $4 billion invested.
The future of LTCM is still uncertain and Meriwether has not given up hope that he could one day regain control of the fund.
Goldman Sachs twice tried to broker a deal under which Warren Buffett, the American investor, would buy out the consortium. However Buffett insisted on dismissing Meriwether and his team. Goldman then approached Prince al-Waleed bin Talal, the Saudi investor. Negotiations are said to be on hold.
foxmarketwire.com
Note: in the body, it said they did get those bonuses |
