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POPS 6 Arrested in Inside Trade Case Robert Khuzami, director of enforcement at the Securities and Exchange Commission, said the charges show Rajaratnam's "secret of success was not genius trading strategies." "He is not the master of the universe. He is a master of the Rolodex," Khuzami said. Rajaratnam, 52, was ranked No. 559 by Forbes magazine this year among the world's wealthiest billionaires, with a $1.3 billion net worth. Also charged in the scheme are Rajiv Goel, 51, of Los Altos, California, a director of strategic investments at Intel Capital, the investment arm of Intel Corp., Anil Kumar, 51, of Santa Clara, California, a director at McKinsey & Co. Inc., a global management consulting firm, and Robert Moffat, 53, of Ridgefield, Connecticut, senior vice president and group executive at International Business Machines Corp.'s Systems and Technology Group. The others charged in the case were identified as Danielle Chiesi, 43, and Mark Kurland, 60, both of New York City.
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POPSTrying to muster sympathy for the billionaires' shrinking assets More: Lawrence Katz, a labor economist at Harvard, sensibly points out that one could generate incentives to excel for less: “I don’t think the added incentive of earning $100 million over $50 million is very different than the incentive of making $10 million over $5 million,” he told me once.
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POPSWealth Care Not Health Care! If god wasn't on Their side, they wouldn't be rich. If god was on our side, we wouldn't be so pitiful. Right? Might is not only Right but Rich and White! Let's save the Status Quo.
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POPSSept. 9, 1982: The First Private Rocket Launch More than a generation before the X Prize spurred billionaires to put up 10 times a $10 million purse to pursue scientific and technological achievements that have eluded even governments with limitless resources, this was a shot heard ’round the world. It was fired by people who weren’t out to invent anything — they just wanted to prove that you didn’t need a massive space program to power something into space.
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POPSThe Great Tax Con Job
Income taxes as the “Great Stabilizer” Beyond fairness and holding back the Landed Gentry the Founders worried about (America had no billionaires in today’s money until after the Civil War, with John D. Rockefeller being our first), there’s an important reason to increase to top marginal tax rate, and to do so now. Novelist Larry Beinhart was the first to bring this to my attention. He looked over the history of tax cuts and economic bubbles, and found a clear relationship between the two. High top marginal tax rates (generally well above 60%) on rich people actually stabilize the economy, prevent economic bubbles from forming, prevent economic crashes, and lead to steady and sustained economic growth (and steady and sustained wage growth for working people). On the other hand, when top marginal rates drop below 50 percent, the opposite happens. As Beinhart noted in a November 17, 2008 post on the Huffington Post, the massive Republican tax cuts of the 1920s (from 73% to 25%)
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POPSU2 Drummer: The Rich Need Hugs, Not Hate In general, all human beings need hugs, not hate. Even the haters need hugs. The U.S. isn’t Ireland, of course. But populism is clearly rising on both sides of the Atlantic. And when left-leaning super-groups start defending billionaires, you know maybe things have gone too far.
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POPSCalifornia in Crisis For California to have more Millionaires, and billionaires, Hollywood and all the hype that the imagination can muster yet it's on the verge of self destruction.
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POPSLarry Benet - The Connector – Master Networker Larry Benet is a master connector who networks with high level millionaires and even billionaires. If there is someone you want to be introduced to, chances are Larry knows that person, or knows someone who does. Find out more about Connectology.
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POPSBillionaires Agree On Plan To Rid Earth Of A Billion People At a conference in Long Beach, California, last February, he had made similar points. “Official projections say the world’s population will peak at 9.3 billion but with charitable initiatives, such as better reproductive healthcare, we think we can cap that at 8.3 billion,” Gates said then.
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POPSTea Parties Forever Warning, this is an op-ed: "Last but not least: it turns out that the tea parties don’t represent a spontaneous outpouring of public sentiment. They’re AstroTurf (fake grass roots) events, manufactured by the usual suspects. In particular, a key role is being played by FreedomWorks, an organization run by Richard Armey, the former House majority leader, and supported by the usual group of right-wing billionaires. And the parties are, of course, being promoted heavily by Fox News. But that’s nothing new, and AstroTurf has worked well for Republicans in the past. The most notable example was the “spontaneous” riot back in 2000 — actually orchestrated by G.O.P. strategists — that shut down the presidential vote recount in Florida’s Miami-Dade County."
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POPSBillionaire Passes Away Leonore Annenberg died Thursday. In the Forbes list of the world's billionaires published on Wednesday, she was ranked 430th with a fortune of $1.7 billion.
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POPS$40 billion - $17 billion People 1. Where are the black Haitian women? 2. I learned that the cause of the decline in billionaires was the decrease in their currency. Most of these billionaires were affected by the exchange rate that made their dollar weak and net worth less.
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