These are hard times for America’s gold miners. They’re scrambling to get ahead, but seeing their pay dropping.
Take Bob Mercer, who’s been a top miner for years, but last year even Bob was down. He pulled in only $125 million in pay. Can you feel Bob’s pain?
Well, these aren’t your normal miners. They’re hedge fund managers, digging for gold in Wall Street. Indeed, if you divided Mercer’s pay in his “bad year” among 1,000 real miners doing honest work, each would consider it a fabulous year.
Nonetheless, hedge funds are almost literally gold mines, although they require no heavy lifting by the soft-handed, Gucci-wearing managers who work them. These gold diggers are basically nothing but speculators, drawing billions of dollars from the über-rich by promising that they’ll deliver fabulous profits.
But the scam is that Mercer and his fellow diggers get paid whether they deliver or not.
Their cushy set up, known as 2 and 20, works like this.