Saturday, May 23, 2020

Billionaires Won as Unemployment Soared

Forbes reported:

America's billionaires saw their wealth increase by $434 billion during the course of the global pandemic, according to a new report, a staggering figure that coincided with upheaval to the global economy and more than 38 million Americans filing for unemployment.
The Forbes 400 Richest Americans had a minimum of $2.1 billion to make the cut (as of December 2, 2019).  A number of private equity underwriters (PEU) made the list, although some chose to show their income source as something other than private equity.

Also, I included recently pardoned "Junk Bond King" Michael Milken as a founder of the greed and leverage boys.  Pardoner President Donald Trump was #275 on the list with $3.1 billion, the same as Carlyle Group co-founder David Rubestein.

The Federal Reserve Bank, headed by two former Carlyle Group executives, rode to the rescue for the billionaire class after the March 16th coronavirus inspired stock crash.  Fed Chair Jay Powell and Vice Chair Randall Quarles were PEU boys before they joined the Federal Reserve Bank.

They have bailed out their brethren