Authored by Soren K. Group for Marketslant
Ray Dalio, Owner of the worlds largest hedge fund, Bridgewater Associates located in CT, made $1 billion last year. This is down from the $5 billion he made the year before.
from Matt Levine's Money Stuff
Institutional Investor's Alpha's annual "Rich List of the World's Top-Earning Hedge Fund Managers" is out today, and as usual the best-paid hedge-fund manager in 2016 was Warren Buffett, who made about $13.7 billion for the year. He earned it: His fund -- Berkshire Hathaway Inc. -- returned 23 percent in 2016, versus about a 12 percent total return for the S&P 500 index.
Anyway the big picture is that pay, or "pay," was down this year, in line with performance generally being down. Only two managers -- Simons and Ray Dalio of Bridgewater Associates -- cracked a billion dollars, versus five last year. The cutoff for the top 50 was just $30 million dollars. "Some of the best-known names in the industry — including William A. Ackman, John A. Paulson and Edward S. Lampert — failed to make the list." A small percentage return on a lot of money is a lot of money, but a negative return on a lot of money is still negative.
It gets better. Dalio also received over $5 million dollars last year and another $17 million in low interest loans from CT Governor Malloy to remain in CT. What billionaire needs a loan? The billionaire who doesn't have to pay it back, with you on the hook, that is who. Meanwhile CT has to earn upwards of 13% annually now to honor its future pension obligations:
Connecticut’s Budget Woes Could Get Worse
via CT Patch
It seems like a daily occurrence that Connecticut’s budget woes are getting more complicated and Monday was no exception. A new report on Connecticut income tax receipts has a bleak analysis that could push next year’s state budget deficit to $2 billion.If current collecting trends continue Connecticut will take in $267 million less than anticipated in the current fiscal year, according to the Connecticut Mirror.
Oftentimes many of the state’s highest income earners file taxes at the last minute and their large checks can make a big difference in state coffers.(To sign up for free, local breaking news alerts from more than 100 Connecticut communities click here.)
$267 million is about 20-percent less than was is estimated in the state budget, according to CT News Junkie. State Comptroller Kevin Lembo said he previously warned of the possibility of weak April income tax receipts.
The reduction in income tax collection could also mean that the state would have to borrow money to balance its current budget, something that hasn’t happened in eight years.
Here are some actual suggestions by Malloy to increase revenue. Our comments in bold
- Increase income tax on wealthy. - less wealthy means those that remain pay more BRILLIANT. FLA here we come!
- Increase the sales tax to 6.99 percent from 6.35 percent. - Tax the poor when you cant tax the rich
- Bump the bottle deposit fee to 10 cents from 5 cents.- less homeless people eat and live. That helps.
- Add tolls to highways. - Merrit Parkway will become I-95 with trucks
- Impose a “soda tax” that would add 1-cent-per-ounce to drinks with added sugar. - Long Beer distributors, short Coke?
Another proposal would allow municipalities to tax property at 100 percent of assessed value instead of 70 percent.
Meanwhile, Malloy is seeking state employee union concessions of $1.57 billion in the next biennial budget, breaking down to $700 million in savings in the 2017-18 fiscal year and $869 million in 2018-19. Up to 4,200 layoffs are possible in the near future.
It's all fun and games until you run out of someone else's money
Get ready for higher taxes, mill rates, etc. CT along with IL, and NJ are doomed. Perhaps there are other sources of revenue to be tapped. Renaming could be a great source of revenue:
- NJ > Detroit de la Mer
- CT > Connecticare
- IL > Murder Incorporated (LLC?)
Why not create an emigration tax on the wealthy fleeing the state Dan? Works at the Federal level.
From Marketslant's rather acerbic post in 2016:
Governor Malloy let GE leave. Well, that means you, the citizen will have to take a pension cut. Not Ray Dalio who took a payoff to stick around. You, the naive, believing in rainbow farting unicorn, Benetton wearing, Elitist, multiculturalist, asswipe (with no concept of limited resources) are telling the last 5 middle class working people left in CT that they must accept a breached contract. Picked up by Zerohedge HERE
Not convinced? Too vulgar or opinionated? Biased? Perhaps... but then from June 16th, 2016:
Connecticut’s Hedge-Fund Bribe - WSJ
First soak the rich. Then subsidize the richest. Meet the progressive state business model.Connecticut lost General Electric’s headquarters to Massachusetts earlier this year, so Governor Dannel Malloy is now trying Illinois’s business model: Raise taxes, and then when businesses threaten to leave, write a check to other businesses so they’ll stay. Behold his $22 million taxpayer gift to Ray Dalio’s Bridgewater hedge fund.
Last week the Governor presented Bridgewater with $5 million in grants and $17 million in low-interest, forgivable loans to renovate its headquarters in Westport along the state’s Gold Coast....
The loans were to spruce up his office.This was essentially an extortion payoff Malloy had to do because of his colossal error in letting General Electric leave.
And to top it off: Malloy is a friend of the Clintons. Had HRC won, you can bet Malloy would be in her cabinet right now. And you can guess who would benefit from that. Dalio and Bridgewater, who were contributors to Malloy and Hillary Clinton's campaigns. With our money. The money Malloy used to pay off Bridgewater to not leave CT.
Of course a lawyer would say "no quid-pro-quo" . No facts, no proof. Our own Latin response would then be:
" Res ipse loquitor. Manducatis bovem de stercore."
Fuck Dan Malloy. And Ray Dalio.
We are considering running for office in CT. Our campaign slogan?
"What ever Malloy Would do, We'll Do the Opposite"
Why not? We elected a President who stated : Vote for me and you're not going to get shot!
One Last Thing:
That $17MM loan to refurbish Bridgewater? It came just 4 years after Stamford basically bankrolled his new offices in CT:
The world’s largest hedge fund is getting government funding and tax breaks to pay for a new $750 million headquarters in Stamford, Conn. Bloomberg News reported that Bridgewater Associates received a $25 million 10-year loan at 1 percent interest rate, $5 million for job training, $5 million for energy efficient systems and $80 million in tax credits from Connecticut to help fund a 750,000-square-foot two-building complex in Stamford.
Malloy called it a "Huge economic win"
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