[blind-democracy] FW: The Most Hated Man in America, GUILTY
- From: "Bob Hachey" <bhachey@xxxxxxxxxxx>
- To: <blind-democracy@xxxxxxxxxxxxx>
- Date: Tue, 8 Aug 2017 07:47:04 -0400
Hi all,
Here’s hoping all Americans on this list will sign this petition if you’ve not
already done so.
Also, pasted below my name is a short article sketching the history of the
hedge fund.
IMHO, not only should hedge funds be illegal, they are a product of evil minds.
Among things that I consider to be evil are any devices that allow a few to
profit off the bad fortune of others. Note here that it is only an exclusive
club that may invest in these nasty things, determined by net worth.
Bob Hachey
The History of Hedge Funds
6:51 am
:
Permanent Link
2007120250851301.jpg
In 1949, Alfred Winslow Jones devised and implemented an investment strategy
that would forever brand him as “the father of the
hedge fund
industry.” While working for Fortune Magazine and investigating financial
strategies, Jones decided to launch his own fund and raised a total of $100,000,
$40,000 of which was his own money.
Jones employed two strategies still used heavily by
hedge fund managers
today: Leverage and short-selling. To avoid requirements set in place by the
Investment Act of 1940, Jones limited the number of investors to 99 and
set up the fund as a limited partnership.
Even though Jones garnered sizable returns in his first few years heading the
fund, his strategy did not come into the mainstream until the late 60’s.
When George Soros and Warren Buffet adopted Jones’ strategy and launched
their own funds, hedge funds were suddenly being sought after by an elite group
of investors.
What caught the attention of the investors was how these
hedge funds
had little correlation to the market. They were “hedged” against any downtown
or slump in the economy. While the S & P was lagging, Jones’ investors
continued to make money on a yearly basis. He decided to charge his clients a
20% performance fee, still used today by
hedge fund managers.
However, while most managers today also charge a management fee (usually 1-2%),
Jones did not charge his investors anything unless the fund made a profit.
Hedge funds still enjoy limited regulation and are not required to make
periodic reports with the SEC under the Securities and Exchange Act of 1934.
Because
of this, hedge funds have much more limited transparency than do
mutual funds.
While there have been recent attempts by the SEC to tighten up hedge fund
regulation, they still enjoy the freedom and secrecy that other investment
vehicles
do not.
The SEC warns, “You should also be aware that, while the SEC may conduct
examinations of any hedge fund manager that is registered as an investment
adviser
under the Investment Advisers Act, the SEC and other securities regulators
generally have limited ability to check routinely on hedge fund activities.”
The one thing they do have control over, however, is who may invest in these
hedge funds. The SEC mandates that only
accredited investors
or
qualified clients
may participate in hedge funds, due to the higher risk involved. However, the
typical hedge fund investor is thought to be well educated when it comes
to funds, and risks are usually communicated by the
hedge fund manager.
In addition, in order to keep hedge funds “private” and in compliance with the
Securities Act of 1933, soliciting or marketing is strictly limited. While
hedge funds may have a website, only approved, qualified investors may access
the site after their net worth is confirmed.
Today, there are over 10,000 hedge funds in existence with close to $3 trillion
in assets under management. While some of them still use the staple strategy
of leverage and short-selling, hedge funds today employ hundreds of different
strategies, and not all all of them are “hedged,” as Jones’ was. Recognized
as the first modern investor to
start a hedge fund
his business model that successfully dodged U.S regulation and his innovative
investment strategy were the basis for the hedge fund industry today.
http://www.hedgeco.net/hedgeducation/hedge-fund-articles/the-history-of-hedge-funds/
From: Jacob Swenson-Lengyel, People's Action [mailto:info@xxxxxxxxxxxxxxxxx] ;
Sent: Monday, August 07, 2017 10:12 PM
To: bhachey@xxxxxxxxxxx
Subject: The Most Hated Man in America, GUILTY
Martin Shkreli defrauded investors. But where's the justice for cancer
patients?
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Robert,
On Friday, Martin Shkreli, the “most hated man in America,” was found guilty.
Shkreli, the judge ruled, fraudulently shuttled money from Retrophin — a
pharmaceutical corporation he created — to repay investors in two hedge funds
he administered.
But where is the justice for the cancer and HIV patients who saw the price of
Daraprim jump from $13.50 to $750.00 for a single tablet?
They received none.
Here’s the truth of the matter. There’s nothing unusual about inflating drug
prices to boost shareholder profits. There’s nothing out of the ordinary about
hedge funds driving health care decisions. And there’s nothing illegal about
raising the price of a medication that's been around for decades, just to make
a quick buck.
That’s why it’s time to change the rules.
One way to start is to require Medicare to negotiate lower drug prices, a
proposal supported by four out of five people. This would drive down drug
prices for Medicare recipients and everyone else as well. The U.S. Government
is one of the world’s largest buyers of prescription drugs. It’s time we demand
a better deal from big pharmaceutical companies.
We believe medications are a public good, and should be available to everyone
in our country. The public pays for much of the research to develop
prescription medications. There’s simply no reason private drug corporations
should be raking in exorbitant profits at our expense.
Tell Congress: We demand Medicare be required to negotiate prices with drug
corporations. It’s time to put people before profit.
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In Solidarity,
Jacob Swenson-Lengyel
People’s Action
_____
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at work, and in our communities. These are unprecedented times. Let’s make
history.
Yes, I'll chip in $5 to fund the resistance.
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Yes, I'll chip in $25 to fund the resistance.
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Yes, I'll chip in $50 to fund the resistance.
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