How to Make a Million Dollars an Hour

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from truthdig:


How to Make a Million Dollars an Hour

Posted on May 23, 2013
By Nomi Prins

“How to Make a Million Dollars an Hour: Why Hedge Funds Get Away With Siphoning Off America’s Wealth”
A book by Les Leopold

Les Leopold’s latest masterpiece, “How to Make a Million Dollars an Hour: Why Hedge Funds Get Away With Siphoning Off America’s Wealth,” is necessary, alarming and really funny. His talent for deconstructing complex financial terms and topics constitutes a public service. What he reveals in “How to Make,” in a sardonic and appropriately irreverent tone, is something more ominous. We exist in a political-economic system that allows people who manufacture nothing and bet on everything to control the financial destinies of the rest of the population with impunity, and make stupendous amounts of money doing it. Because, as Leopold writes, “Making a million an hour means never having to say you’re sorry.”

That inanity is what makes Leopold’s book so important, especially now, when the powers-that-be are pretending we’re back to our pre-2008-financial-crisis status—and that’s a good thing. Hey, the stock market hit all-time highs—that’s never happened ahead of a major catastrophe before!

His “handbook” approach to a pretty arcane topic is hilarious and horrifying. His lively chapters are divided so that they read like a twelve-step Capitalists Anonymous program on how to achieve wealth nirvana.

There’s Step 2, “Take, Don’t Make,” which asks how can these hedge fund managers who create absolutely nothing tangible be rewarded so outrageously for it? There’s Step 7, “Don’t Say Anything Remotely Truthful”—well, that speaks for itself. And Step 9, “Bet on the Race After You Know Who Wins,” gets to the heart of how these managers, who inspire a plethora of reverential business magazine profiles and books, aren’t doing anything particularly daring or even smart. Hell, it’s not hard to find the bodies if you’re the one burying them. ...................(more)

The complete piece is at: http://www.truthdig.com/arts_culture/item/how_to_make_a_million_dollars_an_hour_20130523/