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Don't Be Fooled by a Wolf in Woke Clothing: How the World's Billionaires Are Cashing in on Covid-19

Originally published at http://www.commondreams.org/views/2020/08/25/dont-be-fooled-wolf-woke-clothing-how-worlds-billionaires-are-cashing-covid-19

“Larry Fink, the Chairman and CEO of the asset management firm BlackRock, annual remuneration rose to $25.3 million.”

Fink adds virtually nothing to the aggregate U.S. economic pie. He engages in redistribution, making money for his clients by taking it out of the pockets of others. If he trades stock at a profit, what his fund takes would otherwise have gone elsewhere. The activity of all these managers together is almost all zero sum, like a card game or casino - almost complete waste of human resources. If it’s your pension or 401K that suffers for his funds profit, bad luck.

And if he can use the obvious scam for fund managers, Deferred Interest deduction, he can enjoy a lower tax rate than the rest of us.