Dear Ms. Krawcheck... Go Fuck Yourself... 'World's Rich Got Richer Amid '09 Recession: Report' - ABC

[WillyT]

World's Rich Got Richer Amid '09 Recession: Report
By Joseph A. Giannone
June 22, 2010

<snip>

NEW YORK (Reuters) - The rich grew richer last year, even as the world endured the worst recession in decades.

A stock market rebound helped the world's ranks of millionaires climb 17 percent to 10 million, while their collective wealth surged 19 percent to $39 trillion, nearly recouping losses from the financial crisis, according to the latest Merrill Lynch-Capgemini world wealth report.

Stock values rose by half, while hedge funds recovered most of their 2008 losses, in a year marked by government stimulus spending and central bank easing.

"We are already seeing distinct signs of recovery and, in some areas, a complete return to 2007 levels of wealth and growth," Bank of America Corp wealth management chief Sallie Krawcheck said.

The fastest growth in wealth took place in India, China and Brazil, some of the hardest hit markets in 2008. Wealth in Latin America and the Asia-Pacific soared to record highs.

Asia's millionaire ranks rose to 3 million, matching Europe for the first time, paced by a 4.5 percent economic expansion.

Asian millionaires' combined wealth surged 31 percent to $9.7 trillion, surpassing Europe's $9.5 trillion.

In North America, the ranks of the rich rose 17 percent and their wealth grew 18 percent to $10.7 trillion.

The United States was home to the most millionaires in 2009 -- 2.87 million -- followed by Japan with 1.65 million, Germany with 861,000, and China with 477,000.

Switzerland had the highest concentration of millionaires: nearly 35 for every 1,000 adults.

<snip>

More: http://abcnews.go.com/Business/wireStory?id=10979810

:mad:

[JuniperLea]

1. That's what this is all about... that was the plan all along...

If anyone is surprised by this they haven't been paying attention.

[WillyT]

2. Not Surprised... Just Angry...

And I'm SO HAPPY that the rich are gonna be alright. :sarcasm:

:shrug:

[JuniperLea]

3. It's a load off my mind too...

Whatever would we do without the sweet benevolence of the upper crust?

:sarcasm:

[WillyT]

14. LOL !!!

:hi:

[Swamp Rat]

4. Those rich bastards will not get to enjoy their blood money much longer

"Mummy dear, why can't we go to the beach?"

[WillyT]

5. Holy Mother Of God... Is That Pic REAL ???

Where is that from?

:scared:

:puke:

:wow:

[Swamp Rat]

6. National Geographic News, 2006: "Lebanon Oil Spill Makes Animals Casualties of War"

http://news.nationalgeographic.com/news/2006/07/060731-lebanon-oil.html

[WillyT]

8. Thank You...

Man...

Lots of tears lately...

:cry:

Hang in there Swampy.

:grouphug:

[scarletwoman]

7. Is it class war yet?

[WillyT]

9. I'm Ready !!!

Taxation is better than the alternative, no?



:mad:

[scarletwoman]

11. Hmm... Let me get back to you on that...

(just kidding)

Yeah, I'll go with taxation.

sw

[Curmudgeoness]

10. Sigh. I am disgusted. Investments for me are not going well.

I guess I am just not in the "know". For years, I have had the feeling that all the 401(k) and IRA push has been to get the rest of us poor dummies to hand over the rest of our money to the wealthy. We keep the stock market up by continually buying, they rake it in. Only ones who are screwed are us. This is just another example of what I have suspected. I'm with you.

[EmeraldCityGrl]

12. That is exactly what they do. They don't play by the same rules

the little guy with a small 401k does. Then every few years there's a huge crash and people are told to stay the course
that they will recoup in the long run. Meanwhile the pros have puled their money to sidelines. The sooner the small investor
figures this out the better. Seriously, how many average people have you ever known that live comfortable in their later
years off the haul they made in the stock market?

[Curmudgeoness]

13. They had left little alternative for us "small people". It sucks.

Few options for 401(k), no pensions, this is the only thing left to make an attempt to have a retirement at all. I am open to any better suggestions.

[Greyhound]

17. Forced participation in a variation of the Ponzi scheme.

You are not in the club and you are right about the purpose.
:thumbsup:

[Dawson Leery]

15. Reminds of a Republican neighbor

who cries fowl at welfare, yet praises the 'free market'. This Republican tool also supported the bank bailouts as the banks are just to important to the 'free market' :eyes:. This idiot believes that BP should not be liable for anything (caveat emptor). Why? Because it may impact the price of oil. :eyes:
Typical Rethug. Did I mention that she and her husband are lawyers who work with wealthy clientele?

[WillyT]

16. Morning Kick...

:kick: