* Les Leopold Huffington Post *
On behalf of the 3 million young people who would have been their students, I have a proposition for you: Donate 50 percent of your 2009 earnings to keep those 150,000 teachers in their classrooms. Each of you, on average, still would net over $935 million dollars for the year (you should be able to scrape by on that) — and the money you’d forgo would ensure that 3 million kids would get an education.
That the ten of you personally received $18.7 billion (not million) from your hedge fund proceeds in 2009 is quite a feat, given that it was the worst economic year since the Great Depression. You each got roughly $36 million a week — over $900,000 an hour! Meanwhile, as result of the Wall Street shenanigans you helped engineer, 29 million Americans are now without work or forced into part-time jobs.
While you may not feel personally responsible for the crash, you do bear some responsibility since you are major players in the financial industry. (Funny how no one is accepting responsibility for the financial crisis.) As Leo Hindery Jr. put it, your industry is a
“profit-driven, greedy, selfish institution that, with its unbridled compensation practices and current light-touch regulatory regime is, I truly believe, behind almost every major societal and economic ill that has befallen the United States since 1980.”
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Les Leopold is the author of “The Looting of America”