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Mickey Z
Cool Observer
the Department of Homeland Security.
Thursday, June 09, 2005
Who wants to be a millionaire?
In 2004, according to the Wall Street Journal, the number of millionaire households in the U.S. grew to a record 7.5 million.
That’s up 21 percent in just one year.
Those 7.5. households control $11 trillion in assets.
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In other news, there’s this from today’s World Socialist Website:
“The highest paid US hedge fund operator made more than $1 billion in 2004, the first time a Wall Street financial manager has topped the billion dollar mark in annual income, according to a survey published last week by a trade publication. Edward S. Lampert made $1.02 billion, while his firm, ESL Investments, raked in a 69 percent return on investment, largely due to Lampert’s deal-making in the merger of Kmart and Sears.”
(http://www.wsws.org/articles/2005/jun2005/hedg-j09.shtml)
And this:
“General Motors, the world’s largest automobile manufacturer, announced plans June 7 to close an unspecified number of plants and eliminate 25,000 manufacturing jobs in the US by the end of 2008. The cuts will reduce GM’s hourly workforce in the US by 23 percent, from 111,000 to 86,000. As recently as 1991, GM employed 260,000 hourly workers in the US. In the late 1970s, the company’s US workforce, hourly and salaried combined, was more than 600,000.”
“GM is also demanding that the United Auto Workers union (UAW) agree to reopen the current contract, which expires in September 2007, to implement major cuts in health benefits for both active and retired workers.”
(http://www.wsws.org/articles/2005/jun2005/gm-j09.shtml)
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