Billionaires increasing Income Inequality is bad but Women Billionaires are Not

Posted by PITHOCRATES - January 26th, 2014

Week in Review

According to the left rich people in corporations are bad.  They’re evil incarnate.  That’s why they hated 2012 presidential candidate Mitt Romney so much.  He was a rich guy in the corporate world.  Who screw the people to enrich themselves.  Making rich people richer.  And poor people poorer.  Which is the new theme President Obama is using these days.  Income inequality.  Which just isn’t right.  Rich people having so much more than poor people.  Especially those billionaires in corporations.  They’re the worst.  Money-grubbing parasites.  These billionaires threaten human progress (see 85 people have as much money as half the world by Li Anne Wong, CNBC, posted 1/20/2014 on MSN Money).

The combined wealth of the world’s richest 85 people is now equivalent to that owned by half of the world’s population — or 3.5 billion of the poorest people — according to a new report from Oxfam.

In a report titled “Working for the Few” released Monday, the global aid and development organization detailed the extent of global economic inequality created by the rapidly increasing wealth of the richest, warning of the major risks it poses to “human progress.”

According to the report, 210 people have become billionaires in the past year, joining a select group of 1,426 individuals with a combined net worth of $5.4 trillion.

It added that the wealth of the richest one percent of people in the world now amounts to $110 trillion, or 65 times the total wealth of the bottom half of the world’s population.

Imagine that.  There are 1,426 of these money-grubbing parasites.  Who can only make the world a worse place.  According to the left.  For any one person having that much money is just wrong.  Unless, that is, she’s a woman (see Facebook’s Sandberg is now a billionaire by Chris Isidore posted 1/22/2014 on CNN Money).

A record high close for Facebook shares has made Sheryl Sandberg one of the youngest female billionaires ever, according to a ranking from Bloomberg.

Sandberg, who is the company’s chief operating officer, owns 12.3 million shares. That makes her stake worth about $720 million.

In addition, she owns 4.7 million options, which would net her $220.6 million at her exercise price.

She has also received stock awards which have not yet vested, the estimated value of which takes her over the $1 billion mark.

Female billionaires are still relatively rare. Bloomberg’s list of the 200 richest people worldwide shows only 17 who are women.

Forbes reported last year that there were 138 female billionaires worldwide, but that’s out of a total 1,426 billionaires worldwide.

And only 24 of the women billionaires on the Forbes list earned their wealth themselves; most inherited a significant portion of their fortune.

Not a bad word in this article about this billionaire.  For when a woman becomes a billionaire it is reason to celebrate.  For shattering yet another glass ceiling.  Not to lament that there is another good for nothing money-grubbing billionaire in the world today.  Who will only make that income inequality worse.  Funny how that works.


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Oil Trains Derail as President Obama tries to Enrich his Rich Billionaire Friends

Posted by PITHOCRATES - January 4th, 2014

Week in Review

If there are two things President Obama doesn’t like they are rich people and oil.  Well, at least he acts that way.  Espousing more concern for the working man.  And clean energy.  Which is why President Obama said “no” to the Keystone XL pipeline.  Or could there have been another reason (see BNSF opens North Dakota track as oil by rail faces more scrutiny by Nicholas Sakelaris posted 1/2/2014 on the Dallas Business Journal)?

Burlington Northern Santa Fe re-opened the double track Thursday morning outside Casselton, N.D., where an oil train collided with a grain train, causing a massive fireball-like explosion earlier this week…

Fort Worth-based BNSF hauls an estimated 750,000 barrels of crude oil per day. The railroad carried an estimated 100 million barrels of crude oil out of the Bakken in 2012, a massive increase from previous years.

You know who owns Burlington Northern Santa Fe (BNSF)?  Warren Buffett.  For BNSF is a wholly owned subsidiary of Berkshire Hathaway.  So Warren Buffet is profiting greatly from President Obama’s rejection of the Keystone XL pipeline.  One can’t help to wonder if that has anything to do with the Buffett Rule (see Buffett would profit from Keystone cancellation by Dave Boyer posted 1/24/2012 on The Washington Times).

Warren Buffett, whom President Obama likes to cite as a fair-minded billionaire while arguing for higher taxes on the wealthy, stands to benefit from the president’s decision to reject the Keystone XL oil pipeline permit.

Mr. Buffett’s Berkshire Hathaway Inc. owns Burlington Northern Santa Fe LLC, which is among the railroads that would transport oil produced in western Canada if the pipeline isn’t built…

If completed, the $7 billion Keystone XL would deliver 700,000 barrels a day of crude from oil sands in Canada to Texas refineries on the coast of the Gulf of Mexico. It would traverse about 1,600 miles.

The State Department’s review of the project said shipping oil via rail is more costly than delivering it to refineries by pipeline.

Mr. Obama often cites Mr. Buffett as an example of a civic-minded billionaire because the entrepreneur has said he should pay a higher tax rate than his secretary. Mr. Buffett and the president like to tell the story of how Mr. Buffett pays a 15 percent effective tax rate, while his secretary pays a higher rate even though she earns only a fraction of what he does.

The president has called his push for higher taxes on the wealthy the “Buffett rule.”

Funny.  Warren Buffett says we should tax rich people more and the Keystone XL pipeline doesn’t get built.  Instead that oil goes on Buffett’s trains.  Making him a lot of money.  Just like the president’s rich friends on Wall Street are making a lot of money.  Who have all gotten richer under the Obama presidency while median family income fell for Main Street.  So more oil is traveling across the country.  Some of which is derailing and soaking into our pristine environment.  Or exploding.  While rich people are getting richer.  And President Obama would have us believe he’s for the working man and clean energy.

It would seem President Obama is more for getting Democrat supporters rich than helping Main Street.


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