Kind of a nitpick, but the CEO wasn’t a billionaire. It’s also kind of an important distinction, because it’s not necessarily the wealth that’s the main problem, but how the owner class/bourgeoisie obtain their wealth/income. A slumlord worth less than a million is arguably as morally wrong as a Blackstone CEO (one obviously has more wealth/power/impact though). The evidence of owner class solidarity and government capture/corruption is also important. Rashid, being a politician, is likely trying to not alienate is millionaire donors.
He may not have been a Billionaire - YET - but at his age, he certainly saw himself on that track. He was already ordering horrific policies on behalf of increased profit, so he would look good to his bosses and move up the ladder. He was already an active corporate serial killer, murdering people to advance his career and net worth. Eventually, if he sacrificed enough customers on the altar of profit, he would be rewarded with a Billionaireship.
Kind of a nitpick, but the CEO wasn’t a billionaire.
When you’re earning $26M/year, it’s just a matter of time.
A slumlord worth less than a million is arguably as morally wrong as a Blackstone CEO
From a very black-and-white “Bad thing is bad” perspective, sure. But there’s a hierarchy of incentives and profits you’re overlooking. The slumlord very likely carries their properties on some amount of credit, which means they’re collecting rents on behalf of their lender. This lender, in turn, borrows money to increase their leverage and pays rents to a wealthier and more central lending authority. Eventually, the debts for all these loans get traced back to the major banks and other credit brokers, insurers, and private equity firms.
In a feudal sense, the slumlord is merely a plantation overseer and enforcer. The Blackstone CEO is the High Lord, standing on the backs of dozens of lesser aristocrats, who are themselves extracting wealth from their own plantation holdings, which all run thanks to legions of these slumlords going door to door every month to pound the rent out of their tenants.
The S&P doubled in the last five years and more than tripled in the last ten. Pocket $20M of that $26M, at $1.6M/mo, while earning around 15% yoy ROI and you’re looking at $400M inside a decade.
Compound interest is propelling already-rich people into the stratosphere.
Sooner or later he would have been offered the CEO position of a big health tech start-up, it would have grown for a few years, than either gone public or sold for several billion, and he’d be the Billionaire he was angling to be.
He was making that much now, but his salary would have increased steadily, as his immoral policies brought in more profit by murdering their customers. He would have reached Billionaire status far quicker than 40 years.
You’re assuming his pay would remain the same and zero investing for the next 40 years. It would take less than 10 if he invested right and saw pay increases
Kind of a nitpick, but the CEO wasn’t a billionaire. It’s also kind of an important distinction, because it’s not necessarily the wealth that’s the main problem, but how the owner class/bourgeoisie obtain their wealth/income. A slumlord worth less than a million is arguably as morally wrong as a Blackstone CEO (one obviously has more wealth/power/impact though). The evidence of owner class solidarity and government capture/corruption is also important. Rashid, being a politician, is likely trying to not alienate is millionaire donors.
He may not have been a Billionaire - YET - but at his age, he certainly saw himself on that track. He was already ordering horrific policies on behalf of increased profit, so he would look good to his bosses and move up the ladder. He was already an active corporate serial killer, murdering people to advance his career and net worth. Eventually, if he sacrificed enough customers on the altar of profit, he would be rewarded with a Billionaireship.
When you’re earning $26M/year, it’s just a matter of time.
From a very black-and-white “Bad thing is bad” perspective, sure. But there’s a hierarchy of incentives and profits you’re overlooking. The slumlord very likely carries their properties on some amount of credit, which means they’re collecting rents on behalf of their lender. This lender, in turn, borrows money to increase their leverage and pays rents to a wealthier and more central lending authority. Eventually, the debts for all these loans get traced back to the major banks and other credit brokers, insurers, and private equity firms.
In a feudal sense, the slumlord is merely a plantation overseer and enforcer. The Blackstone CEO is the High Lord, standing on the backs of dozens of lesser aristocrats, who are themselves extracting wealth from their own plantation holdings, which all run thanks to legions of these slumlords going door to door every month to pound the rent out of their tenants.
It still takes 40 years.
The S&P doubled in the last five years and more than tripled in the last ten. Pocket $20M of that $26M, at $1.6M/mo, while earning around 15% yoy ROI and you’re looking at $400M inside a decade.
Compound interest is propelling already-rich people into the stratosphere.
15% yoy is too generous. S&P has averaged 10% p.a. over the past 100 years.
But yes, compound interest brings the billion target ($20M pocketed @ 10%) down from 40 to 18.8 years.
But remember, the average CEO tenure is about 7.5 years.
Getting to a billion through a salary only is very difficult.
Sooner or later he would have been offered the CEO position of a big health tech start-up, it would have grown for a few years, than either gone public or sold for several billion, and he’d be the Billionaire he was angling to be.
He was making that much now, but his salary would have increased steadily, as his immoral policies brought in more profit by murdering their customers. He would have reached Billionaire status far quicker than 40 years.
He had enough to access the stock market’s infinite money glitch if he wanted to.
Spiritually he was a billionaire.
That’s just direct income. With that kind of money, investments and other income streams become possible.
You’re assuming his pay would remain the same and zero investing for the next 40 years. It would take less than 10 if he invested right and saw pay increases
No it doesnt.
You are correct here…
That CEO was an officer of the oligarchy, he was not an oligarch himself.
The reaction from the oligarchy is to show of force to ensure that officers stays calm and keep fucking us harder