John Paulson commented on the Occupy Wall Street protests today.
Paulson’s message for the protesters: “Don’t vilify our most successful businesses.”
At the same time of his call to investors to discuss redemptions and the future of his hedge fund on Tuesday, protesters marched to the Upper East Side to tour the homes of rich people.
As the movement spreads, many on Wall Street are starting to speak out against the protesters. Some argue they’ve accomplished nothing. A poignant moment occurred when a trader in Chicago said that the protesters are arguing for the same things that got us into this mess in the first place, while some men dressed like Robin Hood protested nearby. Traders in Chicago proudly put a sign in their windows saying, “We are the 1%.”
Finally, someone big on Wall Street said what many are thinking.
“The top 1% of New Yorkers pay over 40% of all income taxes, providing huge benefits to everyone in our city and state. Paulson & Co. and its employees have paid hundreds of millions of dollars in New York City and New York State taxes in recent years and have created over 100 high paying jobs in New York City since its formation.
New York currently has the highest income taxes of any state in the country and thousands of businesses have fled New York to states with no income taxes such as Florida, Texas and Nevada, or moved offshore.
Instead of vilifying our most successful businesses, we should be supporting them and encouraging them to remain in New York City and continue to grow.”
UPDATE: It looks like the protesters have responded. The protesters are on a tour of “Wall Street” homes in New York City right now and they just marched to John Paulson’s house, where (if it’s actually his) Paulson had a police barricade waiting for them. The protesters left him a present, a novelty tax cut check for $5 billion.
CNBC just tweeted, “Paulson & Co. Answers Occupy Wall Street March – Paulson & Co.: Don’t Vilify Our Most Successful Businesses.”
Who’s in the 1%? Click here to see the Richest Billionaire hedge fund managers >
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