The 10 best-paid hedge fund managers took home more last year than the combined GDP of Afghanistan and Mongolia as those predicting the global financial meltdown made record profits. Between them, the top 10 individuals earned up to $14bn, according to estimates by the magazine Trader Monthly, John Paulson in New York making $3bn, equal to the GDP of Kyrgyzstan or Rwanda.
The phenomenal earnings estimates come at a difficult time for the public image of hedge funds, already under assault from politicians around the world for short-selling – betting on share prices falling.
