Bob Herbert gives hedge fund managers a big raise

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From Bob Herbert’s column in today’s NYT (available to subscribers only):

A lot of New Yorkers are doing awfully well. There are 8 million residents of New York City, and roughly 700,000 are worth a million dollars or more. The average price of a Manhattan apartment is $1.3 million. The annual earnings of the average hedge fund manager is $363 million.

Wow, that hedge fund business really is booming.

Actually, Herbert appears to have gotten his average from the list of the 26 highest paid hedge managers on the planet in 2005 compiled by Alpha magazine. The latest average from Alpha, for the top 25 of 2006, is $570 million. Which is a staggering amount. But the “average hedge fund manager” makes an awful lot less. And Bob Herbert (like most of us, I guess) could use some help with statistics.

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