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NEWS
December 20, 2010
I enjoyed Yagenah Jane Torbati's article "Maryland is wealthiest state, Census data show" (Dec. 14), but I wish to take issue with the choice of the word "wealthiest" in the headline and the article. "Wealth" is defined as "a great quantity or store of money, valuable possessions, property, or other riches," which is quite distinct from household income, which is what the Census Bureau measured. Thus it is possible for Maryland to have the highest median household income without having the highest median level of household wealth.
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BUSINESS
By Scott Dance and The Baltimore Sun | September 29, 2014
A near doubling in Under Armour's stock price over the past year helped drive CEO Kevin Plank past Ravens owner Steve Bisciotti in the Forbes 400 list of the richest Americans. Plank is worth $3 billion, according to the financial magazine, up from $1.7 billion a year ago. He has climbed from No. 345 to No. 327 to No. 190 over the past three years. Bisciotti, whose wealth comes both from the Ravens and the staffing firm Allegis Group, is worth $2.6 billion, ranking No. 235 on the list.
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NEWS
October 7, 2010
It burns me to no end when I hear conservative Republican types complain that this current government is re distributing wealth and how it is not and "American ideology" ("Angry Americans want responsible government," Readers respond, Oct. 7). I have news for him and all the other head-in-the-sand conservatives out there. Since 1980, conservatives and Republicans have done nothing but redistribute wealth in this country! They have raided, robbed, ransacked and ruined the middle class, stolen its wealth as well as wealth from the working class and given it to the richest Americans under the ridiculous ruse called "Trickle Down Economics.
SPORTS
Mike Preston | May 23, 2014
Denver coach Bill Tierney doesn't think he is a genius, but he has one of the greatest defensive minds in the history of college lacrosse. If there are two head coaches who could come up with a scheme to upset No. 1 seed Duke, they are Johns Hopkins' Dave Pietramala or Tierney. Pietramala had his turn last week, and Duke routed the Blue Jays, 19-11. Tierney gets his turn Saturday in the men's Division I lacrosse semifinals at M&T Bank Stadium. "Coach T had a shot at them earlier in the year and I think they lost, 14-10," said Loyola assistant coach Dave Metzbower, who worked as an assistant for 20 years under Tierney at Princeton.
NEWS
December 21, 2011
Thanks for the fascinating article about the Bradley Foundations financed by donations originating from the Koch and Scaife billions ("The right's $350 million idea train," Dec. 18). Too bad this wealth cannot be devoted to good works like alleviating poverty, ignorance and disease, as the Rockefeller and Carnegie fortunes did in the past and Gates, Buffet and Soros families are doing at present. Instead, the Bradley Foundation is acting as a "malefactor of great wealth," as Teddy Roosevelt famously put it, to peddle its extreme right-wing ideology.
EXPLORE
Letter to The Aegis | October 4, 2012
Editor: Despite all the spin surrounding Mitt Romney's recent comment about the 47 percent of Americans who don't pay income taxes, there is an undeniable, sobering truth that lies in that number. And that's not the only number. While tax-and-spend politicians love to talk about the wealthy needing to "pay their fair share" of taxes, they seldom mention that approximately 70 percent of all federal income taxes are already paid by the wealthiest 10 percent of taxpayers. That's right, one out of 10 Americans must bear more than two-thirds of the nation's income tax bill while approximately half of Americans (the aforementioned 47 percent)
NEWS
March 13, 2013
This business about the Ravens' salary cap is way beyond my comprehension ("Raven's tight salary cap could squeeze out playoff star Anquan Boldin if he doesn't accept less pay," March 10). But I know one thing: The more money one player receives, the less there is for the others. So I have a suggestion for Joe Flacco and his agent: Now that their record salary deal assures Mr. Flacco of the "respect I deserve," perhaps he can see fit to donate some of his millions to the team salary pool in order to help retain the many players who were absolutely key to the Ravens' victories in the playoffs and the Super Bowl . To ask players like Anquan Boldin to take a cut in pay after what he and others did for the team defies all logic and fairness.
NEWS
April 20, 2011
"Shattuck sees 44 percent increase in package. " This was the headline in The Sun on Saturday, April 16. The accompanying article pointed out that Constellation Energy Group CEO Mayo A. Shattuck received $15.7 million in compensation for 2010, even as his company lost $1 billion. Something seems amiss here. Every year Mr. Shattuck gets a generous raise whether he does good or bad in his job. In February, 1994, Constellation/Baltimore Gas & Electric Co., retired about 800-plus employees.
BUSINESS
March 12, 2010
WASHINGTON - Americans are recovering their shrunken wealth - gradually. Household net worth rose last quarter, mainly because the healing economy boosted stock portfolios. But the gain was slight and was less than in the previous two quarters. The Federal Reserve said Thursday that net worth rose 1.3 percent in the fourth quarter to $54.2 trillion. It marked the third straight quarter of gains. Even with that increase, Americans' net worth would have to rise an additional 21 percent to get back to its pre-recession peak of $65.9 trillion.
NEWS
By Colin Campbell, The Baltimore Sun | March 22, 2014
Willard Hackerman collected maps and antique cars. Tom Clancy vacationed in Martha's Vineyard and drove a Cadillac. Art Donovan ran a Towson country club. The wills of Maryland's most affluent shed light on their wealth and, many times, their hobbies. They do not always show the full picture, though. In many cases, assets are steered into trusts that do not require public disclosure. Hackerman, the longtime chief executive of contracting behemoth Whiting-Turner who died last month, collected maps for more than 15 years.
NEWS
Robert L. Ehrlich Jr | May 11, 2014
Let's imagine for a moment a woman (we'll call her Nancy) who had a job but saw limited opportunity for advancement at her place of employment. So, Nancy began scribbling out unique product designs in her spare time - an exercise that eventually led to a patent for a brand new widget. But Nancy faced a problem common to every startup entrepreneur - lack of capital. She attempted to secure a loan from a number of local banks but was turned down due to lack of collateral. Seems our lending institutions have raised the stakes in the aftermath of the worst credit crunch in decades.
NEWS
Letter to The Aegis | May 1, 2014
After reviewing your budget in brief and associated comments, I find myself once again obliged to respond. You cite several statistics to justify your lack of commitment to our public schools. You state that Harford County ranked 13th in local funding to public education. This is true but Harford County also ranked 12th in wealth per pupil. Citing these rankings as justification for your administration's perpetual under funding of our schools highlights your fundamental disregard or misunderstanding of the state formula for school funding.
NEWS
By Peter Morici | April 30, 2014
The new book by French economist Thomas Piketty, "Capital in the Twenty-First Century," has rocketed to the top of the Amazon.com bestseller list. It accomplished this feat by offering yet another apocalyptic vision of capitalism in the tradition of Malthus, Ricardo and Marx. To American workers and a middle class besieged by stagnant wages and rising taxes, it provides justification for the dangerous elixir of confiscatory taxes on the wealthy hustled by liberal pundits and politicians.
NEWS
By Leonard Pitts Jr and By Leonard Pitts Jr | April 24, 2014
It was an angry book. Much of the response was angry, too. Some towns banned it, some towns burned it. Every town talked about it. "The Grapes of Wrath" was published 75 years ago this month, a seminal masterpiece of American literature that seems freshly relevant to this era of wealth disparity, rapacious banks and growing poverty. John Steinbeck introduced readers to the Joads, a poor, proud clan of Depression-era Oklahoma farmers who...
NEWS
By Robert B. Reich | April 9, 2014
Last week a majority of the Supreme Court decided that the First Amendment protects the right of individuals to pour as much as $3.6 million into a political party or $800,000 into a political campaign. The court said such spending doesn't corrupt democracy. That's utter baloney, as anyone who has the faintest familiarity with contemporary American politics well knows. The McCutcheon v. FEC decision would be less troubling were the distribution of income and wealth in America more equal.
NEWS
By Colin Campbell, The Baltimore Sun | March 22, 2014
Willard Hackerman collected maps and antique cars. Tom Clancy vacationed in Martha's Vineyard and drove a Cadillac. Art Donovan ran a Towson country club. The wills of Maryland's most affluent shed light on their wealth and, many times, their hobbies. They do not always show the full picture, though. In many cases, assets are steered into trusts that do not require public disclosure. Hackerman, the longtime chief executive of contracting behemoth Whiting-Turner who died last month, collected maps for more than 15 years.
NEWS
By Michael Dresser, The Baltimore Sun | January 27, 2012
MayorStephanie Rawlings-Blaketold Baltimore lawmakers Friday morning that any shift of the state's teacher pension costs to local governments must take into account the relative wealth of the jurisdiction -- saying the failure to do so is her "biggest disappointment" with Gov.Martin O'Malley's plan for a 50-50 split. The mayor said she would prefer not to see any shift of pension costs from the state, which now pays 100 percent of the tab, to the 23 counties and Baltimore. However, she said she understood that the state faces its own budget challenges and that the change has been coming a long time.
NEWS
By Dan Rodricks | September 22, 2010
Did you know that the rich have more money because the rich have more money? It's a fact of life. It's how the world works. I have been so enlightened by the vice president of a project management company with a global profile, a headquarters in Virginia, an office in Maryland, lots of government contracts and a listing on the New York Stock Exchange. The signature on his e-mail indicated a PhD, too, so he must know what he's talking about. I'll call him Doc for the purpose of this column.
NEWS
January 19, 2014
You fools have your heads in the sand ("Settling the estate tax," Jan. 17). Would the state (and your editorial board) prefer a small percentage of a big pot (after enacting a reduction in the estate tax) or a big percentage of not very much (which is what you have today)? The rich have the most mobility and the best advisers, and they will take action to avoid this onerous tax. While a lot of rich folk might live in Maryland today, that doesn't mean they will retire or establish tax residences elsewhere in the future.
NEWS
Thomas F. Schaller | September 3, 2013
Perhaps you've heard the fascinating story of Hungarian mathematician Abraham Wald, who during World War II distinguished himself by helping the British Air Ministry analyze damages to their fleet of bomber planes. The ministry had done an initial survey of the aircraft that returned from successful bombing missions. Noticing heavy damage to the planes' extremities, the ministry recommended that those portions be reinforced. Mr. Wald realized that this instinct, while intuitive, was backward: The planes that returned had survived the peripheral damage, thereby implying that the bombers that never returned had been downed from hits to more vital sections, including the fuselage and wing spars.
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