Despite the perception that Wall Street is not the place it used to be for making money, one would never know that by looking at a soon-to-be-published list of the highest-paid people in the investment community. The estimated 1987 earnings of the top 100 people ranged from $2.4 million for Alan C. Greenberg, chairman of Bear, Stearns & Company, to more than $80 million for Paul Tudor Jones, an investment manager who first made the list only last year.
Some of Wall Street’s elite bristled yesterday as the annual survey by Financial World magazine made the rounds, though many were privately curious to know where they ranked.
”Am I on it this year?” inquired the New York investor Asher B. Edelman. ”How much did I earn?” Edelman Loses Ground
In fact, Mr. Edelman had slipped six notches, to 20th place, since last year, in the annual roundup in the June 28 issue of Financial World. The magazine estimated that Mr. Edelman had earned between $15 million and $20 million in 1987, down from $25 million to $30 million in 1986.
Because the magazine includes paper gains on investments and relies heavily on figures gleaned from public documents, the numbers do not necessarily correspond to take-home pay. ”I’d prefer not to be on the list,” Mr. Edelman said, ”but being somewhere between 1 and 100 means that I work hard.”
Read More: – By Alison Leigh Cowan, The New York Times