Tuesday, 30 September 2014
Last updated 3 hours ago
Mar 18 2011 | 1:26pm ET
One of the namesakes of last year's financial regulation reform bill is proposing a big new tax on hedge funds and other financial firms.
Rep. Barney Frank (D-Mass.), now in the minority in the House of Representatives, has introduced a bill that would have hedge funds with more than $10 billion in assets, and other financial firms with more than $50 billion in assets, pay a collective $2.5 billion. The money would be used to save four housing programs that Republicans want to cut in an effort to slash the budget deficit.
Frank had proposed a similar levy to pay for his Dodd-Frank law, but it was dropped to win Republican support. It would seem to have a similarly slim chance of passing this year, with Republicans now in control of the House and in greater numbers in the Senate.
Frank's bill follows another bill introduced by a Democratic representative, Illinois' Jan Schakowsky, that would hit hedge fund managers personally. Schakowsky's bill would boost the top rate of tax in the U.S. from 35% to 49% for people who earn $1 billion or more.
The current tax code "fails to distinguish the merely 'well-off' from the 'super-duper rich,'" Schakowsky wrote in the Huffington Post.
Her bill, which has next to no chance of passing, would also increased taxes by at least 10% on everyone who earns at least $1 million.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...