Clinton Questions Hedge Fund Managers’ Work Ethics

Feb 20 2008 | 1:22pm ET

Hedge funds may be funding much of her campaign and footing her daughter’s bills, but Sen. Hillary Clinton still finds fault.

Suggesting that hedge fund managers and Wall Street executives don’t work as hard as the common man, the Democratic presidential candidate—who has now lost nine consecutive primaries and caucuses to rival Sen. Barack Obama—took her message of tax fairness to Ohio, where she hopes a strong showing in that crucial state’s March 4 primary will reignite her campaign.

“We also have to reward work more, and by that, I mean, I have people in New York working on Wall Street as investment managers, as hedge fund executives,” Clinton said at a restaurant in Parma, Ohio, yesterday. “Under the tax code, they can pay a lower percentage of their income in taxes on $50 million, than a teacher, or a nurse, or a truck driver in Parma pays on $50,000. That’s very discouraging to people.”

Clinton’s daughter, Chelsea, works at hedge fund Avenue Capital Partners.

“You just feel like, ‘wait a minute, I’m working as hard as I can,’” she said. “All those people you see in your law office, they’re working as hard as they can and they feel like they’re just getting further and further behind.”

Clinton has supported efforts in Congress to more than double the amount hedge fund and private equity managers pay in income taxes.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Versum Materials (VSM), with a market capitalization of $2.7 billion, enables chipmakers to achieve higher performance at lower cost with enhanced reliability. Versum is a leading global provider of electronic materials for the integrated circuit and flat-panel display markets.