November 08, 2007

If I gave Schumer $20 would he not tax me?

Man, oh man... Chuck Schumer just can't stop dropping himself in the grease.

In early June, as the Senate Finance Committee began examining how a new breed of Wall Street titan could be paying a special low tax rate on executives' salaries, one of the richest of them, hedge fund manager Steven A. Cohen of SAC Capital Advisors, cut the Democratic Senatorial Campaign Committee a check for $28,500.

Just days later, with DSCC Chairman Charles E. Schumer (D-N.Y.) equivocating on legislation to raise taxes on publicly traded equity firms, hedge fund giant James H. Simons, who earned $1.7 billion last year at his Renaissance Technologies LLC, donated another $28,500 to the DSCC.

By late July, Schumer was off the fence -- and on the side of the hedge funds and private-equity firms in opposing the Democratic legislation.

We talked about this a few months ago. At the time I imagined it was the pig headed supply side Republicans who were blocking things. Turns out, they are only part of the problem. Schumer is the other. Sounds familiar, right?

Seriously, Chuck, these guys aren't going to cut the purse strings. They know this is coming and it's time to balance the books.

Posted by mcblogger at November 8, 2007 08:53 AM

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