Frederick Douglass

"Power concedes nothing without a demand. It never did, and it never will. Find out just what people will submit to, and you have found out the exact amount of injustice and wrong which will be imposed upon them..." Frederick Douglass

Thursday, August 4, 2011

McQuaig: Tycoons laughing all the way to the bank

There are likely few characters less loved in America these days than hedge fund managers — widely regarded as among the archvillains of the 2008 Wall Street meltdown.

So, months ago, when Washington embarked on a frenzied search for ways to reduce the massive U.S. deficit, a tax loophole that allowed hedge fund managers to pay tax at the exceptionally low rate of 15 per cent certainly seemed like low-hanging fruit.

Cancelling the loophole would save the treasury $20 billion over 10 years, and the public would surely be unmoved by the pain inflicted on hedge fund managers — the top 25 of whom took home an average pay last year of $880 million each.

http://www.thestar.com/opinion/editorialopinion/article/1032493--mcquaig-tycoons-laughing-all-the-way-to-the-bank