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
