see “Too Big to Fail“.
” The Fiscal Policy Institute, the New York-based think-tank that issued the report, wants hedge funds and their private equity brethren to pay higher taxes”–NYC hedge fund profits show tax system flaw.
And who was fighting against the taxation for his own private company’s customers, the Mayor, Mr. Bloomberg.
At end of June, 2008 the City Council was voting to apply a city tax on hedge funds and private equity. See “Council Get Set to Press a Tax on Hedge Funds“.
“Bloomberg L.P. has strong ties to many of New York’s most visible businesses, which might be expected to do business with the Bloomberg administration, either by seeking tax benefits or by engaging in other transactions. For example, Merrill Lynch owns 20 percent of Bloomberg L.P., though it has no voting power. The chairman of the Bloomberg L.P. board, Peter Grauer, is a managing director at Credit Suisse First Boston. The company’s clients include almost all of New York’s major financial firms, as well as many newspapers, including The New York Times.”–2001 Bloomberg turns down tax breaks.
In 2008 Bloomberg’s “blind trust” bought back Merrill Lynch’s 20 percent vestment in Bloomberg. ?????