The way hedge fund dealer Bernard Madoff is conducting himself, is there any reason he shouldn't be taxed? After all, we tax Social Security benefits, anything over $32,000 for a married couple, and Mr. Madoff makes a lot more than that. When President Obama ran for office, he said hedge fund dealers should be taxed and others did, too.
The government desperately needs the money that hedge fund dealers are hiding offshore. According to Sen. Levin's hearings in March, it costs the U.S. an estimated $100 billion a year in lost tax revenue. A March 4 Associated Press article said "it estimated that UBS Bank in Switzerland holds assets estimated to be worth at least $14.8 billion."
In the past 16 years, I've written about hedge fund dealers and the various derivatives they use so they can confuse the taxpayer, which is morally and politically corrupt. Is there any reason Congress can't pass a bill to tax hedge fund dealers? I know their lobby groups, like Managed Fund Association, are powerful and maybe the bill wouldn't succeed, but somebody should try. As devious and cunning as Mr. Madoff was, and the way he spent money lobbying Congress along with R. Allen Stanford, just proves we need campaign finance reform. But we must prevail, otherwise, give up the system.
These wealthy billionaires, who are in the top 1 percent but control 50 percent of the non-home wealth, are definitely an elitist class. I will say, though, the way their corporations have been conducting themselves financially have not proven their ability. Otherwise, you wouldn't have some share prices as low as $1 and even threatening bankruptcy.
Now, here's the worst part. We have legislators saying they're going to buy up the toxic derivatives or assets, which could be in a range of as low as $7 trillion or as high as $600 trillion. Does this make sense? While you have the government trying to buy up these toxic derivatives, while at the same time you have hedge fund dealers, like Mr. Madoff, creating more. If you think we need hedge fund dealers, we should at least tax them, and if you can prove they're running a "Ponzi" scheme, put them in jail, along with some AIG management.
The government desperately needs the money that hedge fund dealers are hiding offshore. According to Sen. Levin's hearings in March, it costs the U.S. an estimated $100 billion a year in lost tax revenue. A March 4 Associated Press article said "it estimated that UBS Bank in Switzerland holds assets estimated to be worth at least $14.8 billion."
In the past 16 years, I've written about hedge fund dealers and the various derivatives they use so they can confuse the taxpayer, which is morally and politically corrupt. Is there any reason Congress can't pass a bill to tax hedge fund dealers? I know their lobby groups, like Managed Fund Association, are powerful and maybe the bill wouldn't succeed, but somebody should try. As devious and cunning as Mr. Madoff was, and the way he spent money lobbying Congress along with R. Allen Stanford, just proves we need campaign finance reform. But we must prevail, otherwise, give up the system.
These wealthy billionaires, who are in the top 1 percent but control 50 percent of the non-home wealth, are definitely an elitist class. I will say, though, the way their corporations have been conducting themselves financially have not proven their ability. Otherwise, you wouldn't have some share prices as low as $1 and even threatening bankruptcy.
Now, here's the worst part. We have legislators saying they're going to buy up the toxic derivatives or assets, which could be in a range of as low as $7 trillion or as high as $600 trillion. Does this make sense? While you have the government trying to buy up these toxic derivatives, while at the same time you have hedge fund dealers, like Mr. Madoff, creating more. If you think we need hedge fund dealers, we should at least tax them, and if you can prove they're running a "Ponzi" scheme, put them in jail, along with some AIG management.
