Today's NYT has an article which caught my eye. The title: In opposing Tax Plan, Schumer Breaks with Party. Now, Schumer is a Senator from New York, where most of the hedge private equity funds roost. I realize they are a part of his constituency..but please..they are NOT humans. Sure, humans run them and make money from them...but they are NOT people, and folks that use these types of investments aren't trying to make ends meet.
But Schumer holds a two very important posts that relate to hedge funds and private equity funds, he is on both the Banking and Finance committee's. In fact..Chuck raked in more than $1 million large for the Democratic Senatorial Committee from these guys.
The NYT article calls him "Pro-business"..I call him a shill for the top 1%. Perhaps that is a little harsh..but you can not call yourself a supporter of the middle class AND a supporter of the hedge and equity funds. Nope, you really can't do that Chuckie.
There is a bill in the works that wants to raise the taxes on these types of investments. Even Hillary, Obama and Edwards have come out in support of these taxes that will provide revenue for health and educational programs..not to mention relieve some of the burden of taxes on the middle class. I mean..really now..if Corporate-loving Hillary can support it..it can't be all bad for investors right?
But Chuckie has his state and its employers to think about he says. There is this interesting tidbit in the NYT writeup:
"Mr. Schumer said in an interview that he was torn between the need to protect an industry vital to his home state and the need to generate revenues to finance government programs. He said a tax increase on private equity and hedge fund executives could lead to an exodus of jobs and companies from New York, and even from the country. He said the plan, if enacted federally, would also lead to an increase in New York State tax that would further bear down on the industry. He said he worried that the industry was being unfairly singled out."
I call bullshit on that right now. So does the other Senator from NY, Charles Rangel. I am sick and tired of businesses using the "we will move our operations if we don't get what we want" shtick..I could puke. It's a time-honored tradition for them to use that line isn't it? It's a threat to get what they want.
Well, the middle class has been getting the ever-loving shaft for decades now..and they need a friggin break, not the damn hedge and equity funds. Hell, even a senior exec from Citigroup, Robert E. Rubin is calling this tax a good move for the love of Christ. Joe Schocken, the chairman of Broadmark Capital, an investment banking and private equity firm in Seattle, backs the bill and calls it fair.
This tax move will raise billions annually. It will only hit those top 1%ers remember..so I don't give a Rats Ass who Chuck Schumer's voting base is..this tax isn't going to kill off any investors or cripple the damn industry, because its folks that make a shit-load of cash every year and don't work for it..you know..unlike the middle class that works for their money.
Schumer's stance on this bill really pisses me off. I have always thought highly of him until this came out. If Hillary the biggest Corporate Shill alive can back it..so can Chuckie damn it. And if he doesn't see the light I will have to call him what he is..a carpetbagging sumbitch who will once again fuck over the middle class so those that already have their nest eggs can get their greedy little fingers on more money they won't be able to spend in their lifetimes.
Come on Chuck..give the middle class a fucking tax break for a change and put some money into the federal coffers for educational programs you fuckwit..screw those top 1%ers....Stop pandering to them. If there is any doubt why Chuckie panders to these guys..get a load of this nugget from the NYT writeup:
"From January through June, the Democratic Senatorial Campaign Committee raised nearly $2 million from executives and employees of private equity and hedge fund firms like the Carlyle Group and the Blackstone Group, according to analyses of campaign finance disclosure reports conducted by the Center for Responsive Politics, a nonpartisan group that researches the influence of money in politics, and by The New York Times. The $2 million figure, which includes contributions from relatives of employees and executives, is a low-end estimate because many donors do not list their employers on financial disclosure reports."
Ain't that something? You bet it is..and it smells like fresh dog poop if you ask me.
Tags: Charles Schumer, Hillary, Hedge funds, Pandering to the top 1 percent
