Democrats Split Over Bill Affecting Backers
Tax Measure Targets Hedge Funds
Washington Post Staff Writer Wednesday, November 7, 2007; Page A01
In early June, as the Senate Finance Committee began examining how a new breed of Wall Street titan could be paying a special low tax rate on executives' salaries, one of the richest of them, hedge fund manager Steven A. Cohen of SAC Capital Advisors, cut the Democratic Senatorial Campaign Committee a check for $28,500.
Just days later, with DSCC Chairman Charles E. Schumer (D-N.Y.) equivocating on legislation to raise taxes on publicly traded equity firms, hedge fund giant James H. Simons, who earned $1.7 billion last year at his Renaissance Technologies LLC, donated another $28,500 to the DSCC.
By late July, Schumer was off the fence -- and on the side of the hedge funds and private-equity firms in opposing the Democratic legislation.
. . . The measure has deeply divided Democrats, pitting a rank and file that has railed for years against inequities in the tax code against the party's money men, who are reluctant to bite the hand that has generously fed them.
Interesting that the Washington Post nonchalantly mentions elected members of the Senate as reluctant to bite the hand that has generously fed them and sees no conflict of interest (much less crime) in the statement.
Schumer is merely the most recent and most obvious of the sell-outs.
I wonder if (ever) the ACLU or some other quasi-public minded legal entity will sue a campaign contributor for interfering with the legislative process--AND WIN!
Not bloody likely--and thus the new Democratic broom that proposes to sweep its way through the Congress will merely follow the money-grubbing, sleazy, totally corrupt policies of Schumer, Pelosi, Reid, Feinstein, Lieberman and the associated garbage-collectors we send to Congress.
Forget the war--the war is a long-lost cause.
The March on Washington that is most imperative is a protest against paid-off, paid-up, government for sale.NOTHING further can be accomplished until this travesty against honest governance is thrown to the ground and a stake driven through its heart.