“When I think about what is happening in Washington right now, I think of the expression that was used in Wall Street a long time ago, which is that we are up to our knees in midgets. That is what I think about when I think about Washington right now, and I guess that is a terrible thing to say, but the fact that we are one week away from a pseudo- default is a reflection of the fact that Washington is less than a place of great intellectual wisdom.” [BloombergTV]
Washington
Jonathon Jacobson, founder of Highfields Capital, doesn’t mince words when talking about Washington politicians. In fact, Jacobson pretty much sums up what most of us think about the people in the nation’s capital. Here he is from the Ira Sohn Conference today. Continue reading »
A new proposal to tax carried interest as ordinary income was just attached to a larger tax and spending bill that could be voted on by the House as early as tomorrow.
The bill would have a huge impact on private equity, venture capital and other private partnerships that rely on carried interest as their main source of income. The move would also impact some hedge funds that pay significant long-term capital gains. Washington has been toying with the tax increase for nearly three years, but the the current bill, sponsored by Sen. Max Baucus and Rep. Sander Levin, marks the first time the Senate and the House have come together on the issue. Continue reading »
If you said Washington you’re not wrong but that’s not the answer we were looking for. Yes, James is incredibly frustrated with the people in DC. Previously he’s tried to hold his tongue but no longer. He’s openly expressed concern about the various reform proposals and he recently told the President that the “administration’s anti-bank rhetoric ‘isn’t helpful,’ because it demoralizes businesses and employees.” But Washington, eh, whatever. It’s a source of annoyance but it’s not the thing that gets Jamie’s blood really boiling. Same goes for Syracuse University. He’s pissed at them, but they’re low on the list of things that make him go ape shit. What chaps James Dimon’s hide no other is when his name appears alongside certain people with whom he has essentially nothing in common. Continue reading »
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