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Chuck Schumer Finds Inspiration in the Bronx to Solve the SEC's Problems

You have to give Chuck Schumer credit. He is trying to solve New York and the country's problems as fast as possible and he is consistent. A day after calling for more money for struggling dairy farmers and more money for flood victims in Western NY, Schumer has a plan to avoid a Bernie repeat.

"A major part of the SEC's problem is that its annual budget is lacking in resources," said Schumer, a senior member of the banking committee that oversees the SEC.
"I am proposing that we fundamentally alter the way the SEC is funded ... I am introducing legislation next week, when we get back to Washington, so the SEC can use fees from institutions it regulates to fund its necessary operations."

Who cares if there is an expensive tie that binds the three plans together? Maybe Chuck took a look at what's going on in Yankee Stadium this season and figured if throwing money at a problem works for Joe Girardi, it could work for the entire nation. But if history is any guide, given that King Ponz was once reportedly on the short list to head the SEC, Schumer better be satisfied going 2 for 3.


Do Hedge Funds Have Chuck Schumer in Their Back Pockets?

That’s basically the contention of Washington Examiner columnist Timothy Carney, who pins his thesis on a former Schumer staffer who went on to lobby for the hedge fund and private equity industries.


Chuck Schumer Now Wondering Aloud If Steve Mnuchin Is Dumb Or Full Of Shit

Chuckie Brooklyn just verbally slapped the tint out of Stevie Mnook's Transition shades.

Chuck Schumer Is Ruining Facebook IPO Day For One Shareholder

As you may have heard, earlier this afternoon, Facebook priced its initial public offering at $38/share, valuing co-founder Eduardo Saverin's stake at approximately $2.9 billion. Since Saverin conveniently renounced his US citizenship last week, he will avoid paying millions in capital gains taxes and hang on to an estimated $67-$100 million that would have otherwise gone to the government, news that did not sit right with Chuck Schumer. Did the Senator from New York call the guy a "piece of shit miscreant"? No. Did he send him an email that included the line, "fuck with me and you will have a huge asshole"? No. But Schumer was inspired to create draft legislation aimed at tax-dodging ex-pats like Saverin and to let the kid know he makes him sick. Democratic Sens. Chuck Schumer (N.Y.) and Bob Casey (Pa.), who called Saverin's decision "despicable," said the Facebook co-founder stands to save $67 to $100 million in taxes by renouncing his citizenship. "Senator Casey and I have a status update for him: pay your taxes in full," Schumer said at a press conference on Capitol Hill. Their so-called "Ex-PATRIOT Act" would impose a mandatory 30 percent tax on American investments for those who renounce their citizenship and would also prohibit individuals like Saverin from re-entering the country. The law -- which only applies to individuals with a net worth of over $2 million or an average income tax liability of at least $148,000 -- would not apply to non-American investments by former citizens. Under the proposed legislation, the IRS would decide soon after an individual relinquishes his or her citizenship if the renouncement was motivated by tax avoidance. The individual would then have the opportunity to provide reasons for the renouncement, but there would be a "strong presumption" the move was for tax purposes. "Mr. Saverin has decided to 'defriend' the United States of America just to avoid paying his taxes," Schumer said, showing his familiarity with Facebook's lingo. [NYP]