Formerly prominent hedge-fund manager and piano-playing pig owner Phil Falcone is currently sitting out the fifth and final year of his time-out from the securities industry, not that he’d want to get back into such a shitty game even if he should be allowed to. And why would he? His hedge-fund managing days keep coming back to haunt him.
Tax bills have always presented a bit of an issue for Falcone. In spite of his status as a billionaire, he took an ill-advised $113 million loan from his hedge funds in 2009 to cover one. Then, he forgot to pay another. Turns out this is something of a trend.
The Harbinger manager “deliberately dodged paying its fair share of taxes,” Underwood said. “Tax evasion forces ordinary New Yorkers to shoulder the bill….”
According to an amended complaint dated Wednesday, the Harbinger manager paid “little to no tax” in New York on incentive fees from 2004 to 2008, when Falcone was making billions of dollars betting on a U.S. housing collapse.
On the bright side, he doesn’t have to remember as many New York City property tax bills anymore.