As Treasury Secretary Geithner laid out his plans for tighter regulation of hedge funds and, in particular, exotic derivatives like credit default swaps, I noted to watch carefully to see who exactly would step forward and identify themselves as the dick stupid enough to want to continue to let this part of the financial world keep free running.
From a report on the Huffington Post, the dick has stepped forward, and his name is Eric Cantor. An excerpt from their article:
In its proposed budget, the White House recommends effectively raising the tax rate on hedge fund managers from 15% to almost 40%. Many Hill Democrats and Republicans back the move. But in a striking stretch of logic, Republican Whip Rep. Eric Cantor recently said increasing the tax would cut off "the lifeblood of small business." Bob McIntyre, head of the nonpartisan group Citizens for Tax Justice disagreed. He said the President's proposal would not affect small business.
Apparently, the last time this came up, the same Eric Cantor had closed door sessions with lobbyists and hedge fund representatives and killed it then.
So, Rep Cantor, thank you for taking the wait out of waiting to see who in Congress would be the dick dumb enough to defend hedge fund managers and anything that tries to lessen the appeal to more tightly manage these movers of massive amounts of funds and transactions that cater to nonregulated movement of same. I don't have to wonder any more. You know, if I picture you without the glasses, I can see the resemblance.