WASHINGTON - Presidential candidate Michael Bloomberg’s decision to back a tax on trades marks a blow for Wall Street lobbyists which had seen the moderate Democrat as a potential ally, said analysts and lobbyists.
Bloomberg’s decision to back the tax is likely to bring him into conflict with Wall Street firms that are fighting the policy, many of which are the very same clients that helped him make the fortune with which he is funding his campaign. Long seen as a radical non-starter, a trading tax has gained momentum due to the rise of progressive firebrands including Senators Bernie Sanders and Elizabeth Warren who have pledged to fund social policies with a “tax on Wall Street.”
That leaves Wall Street with few obvious allies on an issue that some firms regard as an existential threat. Depending on the structure of a tax, it could badly wound hedge funds and high-speed traders which profit by slicing tiny margins off millions of trades a day, according to academics. “I see it as a not-so-subtle attempt to show that Bloomberg the candidate is not afraid to hurt the clients of Bloomberg the business in order to appeal to Democratic voters.”
Засекретить значит . На вас последний оплот , того , что люди именем демократии сотворили , от краха всей системы.
What a nice tie. I think I'll try to find a tie like that.
MSNBC POTUS realDonaldTrump No chance of any of the 6 democratic candidates tonight will ever beat President Trump few month from now.“Stumbling “ happened to all of them . Democrats tonight were like a truck running on 6 “flat tires”.
You think THAT'S his biggest problem?
Reading such a tax may drive equity market liquidity lower by 50%.
So what? He's going to sell the Company anyway
Interesting that this came out during the debate while he's getting destroyed DemDebate
This guys not TOUCHING Wall Street, anyone that thinks he is horribly misinformed but please go right ahead, I do a lot on the market lol im not worried at all. Yeah just look this dude on up on Wikipedia his whole life was the market.
Seems to me it would be a tax that would barely be felt and bring in lots of revenue. And who would argue the financial services industry doesn’t owe a little payback for the Great Recession?
Not really, cnbc this morning they don’t think it’s as bad as Sanders and others... Trump is starting to scare Wall Street (perfectly happy with Bloomberg). Income inequality is real they know it needs to be addressed and Bloomberg offers a reasonable solution.
Bloomberg is a political hack that is the worst of the worst.... hope he wins the Dem Nomination so Trump can step on mini me
He’s not serious.
Trump 2020
Ugh... more taxes, a dollar should only be taxed once, at printing. Period.
He's just a lying, dog face, pony soldier.
Soo... everyone on Wall Street?
A transaction tax really makes sense for those who buy and sell and hold for less then say a week. Need to get the days traders out of the market. What is their purpose.
That there is the man i trust least over any Dem on stage. He is absolutely full of shit on taking wall street to task
Someone told me that the DNC is changing the rules so that only multi-billionaires will be allowed on the debate stage tonight.
Kill the markets..... just nonsense
refill your meds, Mike
This would hurt the small independent trader more then anything. So many other things they can do
I doubt he cares. He wants to eliminate Trump so badly he'd spend his last $100.
Bernie Sanders' transaction tax is 5X higher!!! I'm sure Bloomberg's wall street buddies would be happy that he tries to save them money.
This Transaction Tax is going to do some serious damage to markets and ultimately the economy as GDP is closely tied to markets.
No matter who implements it, it's long overdue.
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