Finally, the hedge fund industry has won, one!
The recent news that New York- Governor Paterson (D) isdropping the tax proposal on hedge fund managers who work in the Empire State but live elsewhere is welcome news to the industry. The Governor in his infinite wisdom seems to have decided that hedge funds and the managers who run these investment vehicles are good for New York regardless of where they live. Governor Paterson came to this conclusion only after Connecticut Governor Jodi Rell (R), began courting various industry groups about the benefits of doing business in the Nutmeg State and her efforts to get managers to move were picked up by the press.
It seems that desperate times call for desperate measures. With the economy so weak and fragile, both of these leaders have decided that doing business with hedge funds makes sense for both of their states. A clear bi-partisan victory for hedge fund managers everywhere.
Hedge funds, it may turn out, may not be the root of all evil. Perhaps the President and Congress can learn something from these two Governors. Perhaps the concept of working with business instead of against it will catch on in the District of Columbia as it has in Albany and Hartford.
Don’t forget to check HEDGEAnswers. The schedule for theLaunch Sessions and the Strategy Sessions are set. Register today to get in on the discussion!
THINGS THAT DRIVE ME CRAZY!
I have nothing this week. Stay tuned – this will change!