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Hedge funds should cool it on tax

Try to extract money from a hedge fund manager or the founder of a private equity fund and he loses all sense of proportion.

The first example came in July when Stephen Schwarzman, the co-founder of Blackstone, compared the US government’s attempt to increase the amount of tax paid by the partners of financial firms to Adolf Hitler’s invasion of Poland in 1939. Mr Schwarzman had to apologise for the analogy, made privately to the board of a non-profit group.

The second came last week when Daniel Loeb, founder of the hedge fund Third Point, described a proposed change in the taxation of sales or initial public offerings of such funds as an “arguably unconstitutional Bill of Attainder” that showed the Obama administration was “operating from a playbook quite different from the one we are used to as American business people.”

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约翰•加普

约翰·加普(John Gapper)是英国《金融时报》副主编、首席产业评论员。他的专栏每周四会出现在英国《金融时报》的评论版。加普从1987年开始就在英国《金融时报》工作,报导劳资关系、银行和媒体。他曾经写过一本书,叫做《闪闪发亮的骗局》(All That Glitters),讲的是巴林银行1995年倒闭的内幕。

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