Hedge funds with $10b or more face large tax to pay for financial reform
By Lawrence Delevingne
Fri Jun 25, 2010
In a proposal added to the financial reform bill at 3:00am this morning, the country’s largest hedge funds could face billions of dollars in fees.
The largest hedge funds in the country - those with more
than $10 billion in assets - could be on the hook for tens or
even hundreds of millions of dollars in fees to pay for
financial reform approved early Friday.
Under the proposal, the Federal Deposit Insurance Corporation
would be mandated to raise up to $19 billion over five years
from hedge funds managing $10 billion and financial
institutions with more than $50 billion. The proposal is part
of the financial reform package that President Barack Obama is
expected to sign before July 4.
As of January 1, there...
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