HEDGE PAPER NO. 50: Corporate America to Investors: Trump is Bad for Business

28 Sep 2017
Corporate America to SEC:  Trump is Bad for Business Since Donald Trump came down the golden staircase inside Trump Tower to announce his candidacy on June 16th, part of his core economic argument has rested on the fact that he’s “really rich” and he’s going to “make the country rich.” At the debates, he argued in simplistic terms that his economic program would spur economic and job creation.... Read More

Hedge Papers No. 49: DAN LOEB’S TAINTED CASH

22 Aug 2017
TRACKING THE HEDGE FUND BILLIONAIRE’S MONEY IN NEW YORK POLITICS Recent events in Charlottesville are a sobering reminder that violent white supremacist groups are not the stuff of history, but a horrifying present-day reality for a country that continues to be torn apart by racism and the legacy of slavery. Though these groups do not claim the membership rolls that the KKK did in its heyday, they have risen to new prominence over the past year, supported by infrastructure like Breitbart News and effectively urged on by a billionaire who owes his presidency to the race lie.... Read More
Hedge Paper cover

Partner Paper No. 5: The Looting of Puerto Rico’s Infrastructure Fund: Carlos M. Garcia’s destructive fiscal policies hurt Puerto Rico once, could it happen again?

16 May 2017
DOWNLOAD SPANISH VERSION HERE Executive Summary Carlos M. Garcia is profoundly conflicted as a former Santander[i] banking executive in his current role on the PROMESA control board, or the “Junta.” In the years preceding Governor Luis Fortuño’s election in 2008, Garcia built Santander Securities—the bank’s municipal bond business—while Jose Ramon Gonzalez, another Junta member, was at the head of the bank.[ii] With Fortuño’s election, Garcia was given vast powers over fiscal policy as President of the Government Development Bank (“GDB”), Chair of the local control board (a special board comprised of five cabinet-level officials with ministerial responsibility for Puerto Rico’s fiscal matters and restructuring powers conferred by the Puerto Rico Legislature), and head of Puerto Rico’s new Public Private Partnerships Authority (PPPA).[iii] A previous report, Pirates of the Caribbean, documented the role Garcia and Santander played in Puerto Rico’s public finance disaster and the virtual revolving door former bank executives had with the GDB from 2009 to 2012.... Read More

Partner Paper No. 4 with with Public School Parents in LA: Out-of-Town : Billionaires & Trump Backers Attempt to Hijack Local School Board Election

5 May 2017
The California Charter School Association (CCSA), directly and through its network of entities, has been the biggest spender in the 2017 election for Los Angeles Unified School District (LAUSD) school board members to represent Districts 4 and 6, having spent over $4 million to-date.  Nearly all of CCSA’s political campaign funding comes from millionaires and billionaires.  ... Read More

HEDGE PAPERS NO. 48: ILLINOIS BILLIONAIRES AND THEIR LUCRATIVE LOOPHOLE

19 Apr 2017
How Illinois Can Raise Billions by Taxing Carried Interest ACROSS THE COUNTRY, STATES LIKE ILLINOIS STAND TO GAIN BILLIONS OF DOLLARS IN REVENUE BY CLOSING THE CARRIED INTEREST LOOPHOLE. Across the country, states like IL stand to gain billions by closing the carried interest loophole. Click To Tweet IT’S A LONG OVERDUE ELEMENT OF FINANCIAL REFORM THAT THE FEDERAL GOVERNMENT HAS FAILED TO ENACT, DESPITE BIPARTISAN SUPPORT FOR TAX FAIRNESS.... Read More

UPDATE #HedgePapers No. 26 – Puerto Rico: Pain and Profit

21 Mar 2017
UPDATE: After years of crisis and austerity that have resulted in a poverty rate of 45 percent, it’s hard to imagine that conditions could get much worse for the people of Puerto Rico. But if the island’s bondholders have their way, that’s exactly what’s going to happen. Puerto Rico is facing a new round of draconian budget cuts that promise to intensify the hardships that the population is already facing.... Read More

HEDGE PAPERS NO. 47 CLOSING A LUCRATIVE LOOPHOLE TO HELP OUR COMMUNITIES

16 Mar 2017
Across the country, states stand to gain billions of dollars in revenue by closing the carried interest loophole.  It’s a long overdue element of financial reform that the federal government has failed to enact, despite bipartisan support for tax fairness. In last year’s Presidential campaign, Donald Trump, Hillary Clinton, Bernie Sanders, and Jeb Bush all called for closing a tax break known as the “carried interest loophole,” a legal fiction used by private equity firms and other members off the wealthy elite to lower their federal tax rates below those paid by many working Americans.[1] These financiers charge a fee for investing other peoples’ money – and call it “carried interest” to get a lower tax rate than kindergarten teachers and truck drivers.[2] Presidential candidates in both parties, experts, advocates and everyday Americans all agree that Wall Street millionaires and billionaires should not get preferential treatment on their taxes.[3] It’s unfair and wrong.... Read More

HEDGE PAPERS NO. 46: NEW YORK’S BILLIONAIRES AND THEIR LUCRATIVE LOOPHOLE

7 Mar 2017
How Our State Can Raise Billions by Taxing Carried Interest  Across the country, states like New York stand to gain billions of dollars in revenue by closing the carried interest loophole.  It’s a long overdue element of financial reform that the federal government has failed to enact, despite bipartisan support for tax fairness.... Read More

HEDGE PAPERS NO. 44: HOW HEDGE FUNDS RIP OFF OHIO UNIVERSITY ENDOWMENTS

17 Feb 2017
How Ohio Students, Taxpayers & Communities Suffer The Great Recession took an immeasurable toll on Ohio’s colleges and universities–and eight years later, Ohio’s higher education system has yet to recover. State funding was cut, tuition was increased, and university endowments lost huge amounts in market losses – and have since lost even more to exorbitant fees charged by greedy Wall Street hedge fund managers.... Read More

TRUMP’S BILLIONAIRE CABINET: How They Harm Working People and Take America’s Wealth for Themselves

14 Feb 2017
Context: As President, Trump Elevates the Wall Street Elite He Criticized as a Candidate Last year, throughout his presidential campaign, Donald Trump harnessed populist anger at the wealthy elite, and presented himself as an outsider who will stand up for working people. At an August 2015 appearance on CBS, Trump said that “hedge funds guys are getting away with murder,” earning “a hell of a lot of money and not paying taxes.”[1] He slammed the “global special interests rigging the system” against working class Americans.[2] Candidate Trump criticized excessive CEO compensation, saying “you see these guys [CEOs] making these enormous amounts of money and it’s a total and complete joke.”[3] Speaking about his tax plan, he claimed “no one will gain more from these policies than low and middle income Americans.”[4] He vowed to drain the “swamp” of political insiders and financial elite.... Read More