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Wall Street

Economics/Politics

The Tax Increase In Reform’s Clothing

In a 2011 piece for the New York Times, leftist billionaire Warren Buffett claimed that investment managers are getting “extraordinary tax breaks,” due to the classification of income from managing others’ money as “capital gains.” “Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as ‘carried interest,’ thereby getting a bargain 15 percent tax rate,” Buffett said, always portaying himself as the patriotic rich man willing to pay his “fair share” of taxes. Under the current tax code, capital gains are taxed at 15 percent, rather than the top tax rate… Keep Reading

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Monopoly Man Trolls Wall Street Fat Cats During Congressional Hearing

Rich Uncle Pennybags, commonly known as the mascot from the classic board game Monopoly, showed up on Capitol Hill today to troll Equifax, a corporation whose negligence caused a massive data breach putting the personal credit information of over 100 million individuals up for grabs. The activist wore Pennybags’ signature top hat and distinguished white mustache while dawning a lavish suit during the Senate Banking Committee hearing on Wednesday. He even pulled out his signature monocle to get a better look at former Equifax CEO Richard Smith as he took the stand and gave testimony, taking full responsibility for the… Keep Reading

News

‘Pharma Bro’ Becomes Political Prisoner After Federal Fraud Conviction

Infamous former drug company CEO Martin Shkreli was convicted on three counts of deceiving his hedge fund investors today. He could face up to 20 years in prison for his alleged role in these crimes, but the raunchy whistleblower dubbed ‘Pharma Bro’ for his wild antics isn’t taking his sentence lying down. “My investors made three-to-five times their money without any aid from any settlement agreement. Some made ten times or more than that of their original investment after they did receive their settlements,” Shkreli said after the verdict, thanking the jury for not convicting him of harsher charges as… Keep Reading

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