Bloomberg Reacts to Hedge Fund Manager Tax: No Thanks
New York, NY —
Mayor Michael Bloomberg says state lawmakers' plan to tax hedge fund managers who work in New York but live in neighboring states will be a big help -- but for Connecticut, not New York.
"For whatever money it brings us, it is going to do an enormously greater amount of damage," Bloomberg says.
The mayor says hedge fund managers will just move their businesses to places like Greenwich, Conn.
Legislative leaders say the tax would bring in tens of millions of dollars annually to New York and help the state out of its fiscal crisis.
Connecticut Gov. Jodi Rell has sent a letter to the president of the New York Hedge Fund Roundtable, Timothy Selby, extending an invitation for him or other hedge fund managers to relocate to her state.
