Bloomberg reported:
Private equity executives won a major concession in their battle with the Obama administration over plans to increase their taxes when selling stakes in their firms, potentially saving billionaires such as Stephen Schwarzman and David Rubenstein hundreds of millions of dollars.The Carlyle Group is a virtual nonprofit, like a church or safety net hospital. Private equity underwriters (PEU's) pay preferred taxes on profits from their investments. President Obama agreed to not raise such taxes on carried interest when "buyout fund founders and other executives sell some or all of their holdings in their own firms."
President Obama long had populist talk and corporatist implementation. Obama freed PEU billionaires to liquefy their stakes cheaply. For Obama to cash in, like Bill Clinton and Tony Blair, PEU's must profit. I find it ironic that Carlyle co-founder David Rubenstein has a copy of The Emancipation Proclamation on loan to the White House. It once hung in the Oval Office.
How long before Obama signs the PEU-liquefication Proclamation?
