Traders Tax Update

Here is an email I received in response to the post about the traders tax.

hey brian, i am a board member with the boston securities traders association. we met with congressman barney frank last thursday to discuss the ftt proposal. he assured us that it was off the table for this presidential cycle (the next 4ish years.) he said that the only way it would be enacted is if wall street doesn’t pay back its share of tarp funds. our stance (obviously) is that it would be extremely detrimental to the mkt efficiency and also to our local economy as it would damage the mutual fund industry by having a fee that would increase the expense ratio on funds at a time when profits are scarce.

our other agenda items were the short sale ban and the uptick rule.

thx for all you do. i am an institutional trader covering some big mutual funds and hedge funds. you ideas are extremely insightful.

hope that info helps.

looking gross out there today…good luck.

-g

fyi, i bought your book.

Are we going to see it today? Remain nimble.

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