Presidential candidate Michael Bloomberg's decision to back a tax on trades...
WASHINGTON - Presidential candidate Michael Bloomberg’s decision to back a tax on trades marks a blow for Wall Street lobbyists which had seen the moderate Democrat as a potential ally, said analysts and lobbyists.
Bloomberg’s decision to back the tax is likely to bring him into conflict with Wall Street firms that are fighting the policy, many of which are the very same clients that helped him make the fortune with which he is funding his campaign. Long seen as a radical non-starter, a trading tax has gained momentum due to the rise of progressive firebrands including Senators Bernie Sanders and Elizabeth Warren who have pledged to fund social policies with a “tax on Wall Street.”
That leaves Wall Street with few obvious allies on an issue that some firms regard as an existential threat. Depending on the structure of a tax, it could badly wound hedge funds and high-speed traders which profit by slicing tiny margins off millions of trades a day, according to academics. “I see it as a not-so-subtle attempt to show that Bloomberg the candidate is not afraid to hurt the clients of Bloomberg the business in order to appeal to Democratic voters.”
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