Wednesday, October 03, 2007
Williams (WPZ) Genesis (GEL) Nustar (NSH) and Hiland (HLND) join the one point or more losers list. Were at 291.27 and at the lows of the day. Oddly the Bear Sterns ETN on MLPS is up .05 on the day. Still the damage continues as we approach the lunchtime hour. This is where the selling stopped yesterday but it looks like the August closing low will get a challenge at some point in the day. UGH!
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joseph cioffi's Source Page - Associated Content
3 comments:
if the selling is forced someone should know where it is coming from by now. To figure it out does it make sense to go back to Aug. chart when the index moved down sharply but still tracked the SP 500 or did it start later when it departed from the S&P.
The tax issue may be a reason to sell but there is other ways that the FERC can structure the insentives needed.
I think that the spreads and volumn changes favor forced selling followed by redemtions of recent investors,
Schumer is in the news again.
Schumer Says He'll Introduce Tax Rise on Buyout-Firm Managers
By Ryan J. Donmoyer and Alison Fitzerald
Oct. 3 (Bloomberg) -- Senator Charles Schumer said he would introduce legislation to raise taxes on executives at private- equity firms and a broad range of other partnerships, even as he acknowledged any such measure would have trouble becoming law before next year's election.
``My intent is to raise the most revenue and do it in a fair way,'' Schumer, a New York Democrat, said in an interview. ``My bill will certainly raise the taxes on people who now get 15 percent for carried interest for sure.''
Schumer, who serves on the Senate Finance Committee, is at the center of a broader debate in Congress over whether to raise taxes on fund managers who currently pay the lower 15 percent capital-gains rates on the share of a fund's income that they receive as profits.
Schumer, 56, said his bill ``does things in an very interesting way'' and would be broader than legislation proposed by House Democrats including Michigan Representative Sander Levin. He declined to elaborate.
He said the Democratic-led effort to raise taxes on the industry has little chance of success this year because any measure could be blocked by a filibuster threat from a single senator. President George W. Bush would likely veto any measure that did manage to pass Congress, he added.
``I don't know on carried interest if a single Republican has come out for it,'' Schumer said. Any bill, ``small or big, is going to have trouble passing because Bush will veto them.''
He said chances may be better if a Democrat is elected in next year's presidential elections. New York's other senator, Hillary Clinton, has said managers should pay ordinary income rates -- as high as 35 percent -- joining her rivals for the Democratic presidential nomination, Illinois Senator Barack Obama and former North Carolina Senator John Edwards, in calling for higher taxes.
To contact the reporters on this story: Ryan J. Donmoyer in Washington at rdonmoyer@bloomberg.net .
Last Updated: October 3, 2007 10:52 EDT
Schumer knows and the market knows his bill has a poison pill in it. There is no way even with democrats in office that a comprehensive reform of MLPS would ever pass...if indeed this is one...even under democrats. It gives him cover to say i went after the pe guys with the socialist left while winking to the wall street crowd he caters to. I just don't think this is relevant to the sell off.
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