Not all hedge fund managers are fighting to keep the Bush
tax cuts for the rich. Michael Steinhardt, founder of
Steinhardt Partners, signed an online pledge with other
"patriotic millionaires for fiscal strength" to raise their own
taxes. In an open letter to President Obama, Steinhardt and
others urged the President to allow tax cuts on incomes over $1
million to expire at the end of 2010, as scheduled.
"During our nation's moment of need, we are eager to do our
fair share," the millionaires wrote. "We understand that
cutting our taxes will increase the deficit and the debt burden
carried by other taxpayers." Another hedgie speaking up is
Thomas Steyer of Farallon Capital Management. In an emotional
interview with Christiane Amanpour, he said that the wealthy
have an obligation to give back.