People in the News

Hedgies to Obama: Raise my taxes

December 09, 2010   Lawrence Delevingne

Noblesse oblige makes a comeback.

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.

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