Bloomberg's transaction tax sets stage for clash with Wall Street clients

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. On Tuesday, the former New York mayor and Wall Street investment banker, who made his $60 billion fortune in finance, proposed imposing a 0.1% tax on trading stocks, bonds and derivatives as part of a broader financial services agenda. 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.

from RSSMix.com Mix ID 8870618 https://yhoo.it/2P6A1ao