Five Reasons Not to Pass the Bonus Tax
I interviewed a retired hedge fund manager who voted for Barack Obama about the bonus tax last week. Here's what he said: Everyone is outraged by AIG’s actions, but the congressional response is problematic for the following reasons.
1. It is effectively revisionist history and makes it impossible for market participants to play by the rules as they can change, not only on a moment’s notice, but magically retroactively.
2. Bonuses such as those paid to Merrell Lynch employees in December would not be subject, but those banks such as BofA and J.P. Morgan, who pay on a February cycle would get hit. It's akin to performing delicate surgery with a hatchet and will unfairly blanket countless individuals who were in no way associated with AIG.
3. It will disincent firms that need capital from asking for government assistance.
4. It underscores concern in the private sector that we’re now living in the Wild West, which will slow private sector participation for fear of the government changing the rules as we go.
5. It will push talent out of the financial sector at the very time we need the best and brightest to navigate the storm.
The ability to speak clearly, succinctly, and powerfully is easier than you think
The ability to communicate effectively can make or break a person's assessment of your intelligence, competence, and authenticity.
The next gold rush might take place in our sewers.
- Even though we think of it as exceedingly rare, gold can be found all around us.
- The trouble is, most of the gold is hard to get at; its too diluted in our waste or ocean waters to effectively extract.
- This new technique quickly, easily, and reliably extracts gold from most liquids.
What defines a dark horse? The all-important decision to pursue fulfillment and excellence.
When we first set the Dark Horse Project in motion, fulfillment was the last thing on our minds. We were hoping to uncover specific and possibly idiosyncratic study methods, learning techniques, and rehearsal regimes that dark horses used to attain excellence. Our training made us resistant to ambiguous variables that were difficult to quantify, and personal fulfillment seemed downright foggy. But our training also taught us never to ignore the evidence, no matter how much it violated our expectations.
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