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Yankee class warfare could help AsiaÆs hedge fund industry

A proposed new tax on fund managers located in the US looks like commercial suicide, and may encourage managers to set sail to the Orient.

It is the politics of envy. On the campaign trail Barack Obama talked about the 95% of middle income earners and exacerbated the divide between them and the 5% of high earners. It helped bring more voters into his constituency, and subsequently the US Congress has become excited about using the tax system to cane anyone perceived to have made money before the crisis.

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