http://www.nytimes.com/2011/09/25/magazine/in-the-insider-trading-war-market-beaters-beware.html?_r=1&scp=1&sq=the%20greed%20police&st=cse
---------- Forwarded message ----------
From: barry levine
Date: Mon, Sep 26, 2011 at 8:35 PM
Subject: re: The War on Insider Trading: Market-Beaters Beware
To: letters@nytimes.com
To the Editor:
The ongoing vigilance of the SEC is necessary if we are to have a fair and open market. "Compliance with the unenforceable" may define ethics, but it doesn't characterize Wall Street. When the Cheney/Bush administration let it be known that SEC prosecutions were not a priority, a few unscrupulous traders made fortunes but faith in the whole market crashed. Mere enforcement however can never be enough; regulators and legislators are necessarily less nimble than the crooks here. We need to redesign the incentive system. Any profit on an asset held less than an hour should be taxed at no less than 95%. That rate can ramp down to the long-term capital gains rate over a year or two. Until we change the capital gains incentive system, we will go on losing the Red Queen's race.
Barry Haskell Levine
---------- Forwarded message ----------
From: barry levine
Date: Mon, Sep 26, 2011 at 8:35 PM
Subject: re: The War on Insider Trading: Market-Beaters Beware
To: letters@nytimes.com
To the Editor:
The ongoing vigilance of the SEC is necessary if we are to have a fair and open market. "Compliance with the unenforceable" may define ethics, but it doesn't characterize Wall Street. When the Cheney/Bush administration let it be known that SEC prosecutions were not a priority, a few unscrupulous traders made fortunes but faith in the whole market crashed. Mere enforcement however can never be enough; regulators and legislators are necessarily less nimble than the crooks here. We need to redesign the incentive system. Any profit on an asset held less than an hour should be taxed at no less than 95%. That rate can ramp down to the long-term capital gains rate over a year or two. Until we change the capital gains incentive system, we will go on losing the Red Queen's race.
Barry Haskell Levine
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