Wall Street

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John, I am watching the world react to the speech and maintaining radio silence for now. But here is a thought, I am going to do a column on this at some point, if you like the idea, you can steal it..... Enact a cap gains tax cut for sales of investments in spinoff stocks of major banks and Wall Street firms that voluntary "break up." Nothing mandatory. If the banks divest assets into smaller independent companies that become spinoff stocks, those who buy and sell those spinoff stocks pay a lower cap gains tax. This is a pure Lloyd Bentsen kind of idea, powerfully incentivize what we want to happen, if he were still here I'd be sending this memo to him and he'd put the bill in tomorrow.... Economics and finance: this has the result of breaking up banks, reducing or eliminating "too big to fail", and would have some pro-growth effect. Politically: major financial power would support this because they know the asset values would be unlocked, net equity values would skyrocket, and their investment profits would be gigantic. In effect, we get a lot of backdoor Glass-Steagall effect by creating smaller and more efficient entities through a voluntary incentive rather than legislative or regulatory mandate (which I would support but we both know won't happen soon.). And: even Wall Street execs who might resist a breakup would make out like bandits with skyrocketing value of their insider stock and stock options...... And: CBO and Joint Tax Committee would probably, and should, score this as deficit reduction because the surge of new transactions of buying and selling the spinoff stocks taxed at a lower cap gains rate would generate far more revenue than transactions taxed at a high rate would otherwise not happen. My view is HRC should support the Warren-McCain partial Glass-Steagall bill, certainly before the first debate, but my suggestion above is even better because it could actually happen and is win-win-win with a similar result..... Brent Sent from my iPad Delivered-To: [email protected] Received: by 10.25.43.10 with SMTP id r10csp1627717lfr; Mon, 13 Jul 2015 17:04:25 -0700 (PDT) X-Received: by 10.202.66.196 with SMTP id p187mr14423634oia.133.1436832264935; Mon, 13 Jul 2015 17:04:24 -0700 (PDT) Return-Path: <[email protected]> Received: from SNT004-OMC2S8.hotmail.com (snt004-omc2s8.hotmail.com. [65.55.90.83]) by mx.google.com with ESMTPS id sx7si14781421obc.28.2015.07.13.17.04.24 for <[email protected]> (version=TLSv1.2 cipher=ECDHE-RSA-AES128-SHA bits=128/128); Mon, 13 Jul 2015 17:04:24 -0700 (PDT) Received-SPF: pass (google.com: domain of [email protected] designates 65.55.90.83 as permitted sender) client-ip=65.55.90.83; Authentication-Results: mx.google.com; spf=pass (google.com: domain of [email protected] designates 65.55.90.83 as permitted sender) [email protected] Received: from SNT404-EAS359 ([65.55.90.71]) by SNT004-OMC2S8.hotmail.com over TLS secured channel with Microsoft SMTPSVC(7.5.7601.23008); Mon, 13 Jul 2015 17:04:23 -0700 X-TMN: [sz9eiiw4/lmHkMIPFO8vf2tot/SUXv/L] X-Originating-Email: [[email protected]] Message-ID: <[email protected]> Return-Path: [email protected] Content-Type: text/plain; charset="us-ascii" Content-Transfer-Encoding: quoted-printable From: Brent Budowsky <[email protected]> MIME-Version: 1.0 (1.0) Subject: Wall Street Date: Mon, 13 Jul 2015 20:04:23 -0400 To: John Podesta <[email protected]> X-OriginalArrivalTime: 14 Jul 2015 00:04:23.0725 (UTC) FILETIME=[A40E3DD0:01D0BDC8] John, I am watching the world react to the speech and maintaining radio sile= nce for now. But here is a thought, I am going to do a column on this at some p= oint, if you like the idea, you can steal it..... Enact a cap gains tax cut for sales of investments in spinoff stocks of majo= r banks and Wall Street firms that voluntary "break up." Nothing mandatory. If the= banks divest assets into smaller independent companies that become spinoff stocks,= those who buy and sell those spinoff stocks pay a lower cap gains tax. Thi= s is a pure Lloyd Bentsen kind of idea, powerfully incentivize what we want to happen, i= f he were still here I'd be sending this memo to him and he'd put the bill i= n tomorrow.... Economics and finance: this has the result of breaking up banks, reducing or= eliminating "too big to fail", and would have some pro-growth effect. Politically: major financial power would support this because they know the a= sset values would be unlocked, net equity values would skyrocket, and their inves= tment profits would be gigantic. In effect, we get a lot of backdoor Glass-Steagall effect by creating smalle= r and more efficient entities through a voluntary incentive rather than legislativ= e or regulatory mandate (which I would support but we both know won't happen soon= .). And: even Wall Street execs who might resist a breakup would make out like b= andits with skyrocketing value of their insider stock and stock options...... And: CBO and Joint Tax Committee would probably, and should, score this as deficit reduction because the surge of new transactions of buying and sellin= g the spinoff stocks taxed at a lower cap gains rate would generate far more reven= ue than transactions taxed at a high rate would otherwise not happen. My view is HRC should support the Warren-McCain partial Glass-Steagall bill,= certainly before the first debate, but my suggestion above is even better be= cause it could actually happen and is win-win-win with a similar result..... Brent Sent from my iPad=