New York Governor
New York Governor David Patterson | Hedge Funds
This week the Governor of New York announced a number of changes to be made to property tax laws and a hedge fund tax loophole. With much of the hedge fund industry based in New York it will be interesting to see what further measures will be made to help close in on a $15.4B budget deficit. New York is already a relatively expensive place to do business, the state has to be careful to not scare off more hedge fund managers to CT, NJ or elsewhere.
Since the Madoff fraud was exposed many have argued that the poor market returns, the lagging economy, recent fraud cases and pending regulatory actions obviously makes for several challenging years for both small and large hedge funds around the United States.