New York (HedgeCo.Net) – The Oregon congressman that has been sponsoring legislation which will impose a tax of one-quarter of one percent on high-frequency, computer-driven market transactions is under attack by the hedge fund manager that pioneered the very same trading strategy.
Hedge fund billionaire Robert Mercer’s contributions are focused on defeating DeFazio in Oregon’s Fourth congressional district.
“For the second election in a row, a Long Island-based hedge fund manager is pumping money into a super PAC. According to a report filed with the Federal Election Commission on Tuesday, Renaissance Technologies co-CEO Robert Mercer gave $239,354 to Republican Super PAC, a group run by campaign finance reform opponent Jim Bopp, to defeat Rep. Peter DeFazio (D-Oregon). The group has already spent more than $140,000 campaigning against DeFazio.” The Huffington Post reports.
Mercer’s hedge fund, Renaissance Technologies, would be subjected to higher taxes if the proposed litigation were to go through. Mercer gave more than $100,000 in the 2010 election cycle, also funding the million-dollar anti-”Ground Zero Mosque” advertising campaign.
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