Tuesday, August 17, 2010

Rich compare Obama's tax policy to Nazi invasion of Poland

Steven Schwarzman: Obama Administration's Tax Proposals Are Like 'When Hitler Invaded Poland'
From Huffington Post
by Ryan McCarthy

Steven Schwarzman, the billionaire founder of private equity giant, the Blackstone Group, has long bemoaned bank bashing. But, on the subject of taxes, he's apparently not afraid to cast aspersions on the Obama administration.

Speaking to board members at a nonprofit recently, Newsweek reports that Schwarzman compared the recent Obama administration push to boost taxes on private equity firms to a "war... like when Hitler invaded Poland in 1939." (Hat tip to the Business Insider.)

If Schwarzman is okay with comparing the Obama administration to Hitler, he's not comfortable with anyone engaging in bank bashing. Earlier this year at Davos, Schwarzman argued that anti-Wall Street rhetoric would make banks "insecure" and actually decrease lending. In a subsequent Washington Post op-ed, Schwarzman warned that lending could decrease if banks feel "under siege."

Read the rest here...

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