MMI CEO in The Washington Post: Take On Wall Street group calls for an ill-conceived financial transaction tax

Renae Merle reports the proposed so-called transaction tax has already raised concerns among some on Wall Street.  Such a tax would also effect pension funds or other large investors who sometimes trade thousands of stocks a day, they say.  “While some politicians claim this tax is directed at high frequency trading, the truth is that it would directly hit the pension funds of hard-working teachers, nurses and teamsters,” said Bill Harts, chief executive of Modern Markets Initiative, which represents high frequency trading firms.  “We don’t understand why unions would support something that would so clearly hurt their membership’s pension funds.”