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| August 11, 2011
| August 9, 2011
| August 8, 2011
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Hedge fund managers are back to work after the U.S. debt ceiling crisis

There are likely few characters less loved in America these days than hedge fund managers -- widely regarded as among the arch villains of the 2008 Wall Street meltdown.

So, months ago, when Washington embarked on a frenzied search for ways to reduce the massive U.S. deficit, a tax loophole that allowed hedge fund managers to pay tax at the exceptionally low rate of 15 per cent certainly seemed like low-hanging fruit.

Cancelling the loophole would save the treasury $20 billion over 10 years, and the public would surely be unmoved by the pain inflicted on hedge fund managers -- the top 25 of whom took home an average pay last year of $880 million each.

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