capitalism
Out of context: Reply #804
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- grafician-2
"Executives of hedge fund Renaissance Technologies LLC will personally pay approximately $7 billion in back taxes, interest andpenalties to settle a long-running dispute with the Internal Revenue Service, the firm said, a tax settlement that may be the largest in history.
James Simons —the quantitative-investing pioneer who started Renaissance before retiring as the firm’s chairman on Jan. 1—will make an additional “settlement payment” of $670 million, according to the firm. Mr. Simons will also pay back taxes related to his gains.
The dispute relates to moves the firm’s key Medallion fund took between 2005 and 2015 to convert short-term trading gains into long-term profits. It has been closely followed in the worlds of finance and politics because of the enormous amounts involved and because Renaissance’s leaders are among the largest political donors in the U.S.
Mr. Simons has been a long-term supporter of Democratic candidates—while Robert Mercer, another Renaissance executive, has backed Republican causes, including former President Donald Trump."