But it also comes down to the property rights of the owners. If an owner want to buy an interest in the Dallas Cowboys on Monday and sell it on Tuesday, he or she should be able to do so unless there is a clause in his sales contract that says he must hold on to the investment for several weeks.
T.Rowe Price put a sliding scale or backend load on its High Yield Bond fund some years ago. The interest rates were high compared to money market accouts and people were using this mutual fund as a highy yield checking accout.
But it was done by a private firm not a government tax.
I agree. I am trying to get a grasp on all this financial stuff because I have the feeling that if this isn’t the end, it the last stop before the end. Been reading Market Ticker, an Naked Capitalism with its numerous links. So,I am confused as heck. One minute it looks like Glass Steagall repeal was bad, and then it looks good on the next article.
Anyway, I figure maybe the problem is structural. The corporate model has a reason why it developed and at first, no one contemplated the constant in and out of shareholders. I think there was a more long term view.
Lehman might be a good example. I have read it never would have gotten leveraged at 30 to 1 if not a corporation. That if a partnership, management would not have gambled their money. Here, mgt. gambled. There seemed to be no control. I am curious how diffuse ownership was...
parsy