Idiot Investors?

Congress protects people from making money on the stock market.

(Page 2 of 2)

Schwartzman might find solace and strategy from Wal-Mart's Lee Scott, who fought off an effort by the Maryland legislature to pass a law requiring the company to spend 8 percent of its payroll on medical benefits. The bill technically covered all companies with more than 10,000 employees, but was targeted at Wal-Mart. The legislation was eventually overturned by a judge.

Raising taxes on private equity firms as a form of populist demagoguery is slimy, but more or less within the course of normal conduct. But to go after this one company, this one man, is inexcusable.

Katherine Mangu-Ward is an associate editor of Reason.

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