Jim Simons donates $ 150 million

Discussion in 'Wall St. News' started by Hook N. Sinker, Dec 14, 2011.

  1. hayman


    This is awesome. Governor Cuomo also allocated an additional $ 35 MM to Stony Brook University as well. This is a phenomenal University on Long Island, that is getting better and better by the year (and it's affordable !). I should know - I am an alum, and my wife, and 2 of my children attend there as well. Simons, who I think is the 8th richest man in the World, is quite generous. His Renaissance Hedge Fund has had phenomenal returns over the years.
  2. What does he say about what Wikipedia https://en.wikipedia.org/wiki/James_Harris_Simons reports:

    "In May 2009, Simons was questioned by investors regarding the pattern of losses in a Renaissance fund owned by outside investors while the investments held by Simons and fund associates enjoyed enormous gains in value.[31]

    On July 22, 2014, Simons was subject to bipartisan condemnation by the U.S. Senate Permanent Subcommittee on Investigations for the use of complex barrier options to shield day-to-day trading (usually subject to higher ordinary income tax rates) as long-term capital gains. “Renaissance Technologies was able to avoid paying more than $6 billion in taxes by disguising its day-to-day stock trades as long term investments,” said Sen. John McCain (R., Ariz.), the committee’s ranking Republican, in his opening statement. “Two banks and a handful of hedge funds developed a complex financial structure to engage in highly profitable trades while claiming an unjustified lower tax rate and avoiding limits on trading with borrowed money,” said Sen. Carl Levin (D., Mich.) in his prepared remarks.[32]