Jim Simons’ Renaissance Technologies Questioned Over Taxes

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Jim Simons’ Renaissance Technologies Questioned Over Taxes

Bloomberg published an article on Saturday, July 12th, reporting that a U.S. Senate panel is scheduling a hearing on July 22 to investigate tax strategies used by Renaissance Technologies LLC, the hedge fund founded by math whiz billionaire Jim Simons.

The sources quoted by Bloomberg say the Senate hearing will focus on a trading strategy Renaissance Technologies used to convert profits from short-term trading into lower-taxed, long-term capital gains. The strategy involves questionable transactions with banks such as Barclays PLC (ADR) (NYSE:BCS) (LON:BARC) and Deutsche Bank AG (NYSE:DB) (ETR:DBK) and has been under investigation by the Internal Revenue Service for several years.

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