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The ETF Tax Dodge Is Wall Street’s ‘Dirty Little Secret’
Banks are pumping billions of dollars into and out of funds with “heartbeat” trades.
Bloomberg Businessweek ,
2019
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One day, a trader injects billions of dollars into a technology fund. Just a few days later, that same trader suddenly withdraws all the money. What looks like the impulsive, erratic behavior of some off-the-rails investor is really a sophisticated tax dodge. Based on a 1969 tax law, this little-known maneuver, called a “heartbeat trade,” is legal in the United States, but some regard it as a scam. Eye-opening reporting from journalists Zachary R. Mider, Rachel Evans, Carolina Wilson and Christopher Cannon uncovers the way brokers, bankers and investors can legally game the system and avoid paying taxes.
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About the Authors
Zachary R. Mider, Rachel Evans, Carolina Wilson and Christopher Cannon are reporters for Bloomberg News.
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