![The ETF Tax Dodge Is Wall Street’s ‘Dirty Little Secret’](/summary-img/36816-JVZE2P7C.jpg?h=M&b=0)
Article
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
Read or listen offline
自动生成的音频
1×
自动生成的音频
Recommendation
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.
Take-Aways
About the Authors
Zachary R. Mider, Rachel Evans, Carolina Wilson and Christopher Cannon are reporters for Bloomberg News.
Comment on this summary or 开始讨论