News & Events zu Affiliated Managers Group, Inc. (AMG)AMGAffiliated Managers Group, Inc.

Treasury Secretary Warns Against Wall Street Tax Manipulation

Treasury Secretary Scott Bessent said via X: "Tax rules should reward investment, not abusive financial engineering. @USTreasury welcomes innovation in our financial markets, but we will not turn a blind eye to abusive Wall Street tax dodges or tolerate products designed to exploit our federal tax code. If a tax pitch sounds too good to be true, then it probably is and investors should think twice. Treasury and the @IRSnews are examining Wall Street tax products that may exploit the tax code and tax strategies that may cross the line." Shares of Affiliated Managers (AMG), Franklin Resources (BEN) and BlackRock (BLK) moved lower following the post.

Treasury Officials Call Wall Street Tax Strategies Too Good to Be True, Affiliated Managers Shares Drop 9%

Treasury Department officials said at an industry gathering in New York today that the agency considers some of the high-profile tax strategies touted by Wall Street as "too good to be true," Justina Lee, Denitsa Tsekova and Zachary Mider of Bloomberg report. The officials said they are actively evaluating the tools available to address them and that some of the products may be abusive, according to Bloomberg. Shares of Affiliated Managers dropped in afternoon trading, sinking 9% to $334.93. Franklin Resources (BEN) and BlackRock (BLK) also moved lower.