Today, Hillary Clinton published a New York Times op-ed headlined, “How I’d Rein In Wall Street”.
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But Warren, a thorn in the side of big banks and whom some progressives would mount a presidential bid of her own, came out with new praise for Clinton, as the Democratic presidential frontrunner ramps up her push for Wall Street reform.
But a Michigan State University economist has doubts about whether a new tax credit for manufacturers is really going to stem the tide of manufacturing production moving overseas given the rising value of the USA dollar.
Speaking about how Silicon Valley can help in shutting down the operations of ISIS, Clinton said, “We need to put the great disrupters at work at disrupting ISIS”. She also wants executives to suffer cuts to their bonuses when a company settles with the government over wrongdoing, and for that company to admit guilt in any settlement.
In an inversion deal, a company merges with a corporation in another country to lower its tax bill. The planned merger will allow Pfizer to switch its tax domicile to Ireland, thereby lowering its tax rate to around 18 percent. The White House and Clinton believe that new standard would discourage inversion deals by requiring the US company to purchase a larger foreign entity. Top Republicans say the only way to adequately address inversions is to overhaul the tax code, making it more attractive for businesses to locate in the U.S. Elizabeth Warren, who has otherwise remained neutral in the party’s primary race, The Associated Press pointed out. Clinton said she plans to strengthen oversight of activities of hedge funds, investment banks, and other non-bank financial institutions by imposing strict margin requirements on the kind of borrowing that led to the crisis. And Hillary herself has made enormous amounts of money in paid speeches to Goldman Sachs and others.
Clinton’s manufacturing plan relies on some parts of economic development strategies devised during her husband Bill Clinton’s presidency from 1993 to 2000.
Presidents from both parties have repeatedly asked Wall Street heavyweights to manage top government positions. Clintonland is populated by the likes of Robert Rubin. Obama played a round of golf with the former president as well. “She needs to clarify essentially the type of people that she would appoint”, Hauser said, “so we can know whether her statements about tougher enforcement are serious”.
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One of Clinton’s top fundraisers, financier Blair Effron, runs a boutique investment firm that advised Pfizer on the deal.
