Both the international monetary system and American fiscal policy began to change in the 1960s. The system developed at the United Nations Monetary and Financial Conference, held in Bretton Woods, New Hampshire, in July 1944, fixed exchange rates to a dollar backed by gold. It worked successfully for years. But it couldn’t last forever.
Mitt Romney’s critics have had a lot of fun with the recent report from the Tax Policy Center proclaiming the Republican presidential candidate’s tax proposal “mathematically impossible.” Romney’s supporters, meanwhile, have struck back, insisting that the report relies on assumptions that Romney’s plan doesn’t make.
John F. W. Rogers is known on Wall Street for four initials and an enviable fact of corporate geography. The F. and W. stand for Francis and William, though why Rogers uses them both is one of several mysteries he has either gone out of his way to cultivate or never seen fit to explain.
Google Inc., Facebook Inc. and LinkedIn Corp. wound up in Ireland because they could reduce their tax bills. Their success is leading European and U.S. politicians to label the country a tax haven that must change its ways.
Xi Jinping, the man in line to be China’s next president, warned officials on a 2004 anti-graft conference call: “Rein in your spouses, children, relatives, friends and staff, and vow not to use power for personal gain.”