The acting commissioner of the Internal Revenue Service said the agency’s errors in targeting small-government groups stemmed from the lack of a “sufficient process” and weren’t the result of partisanship.
John Thain, who sold Merrill Lynch & Co. for a premium at the height of the financial crisis, has transformed the once-bankrupt lender CIT Group Inc. into an enticing takeover target for some of the largest banks.
Companies around the world are rewarding shareholders with the highest dividends in more than two decades compared with bond interest payments, even after the best start to a year for equities since 1994.
Financial markets are more at risk from policy makers getting spending and interest rates wrong than rising oil prices, according to investment strategists in Scotland overseeing about 530 billion pounds ($850 billion).
Whether divining Chinese interest rate policy, worrying about U.S. government finances or valuing Spanish bonds, strategists in Edinburgh say one thing is clear about next year: politics trump economics.