In the final news conference of his first term, President Barack Obama called the increasingly real specter of a U.S. default “irresponsible” and “absurd.” Yet the absurd has become sadly commonplace in Washington.
The largest U.S. private-equity funds and venture capital firms have relied on a five-year, multimillion-dollar lobbying campaign to protect the carried interest tax break that helped drive presidential candidate Mitt Romney’s 2010 effective tax rate below 14 percent.
With a looming sense of a debacle in the U.S. midterm elections, some Democrats are rationalizing a silver lining: It may not be a bad thing if Republicans win control of at least one chamber of Congress on Nov. 2.
LightSquared Inc. almost tripled spending on U.S. lobbying as the telecommunications company backed by billionaire Philip Falcone fought to keep regulators from killing its planned nationwide wireless network.
Wall Street bankers may be pushed to charge the lowest fees in at least a decade to arrange the Treasury’s sale of General Motors Co. in what could be the second-largest initial public offering in U.S. history.