California Treasurer Bill Lockyer, who never realized his ambition of governing the most-populous state, may remain a powerbroker after leaving office with $2.5 million in campaign funds and four decades in politics.
U.S. businesses with the most cash are holding more than $425 billion overseas as they tap the bond market to help sidestep a corporate tax rate that Apple Inc.’s Tim Cook says handicaps American competitiveness.
A congressional hearing into Apple Inc.’s use of offshore tax shelters called attention to how U.S. companies lower their taxes, and underscored the difficulty Congress confronts when trying to end the practice.
U.S. Senate scrutiny of Apple Inc.’s tax strategies turned the spotlight on a unit with $30 billion in profit since 2009 that’s incorporated in Ireland, controlled by a board in California, and doesn’t pay taxes in either place.
During President Barack Obama’s May 16 news conference, reporter Jeff Mason asked as part of his question: “And, more broadly, how do you feel about comparisons by some of your critics of this week’s scandals to those that happened under the Nixon administration?” The president responded, “I’ll let you guys engage in those comparisons, and you can go ahead and read the history, I think, and draw your own conclusions.”
Dan Loeb, the hedge-fund manager who successfully pushed for an executive shakeup at Yahoo! Inc., is taking his activism overseas for the first time with a $1.1 billion stake in Sony Corp., seeking change in a country where few U.S. investors have succeeded with that approach.