Posts tagged with "Warren Buffet"

The billionaires have touched down in Sun Valley

July 8, 2021

Top officials from business, government, and more have returned to Allen & Company’s annual gathering of power brokers in the tiny resort town of Sun Valley, Idaho, The New York Times reports.

The yearly eventthat some call “Mogulfest,” held July 11-16 this time around and hosted by the New York City-based investment banking firm, is where major deals are struck and corporate disputes are settled—or sparked. Verizon’s purchase of AOL, for example. Or Comcast’s blockbuster acquisition of NBCUniversal.

This week, corporate titans, foreign leaders, Wall Street barons and the Silicon Valley elite have made their way to the Sun Valley Lodge to talk shop. (They skipped last year because of the pandemic.)

The guest list conjures a keen sense of the postindustrial Gilded Age: the cable giant John Malone; the Facebook founder Mark Zuckerberg; the Google founders Larry Page and Sergey Brin; the Apple chief Tim Cook; as well as financial titans Warren Buffett; Bill Gates; Mike Bloomberg, and on and on. (The 90-year-old Rupert Murdoch, a regular, will sit out this year.)

Naturally, reporters are there, too. The masters of the universe will smile and wave—they’re happy to see an eager news media standing witness to their importance — but they’ll never talk about what’s really happening, who they’ve been meeting or what deals they’re contemplating. Why would they?

Research contact: @nytimes

Biden Administration probes leak of IRS records on such well-heeled taxpayers as Bezos, Buffet, Musk

June 10, 2021

The Biden Administration announced on July 8 that it is investigating how tax information on several of the world’s richest people—among them, Jeff BezosElon Musk, and Warren Buffett—has been leaked to the public, according to a report by CNN.

“The unauthorized disclosure of confidential government information is illegal,” said Treasury spokesperson Lily Adams. “The matter is being referred to the Office of the Inspector General, Treasury Inspector General for Tax Administration, Federal Bureau of Investigation, and the US Attorney’s Office for the District of Columbia, all of whom have independent authority to investigate.”

The investigation comes after a report that showed new information from a trove of never-before-seen IRS records. Earlier Tuesday, ProPublica reported on exclusively obtained IRS documents which showed how the likes of Bezos, Musk, Buffett, Bill Gates, George Soros, Mark Zuckerberg and Michael Bloomberg have legally avoided paying income tax.

“Any unauthorized disclosure of confidential government information by a person of access is illegal and we take this very seriously,” White House Press Secretary Jen Psaki told reporters during Tuesday’s briefing.

Psaki also reiterated the Biden administration’s stance on having wealthy Americans pay more taxes to fund the President’s proposals.

“I’m not going to comment on specific unauthorized disclosures of confidential government information. I can tell you that, broadly speaking, we know that there is more to be done to ensure that corporations, individuals who are at the highest income are paying more of their fair share. Hence, it’s in the President’s proposals, his budget and part of how he’s proposing to pay for his ideas,” Psaki said.

Research contact: @CNN

Hundreds of companies, CEOs band together to defend and protect voting access

April 15, 2021

Hundreds of business leaders and companies—including Amazon, JPMorgan Chase, General Motors,. and Netflix—have signed on to a statement promising to “defend the right to vote and oppose any discriminatory legislation” in the latest corporate response to a wave of Republican-led voting suppression bills being advanced in dozens of states.

Among the executive signatories are BlackRock CEO Larry Fink, Berkshire Hathaway CEO Warren Buffet, and Bloomberg CEO Michael Bloomberg.

According to a report by The Wall Street Journal, more than 300 companies, CEOs, and other executives signed the statement, which appeared as a full-page advertisement in The New York Times and other publications on March 14.

It was organized by Kenneth Chenault, the former chief executive of American Express, and Kenneth Frazier, CEO of Merck.

“There is overwhelming support in corporate America for this principle of voting rights,” Chenault said. “The right to vote is fundamental to America. It is not a partisan issue.”

According to the Journal, the statement doesn’t directly address specific voting legislation, nor does it call on companies to take business action or halt political donations to lawmakers supporting such bills.

“Clearly, we’re not being prescriptive about how people manifest their opposition,” Chenault said. “Who in their right mind would say that they want legislation that will limit people’s ability to vote?”

Research contact: @WSJ