YouTube CEO says ‘sorry,’ but defends hosting videos with homophobic slurs

YouTube CEO Susan Wojcicki speaks during the opening keynote address at the Google I/O 2017 Conference at Shoreline Amphitheater on May 17, 2017 in Mountain View, California. Maza said that he has been the subject of targeted harassment for years that included both anti-gay and anti-Mexican slurs. But, she added, YouTube looked at the videos in question, “and in the end, we decided it was not violative of our policy.” Wojcicki said that YouTube has a “high bar” for what counts as malicious mater


YouTube CEO Susan Wojcicki speaks during the opening keynote address at the Google I/O 2017 Conference at Shoreline Amphitheater on May 17, 2017 in Mountain View, California. Maza said that he has been the subject of targeted harassment for years that included both anti-gay and anti-Mexican slurs. But, she added, YouTube looked at the videos in question, “and in the end, we decided it was not violative of our policy.” Wojcicki said that YouTube has a “high bar” for what counts as malicious mater
YouTube CEO says ‘sorry,’ but defends hosting videos with homophobic slurs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: dylan byers, david ingram
Keywords: news, cnbc, companies, homophobic, hosting, videos, harassment, conference, ceo, youtubes, defends, susan, slurs, youtube, sorry, wojcicki, services


YouTube CEO says 'sorry,' but defends hosting videos with homophobic slurs

YouTube CEO Susan Wojcicki speaks during the opening keynote address at the Google I/O 2017 Conference at Shoreline Amphitheater on May 17, 2017 in Mountain View, California.

SCOTTSDALE, Arizona — YouTube’s chief executive apologized on Monday for the hurt she said is caused by videos with anti-gay slurs, but said the company was right to let the videos remain on its service.

CEO Susan Wojcicki, in an on-stage interview at the tech-focused Code Conference in Scottsdale, Arizona, spoke publicly for the first time since YouTube last week imposed a stricter ban on hate speech, including videos that promote ideas of racial superiority.

But rather than being lauded for tackling Nazism, Wojcicki was met with a barrage of questions about videos she has decided to leave up. The questions were prompted by journalist Carlos Maza launching a campaign last month to bring attention to homophobic abuse and harassment he says he received from a conservative YouTube personality.

Maza said that he has been the subject of targeted harassment for years that included both anti-gay and anti-Mexican slurs. Several activists are lobbying to ban YouTube’s parent company, Google, from the San Francisco Pride march this month over what they see as the service’s inaction.

“I know the decision we made was very hurtful to the LGBTQ community,” Wojcicki said. “That was not our intention at all. We’re really sorry about that.”

But, she added, YouTube looked at the videos in question, “and in the end, we decided it was not violative of our policy.”

“I do agree this was the right decision,” she said.

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Wojcicki, a high-profile Silicon Valley executive, faced a skeptical crowd at the annual conference for tech and media professionals. When Ina Fried, a journalist from Axios, suggested during a question-and-answer period that Wojcicki wasn’t actually sorry, the audience greeted the question with applause.

YouTube, like Facebook and other online services that rely on users for content, is facing growing scrutiny over material that shows violence, promotes hatred or is objectionable in other ways. The service’s rulebook bans harassment, for example, but only when it is “malicious.”

Wojcicki said that YouTube has a “high bar” for what counts as malicious material, and that the service faced a challenge in being consistent. She said the same rules needed to apply across the board, including to late-night comedy shows or rap music videos.


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: dylan byers, david ingram
Keywords: news, cnbc, companies, homophobic, hosting, videos, harassment, conference, ceo, youtubes, defends, susan, slurs, youtube, sorry, wojcicki, services


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‘We have all these tools’: Mnuchin defends using punishing tariffs to solve security problems

Speaking to CNBC’s Nancy Hungerford in Fukuoka, Japan, Mnuchin defended the president’s mixing of trade and non-trade issues — something that’s drawn criticism from outside commentators. Asked if trade could again be used as a weapon in non-trade disputes, Mnuchin said, “I think it’s very important that we have all these tools, that we use them. And President Trump has really done a great job at using these tools.” Mnuchin stressed that Washington’s ongoing campaign against telecommunications be


Speaking to CNBC’s Nancy Hungerford in Fukuoka, Japan, Mnuchin defended the president’s mixing of trade and non-trade issues — something that’s drawn criticism from outside commentators. Asked if trade could again be used as a weapon in non-trade disputes, Mnuchin said, “I think it’s very important that we have all these tools, that we use them. And President Trump has really done a great job at using these tools.” Mnuchin stressed that Washington’s ongoing campaign against telecommunications be
‘We have all these tools’: Mnuchin defends using punishing tariffs to solve security problems Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-09  Authors: natasha turak
Keywords: news, cnbc, companies, punishing, using, tariffs, problems, security, tools, mnuchin, trump, solve, trade, president, nontrade, defends, issues, american, secretary


'We have all these tools': Mnuchin defends using punishing tariffs to solve security problems

The White House has had no problem leveraging American economic heft to bring other countries to heel on issues that aren’t related to the economy — and it may continue to do so, Treasury Secretary Steven Mnuchin indicated to CNBC on Sunday.

Markets have been on edge in recent weeks as U.S. President Donald Trump threatened Mexico with tariffs unless it vowed new assistance on immigration issues, and suggested that he was willing to link trade talks with Beijing to American security concerns around Chinese tech giant Huawei.

Speaking to CNBC’s Nancy Hungerford in Fukuoka, Japan, Mnuchin defended the president’s mixing of trade and non-trade issues — something that’s drawn criticism from outside commentators.

Asked if trade could again be used as a weapon in non-trade disputes, Mnuchin said, “I think it’s very important that we have all these tools, that we use them. And President Trump has really done a great job at using these tools.”

The secretary was referring, in particular, to the threat of tariffs on Mexico over its role in Central American migration as well as the increasing tariffs imposed on China in an attempt to address the U.S.-China trade deficit and curb what the administration calls Beijing’s “unfair” trade practices.

Mnuchin stressed that Washington’s ongoing campaign against telecommunications behemoth Huawei is a national security issue, not a trade-related one. But he added that Trump may soften the stiff restrictions that the U.S. has slapped on the Shenzhen-based company after feeling satisfied on the trade issue.


Company: cnbc, Activity: cnbc, Date: 2019-06-09  Authors: natasha turak
Keywords: news, cnbc, companies, punishing, using, tariffs, problems, security, tools, mnuchin, trump, solve, trade, president, nontrade, defends, issues, american, secretary


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Trump defends tax tactics after NYT probe says he racked up more than $1 billion in losses: ‘It was sport’

“You always wanted to show losses for tax purposes….almost all real estate developers did – and often re-negotiate with banks, it was sport,” Trump said in a pair of early morning tweets. It said it obtained Trump’s tax information, including printouts from his official IRS tax transcripts, for 1985 through 1994. The newspaper said data culled from printouts of Trump’s IRS receipts showed he lost money every year during the 10-year period, for a cumulative $1.17 billion loss overall. Every pre


“You always wanted to show losses for tax purposes….almost all real estate developers did – and often re-negotiate with banks, it was sport,” Trump said in a pair of early morning tweets. It said it obtained Trump’s tax information, including printouts from his official IRS tax transcripts, for 1985 through 1994. The newspaper said data culled from printouts of Trump’s IRS receipts showed he lost money every year during the 10-year period, for a cumulative $1.17 billion loss overall. Every pre
Trump defends tax tactics after NYT probe says he racked up more than $1 billion in losses: ‘It was sport’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: mike calia
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Trump defends tax tactics after NYT probe says he racked up more than $1 billion in losses: 'It was sport'

President Donald Trump on Wednesday fired back at The New York Times over the newspaper’s investigative report that said his tax figures from 1985 through 1994 showed staggering business losses of more than $1 billion.

“You always wanted to show losses for tax purposes….almost all real estate developers did – and often re-negotiate with banks, it was sport,” Trump said in a pair of early morning tweets. “Additionally, the very old information put out is a highly inaccurate Fake News hit job!”

The Times published the report Tuesday night. It said it obtained Trump’s tax information, including printouts from his official IRS tax transcripts, for 1985 through 1994. Trump’s book, “Trump: The Art of the Deal,” was published in 1987.

The newspaper said data culled from printouts of Trump’s IRS receipts showed he lost money every year during the 10-year period, for a cumulative $1.17 billion loss overall. The Times also said Trump didn’t pay income taxes during eight of those 10 years.

Trump apparently lost more money than any other individual taxpayer in the U.S., according to the Times’ analysis of data the IRS has compiled on people earning large incomes.

Trump, however, suggested that his “tax shelter” tactics were par for the course in the 1980s and 1990s, saying in his Wednesday morning tweets that real estate developers like him “were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases.”

He added: “Much was non monetary.”

Trump, who rose to national fame in the 1980s as a New York real estate magnate with a tabloid lifestyle, has refused to release his tax returns, citing an ongoing IRS audit. Every president since Richard Nixon has made their tax returns publicly available, and Democrats have used the issue to hammer and investigate Trump. Experts have said audits haven’t stopped presidents from releasing their returns.

On Monday, Treasury Secretary Steven Mnuchin declined to allow the IRS to release Trump’s tax information to Congress after the Ways and Means Committee in the Democrat-controlled House sought six years of the president’s returns.

Trump and his aides have repeatedly said that the American public does not care about the president’s tax returns since he won the 2016 election without having made them public. Polls have shown, however, that most voters do want Trump to divulge his tax records.

A previous Times investigation in October detailed Trump’s murky business dealings, “including instances of outright fraud.”


Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: mike calia
Keywords: news, cnbc, companies, sport, times, racked, losses, trump, billion, trumps, returns, presidents, information, defends, tactics, irs, nyt, real, probe, tax


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Citigroup CEO Corbat defends bank’s pay gap: `I started in 1983 at $17,000 salary’

The pay gap at Citigroup, led by Corbat since 2012, is the biggest among large U.S. banks. Corbat made $24.2 million last year, 486 times the median employee pay of $49,766. While other bank CEOs had similar paydays, higher median pay at Bank of America and J.P. Morgan Chase meant that Citigroup had the most extreme ratio. For instance, Disney CEO Bob Iger made 1,424 times the median pay of his employees, prompting Abigail Disney to call his compensation “insane.” Corbat, along with other bank C


The pay gap at Citigroup, led by Corbat since 2012, is the biggest among large U.S. banks. Corbat made $24.2 million last year, 486 times the median employee pay of $49,766. While other bank CEOs had similar paydays, higher median pay at Bank of America and J.P. Morgan Chase meant that Citigroup had the most extreme ratio. For instance, Disney CEO Bob Iger made 1,424 times the median pay of his employees, prompting Abigail Disney to call his compensation “insane.” Corbat, along with other bank C
Citigroup CEO Corbat defends bank’s pay gap: `I started in 1983 at $17,000 salary’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: hugh son
Keywords: news, cnbc, companies, 1983, corbat, ceo, employee, bank, gap, banks, pay, started, citigroup, compensation, workers, salary, defends, employees, median


Citigroup CEO Corbat defends bank's pay gap: `I started in 1983 at $17,000 salary'

Michael Corbat defended the huge compensation gap between low-level employees and top management at Citigroup, saying it should inspire the rank-and-file workers who could someday fill his shoes.

“My answer is I am that person,” Corbat said Thursday on CNBC’s “Squawk on the Street. ” “I started at our firm in 1983 at $17,000 a year.”

The pay gap at Citigroup, led by Corbat since 2012, is the biggest among large U.S. banks. Corbat made $24.2 million last year, 486 times the median employee pay of $49,766. While other bank CEOs had similar paydays, higher median pay at Bank of America and J.P. Morgan Chase meant that Citigroup had the most extreme ratio.

That comparison is unfair to Citigroup because of the employees the bank has in places like Mexico and the Philippines, where compensation is low, he said. Excluding those workers, the “average employee in the U.S. makes right about $100,000 a year,” he said.

Income inequality at large U.S. corporations is a hot-button issue ahead of the 2020 U.S. elections. The pay ratio is even more extreme outside of banking, in industries like retail, food and entertainment. For instance, Disney CEO Bob Iger made 1,424 times the median pay of his employees, prompting Abigail Disney to call his compensation “insane.”

Corbat, along with other bank CEOs, was grilled last month by U.S. lawmakers over the pay gap at their institutions.

“If you were an employee, and you saw your boss making $486 for every dollar you make, how would you feel about that?” Rep. Nydia Velazquez of New York asked Corbat on April 10.

Echoing his answer then, Corbat added Thursday that “through the grace of God, through hard work, I got to where I am. So I am that person that looked up and said maybe if I work hard enough I can get there.”

Shares of Citigroup have climbed 35% this year as the stock recovered from a sharp decline in December. The New York-based bank posted mixed first-quarter results last month amid a sharp decline in equities trading.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: hugh son
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Apple defends itself against claims of anti-competitive practices

Apple said Sunday that it removed several parental control apps from its App Store platform because they put user privacy and security at risk. The statement was made in response to a New York Times story that suggested Apple had pulled the apps for anti-competitive reasons. Using MDM to track and limit phone use isn’t the intended purpose of MDM, Apple says. Presidential candidate Elizabeth Warren said earlier this year that the fact that some apps Apple develops competes with developers on the


Apple said Sunday that it removed several parental control apps from its App Store platform because they put user privacy and security at risk. The statement was made in response to a New York Times story that suggested Apple had pulled the apps for anti-competitive reasons. Using MDM to track and limit phone use isn’t the intended purpose of MDM, Apple says. Presidential candidate Elizabeth Warren said earlier this year that the fact that some apps Apple develops competes with developers on the
Apple defends itself against claims of anti-competitive practices Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: kif leswing
Keywords: news, cnbc, companies, app, apple, apps, defends, mdm, intended, practices, removed, store, times, claims, anticompetitive, control


Apple defends itself against claims of anti-competitive practices

Apple chief design officer Jony Ive (L) and Apple CEO Tim Cook inspect the new iPhone XR during an Apple special event at the Steve Jobs Theatre on September 12, 2018 in Cupertino, California.

Apple said Sunday that it removed several parental control apps from its App Store platform because they put user privacy and security at risk.

The removed apps, according to Apple, were abusing a kind of technology intended for company-owned work phones called Mobile Device Management (MDM), which can give an app developer access to information including user location, browsing history, and what photos and videos have been taken with the camera.

The statement was made in response to a New York Times story that suggested Apple had pulled the apps for anti-competitive reasons.

The response, published on Apple’s website, is another example of how the company is walking a tightrope given its control of the App Store and its safety and security priorities along with new accusations from politicians and rivals that Apple uses its power over the software distribution platform to favor its own apps.

Apple said in its statement that it “is incredibly risky—and a clear violation of App Store policies—for a private, consumer-focused app business to install MDM control over a customer’s device.”

Most of the apps highlighted by the Times report enabled parents to limit the amount of the time they and their children spent on their iPhones and Android devices, and two developers have filed a complaint with the European Union’s competition office.

Apple continued: “Contrary to what The New York Times reported over the weekend, this isn’t a matter of competition. It’s a matter of security.”

One of Apple’s App Store guidelines says that “Apps should use APIs and frameworks for their intended purposes and indicate that integration in their app description.” Using MDM to track and limit phone use isn’t the intended purpose of MDM, Apple says.

Apple released software in 2018 called Screen Time that enables users to track which apps they use the most and restrict access to distracting apps. It’s installed by default on iPhones. “I think it has become clear to all of us that some of us are spending too much time on our devices,” Apple CEO Tim Cook said last summer.

In the weeks after Screen Time was released, 11 of the 17 most-downloaded screen-time and parental control apps were removed and restricted, according to the Times.

Presidential candidate Elizabeth Warren said earlier this year that the fact that some apps Apple develops competes with developers on the App Store is possibly anti-competitive. Spotify, which competes with Apple Music, has also accused Apple of anti-competitive practices.


Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: kif leswing
Keywords: news, cnbc, companies, app, apple, apps, defends, mdm, intended, practices, removed, store, times, claims, anticompetitive, control


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Apple defends itself against claims of anti-competitive practices

Apple said Sunday that it removed several parental control apps from its App Store platform because they put user privacy and security at risk. The statement was made in response to a New York Times story that suggested Apple had pulled the apps for anti-competitive reasons. Using MDM to track and limit phone use isn’t the intended purpose of MDM, Apple says. Presidential candidate Elizabeth Warren said earlier this year that the fact that some apps Apple develops competes with developers on the


Apple said Sunday that it removed several parental control apps from its App Store platform because they put user privacy and security at risk. The statement was made in response to a New York Times story that suggested Apple had pulled the apps for anti-competitive reasons. Using MDM to track and limit phone use isn’t the intended purpose of MDM, Apple says. Presidential candidate Elizabeth Warren said earlier this year that the fact that some apps Apple develops competes with developers on the
Apple defends itself against claims of anti-competitive practices Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: kif leswing
Keywords: news, cnbc, companies, control, apple, mdm, anticompetitive, practices, app, claims, store, times, intended, removed, apps, defends


Apple defends itself against claims of anti-competitive practices

Apple chief design officer Jony Ive (L) and Apple CEO Tim Cook inspect the new iPhone XR during an Apple special event at the Steve Jobs Theatre on September 12, 2018 in Cupertino, California.

Apple said Sunday that it removed several parental control apps from its App Store platform because they put user privacy and security at risk.

The removed apps, according to Apple, were abusing a kind of technology intended for company-owned work phones called Mobile Device Management (MDM), which can give an app developer access to information including user location, browsing history, and what photos and videos have been taken with the camera.

The statement was made in response to a New York Times story that suggested Apple had pulled the apps for anti-competitive reasons.

The response, published on Apple’s website, is another example of how the company is walking a tightrope given its control of the App Store and its safety and security priorities along with new accusations from politicians and rivals that Apple uses its power over the software distribution platform to favor its own apps.

Apple said in its statement that it “is incredibly risky—and a clear violation of App Store policies—for a private, consumer-focused app business to install MDM control over a customer’s device.”

Most of the apps highlighted by the Times report enabled parents to limit the amount of the time they and their children spent on their iPhones and Android devices, and two developers have filed a complaint with the European Union’s competition office.

Apple continued: “Contrary to what The New York Times reported over the weekend, this isn’t a matter of competition. It’s a matter of security.”

One of Apple’s App Store guidelines says that “Apps should use APIs and frameworks for their intended purposes and indicate that integration in their app description.” Using MDM to track and limit phone use isn’t the intended purpose of MDM, Apple says.

Apple released software in 2018 called Screen Time that enables users to track which apps they use the most and restrict access to distracting apps. It’s installed by default on iPhones. “I think it has become clear to all of us that some of us are spending too much time on our devices,” Apple CEO Tim Cook said last summer.

In the weeks after Screen Time was released, 11 of the 17 most-downloaded screen-time and parental control apps were removed and restricted, according to the Times.

Presidential candidate Elizabeth Warren said earlier this year that the fact that some apps Apple develops competes with developers on the App Store is possibly anti-competitive. Spotify, which competes with Apple Music, has also accused Apple of anti-competitive practices.


Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: kif leswing
Keywords: news, cnbc, companies, control, apple, mdm, anticompetitive, practices, app, claims, store, times, intended, removed, apps, defends


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Dimon defends capitalism: ‘Socialism inevitably produces stagnation, corruption and often worse’

J.P. Morgan Chase CEO Jamie Dimon released his annual must-read letter to shareholders on Thursday, and bashing socialism, defended stock buybacks and talked about some potentially dangerous days ahead. “Socialism inevitably produces stagnation, corruption and often worse – such as authoritarian government officials who often have an increasing ability to interfere with both the economy and individual lives – which they frequently do to maintain power. This would be as much a disaster for our co


J.P. Morgan Chase CEO Jamie Dimon released his annual must-read letter to shareholders on Thursday, and bashing socialism, defended stock buybacks and talked about some potentially dangerous days ahead. “Socialism inevitably produces stagnation, corruption and often worse – such as authoritarian government officials who often have an increasing ability to interfere with both the economy and individual lives – which they frequently do to maintain power. This would be as much a disaster for our co
Dimon defends capitalism: ‘Socialism inevitably produces stagnation, corruption and often worse’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-04  Authors: jeff cox, john melloy
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Dimon defends capitalism: 'Socialism inevitably produces stagnation, corruption and often worse'

J.P. Morgan Chase CEO Jamie Dimon released his annual must-read letter to shareholders on Thursday, and bashing socialism, defended stock buybacks and talked about some potentially dangerous days ahead.

“When governments control companies, economic assets (companies, lenders and so on) over time are used to further political interests – leading to inefficient companies and markets, enormous favoritism and corruption,” Dimon wrote in the letter, which was released along with the bank’s 2018 annual report.

“Socialism inevitably produces stagnation, corruption and often worse – such as authoritarian government officials who often have an increasing ability to interfere with both the economy and individual lives – which they frequently do to maintain power. This would be as much a disaster for our country as it has been in the other places it’s been tried,” he added.

Dimon in his annual letter, which is required reading every year for Warren Buffett and others on Wall Street, acknowledges there are flaws with capitalism and that it should be combined with a strong social safety net.

“I am not an advocate for unregulated, unvarnished, free-for-all capitalism. (Few people I know are.) But we shouldn’t forget that true freedom and free enterprise (capitalism) are, at some point, inexorably linked,” Dimon said.


Company: cnbc, Activity: cnbc, Date: 2019-04-04  Authors: jeff cox, john melloy
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HHS Secretary Azar defends Trump budget cuts to Medicaid, NIH programs

Health and Human Services Secretary Alex Azar took some heat on Capitol Hill over the Trump administration’s proposed cuts in health care in its budget, but he also won some bipartisan praise for pushing to lower drug prices for Medicare patients. HHS’ budget proposal for fiscal 2020 would slash the department’s discretionary funding by 12 percent from nearly $100 billion to $87.5 billion for the next fiscal year, with big cuts to the Medicaid safety net program, the National Institutes of Healt


Health and Human Services Secretary Alex Azar took some heat on Capitol Hill over the Trump administration’s proposed cuts in health care in its budget, but he also won some bipartisan praise for pushing to lower drug prices for Medicare patients. HHS’ budget proposal for fiscal 2020 would slash the department’s discretionary funding by 12 percent from nearly $100 billion to $87.5 billion for the next fiscal year, with big cuts to the Medicaid safety net program, the National Institutes of Healt
HHS Secretary Azar defends Trump budget cuts to Medicaid, NIH programs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-13  Authors: bertha coombs, kevin lamarque
Keywords: news, cnbc, companies, azar, budget, took, nih, secretary, programs, hhs, won, defends, discretionary, cuts, health, billion, trump, medicaid, fiscal


HHS Secretary Azar defends Trump budget cuts to Medicaid, NIH programs

Health and Human Services Secretary Alex Azar took some heat on Capitol Hill over the Trump administration’s proposed cuts in health care in its budget, but he also won some bipartisan praise for pushing to lower drug prices for Medicare patients.

HHS’ budget proposal for fiscal 2020 would slash the department’s discretionary funding by 12 percent from nearly $100 billion to $87.5 billion for the next fiscal year, with big cuts to the Medicaid safety net program, the National Institutes of Health and other divisions.

“It is important to note HHS had the largest discretionary budget of any nondefense department in 2018, which means that staying within the caps set by Congress has required difficult choices that I’m sure many will find quite hard to countenance,” Azar said in his opening remarks before the House Energy and Commerce committee hearing Tuesday afternoon.


Company: cnbc, Activity: cnbc, Date: 2019-03-13  Authors: bertha coombs, kevin lamarque
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Wall Street defends buybacks from Sanders, Schumer attack: ‘Good companies buy back their shares’

Taking these claims in order, the senators hold that share buybacks don’t benefit the vast majority of Americans. When a stock buyback occurs, a company chooses to use its excess cash to repurchase a predeteremined amount of its own stock. Repurchased shares are absorbed by the company, and the number of outstanding shares on the market is reduced. That has the effect of enriching those who’d then own a relatively larger slice of a company by making each share more valuable. Source: Congressiona


Taking these claims in order, the senators hold that share buybacks don’t benefit the vast majority of Americans. When a stock buyback occurs, a company chooses to use its excess cash to repurchase a predeteremined amount of its own stock. Repurchased shares are absorbed by the company, and the number of outstanding shares on the market is reduced. That has the effect of enriching those who’d then own a relatively larger slice of a company by making each share more valuable. Source: Congressiona
Wall Street defends buybacks from Sanders, Schumer attack: ‘Good companies buy back their shares’ Cached Page below :
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Wall Street defends buybacks from Sanders, Schumer attack: 'Good companies buy back their shares'

Taking these claims in order, the senators hold that share buybacks don’t benefit the vast majority of Americans.

When a stock buyback occurs, a company chooses to use its excess cash to repurchase a predeteremined amount of its own stock. Repurchased shares are absorbed by the company, and the number of outstanding shares on the market is reduced. That has the effect of enriching those who’d then own a relatively larger slice of a company by making each share more valuable.

Even armed with statistics from Goldman Sachs it’s not difficult to see how this could widen the income gap between the nation’s richest and poorest households.

Source: Congressional Budget Office

“It is indeed true that stock ownership has become more concentrated,” Goldman chief economist Jan Hatzius wrote last month. The wealthiest 0.1 percent and 1 percent of households now own about 17 percent and 50 percent of total household equities respectively, up significantly from 13 percent and 39 percent in the late 1980s.

“Over the past several decades, corporate boardrooms have become obsessed with maximizing only shareholder earnings to the detriment of workers and the long-term strength of their companies, helping to create the worst level of income inequality in decades,” the senators wrote.

According to the most recent Census data, the bottom 20 percent of households earned 3.5 percent of the nation’s income while the richest 5 percent kept 21.8 percent of the pie, down from 22.8 percent in 2016. Households in the lowest quintile had incomes of $24,638 or less in 2017, while the top 5 percent of households in the income distribution had incomes of $237,035 or more.

Others, such as Stanford Law Professor Laurie Hodrick, challenge that opinion and argue that the more socially prosperous thing to do is to return residual monies to investors in the form of buybacks and dividends. Such a move would ensure the healthiest companies have access to the capital they need to grow their business and maximize employment, she said.

“The irony is that the thing to boost economic well-being in the long term would be to channel the capital to where it will contribute most to long-term prosperity,” Hodrick said Tuesday. “If you really want a long-term, robust economy that will hire and pay workers, the best way to do that is reallocate cash to investors.”

Corporations have been on a hiring binge lately with robust nonfarm payroll gains in the past 12 months. The unemployment rate ticked higher to 4 percent in January and more Americans re-enter the workforce. On a year-over-year basis average hourly earnings rose 3.2 percent, consistent with the past few months and around the highest levels of the recovery.


Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: thomas franck, getty images
Keywords: news, cnbc, companies, company, thing, street, schumer, companies, share, stock, good, wall, sanders, defends, buybacks, households, past, shares, workers, buy, income, longterm


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Sheryl Sandberg defends Facebook data-collecting app: Users ‘knew they were involved and consented’

“The important thing is that the people involved in that research project knew they were involved and consented,” she said. A Facebook spokesperson told CNBC earlier, “Key facts about this market research program are being ignored. Despite early reports, there was nothing ‘secret’ about this; it was literally called the Facebook Research App. It wasn’t ‘spying’ as all of the people who signed up to participate went through a clear on-boarding process asking for their permission and were paid to


“The important thing is that the people involved in that research project knew they were involved and consented,” she said. A Facebook spokesperson told CNBC earlier, “Key facts about this market research program are being ignored. Despite early reports, there was nothing ‘secret’ about this; it was literally called the Facebook Research App. It wasn’t ‘spying’ as all of the people who signed up to participate went through a clear on-boarding process asking for their permission and were paid to
Sheryl Sandberg defends Facebook data-collecting app: Users ‘knew they were involved and consented’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: christine wang, julia boorstin
Keywords: news, cnbc, companies, stock, app, signed, consented, knew, involved, program, participate, sandberg, research, market, users, datacollecting, facebook, defends, told, sheryl, went


Sheryl Sandberg defends Facebook data-collecting app: Users 'knew they were involved and consented'

‘We have a lot of hard work to do preventing harm on our platform’: Facebook COO Sheryl Sandberg 7 Hours Ago | 07:12

Facebook users went through a “rigorous consent flow” before participating in its market research program, Chief Operating Officer Sheryl Sandberg told CNBC’s Julia Boorstin on Wednesday.

Earlier Wednesday, Apple revoked some developer privileges after TechCrunch reported that Facebook paid some users to download an app that enabled the company to track user behavior on their mobile devices, including private messages.

“The important thing is that the people involved in that research project knew they were involved and consented,” she said.

Sandberg emphasized that Facebook made the project “very clear” to participants and compensated them for their participation.

A Facebook spokesperson told CNBC earlier, “Key facts about this market research program are being ignored. Despite early reports, there was nothing ‘secret’ about this; it was literally called the Facebook Research App. It wasn’t ‘spying’ as all of the people who signed up to participate went through a clear on-boarding process asking for their permission and were paid to participate. Finally, less than 5 percent of the people who chose to participate in this market research program were teens. All of them with signed parental consent forms.”

Sandberg’s comments come after Facebook posted a record fourth-quarter profit, sending the stock more than 11 percent higher in after-hours trading. The social media company also reported growth in both daily and monthly active users.

Facebook delivered those results despite continued bad publicity about the company’s privacy practices, which had contributed to a more than 19 percent decline in its stock over the past year.


Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: christine wang, julia boorstin
Keywords: news, cnbc, companies, stock, app, signed, consented, knew, involved, program, participate, sandberg, research, market, users, datacollecting, facebook, defends, told, sheryl, went


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