The first confidential, actively managed ETF just got SEC approval. Here’s how it works

In the world of exchange-traded funds, that idea is now officially being put to the test, with the Securities and Exchange Commission granting approval for the first-ever non-transparent, actively managed ETF structure last week. Compared with actively managed mutual funds, which are similarly structured, this is more tax-efficient, according to Precidian’s website. Like a standard ETF, Precidian’s framework offers in-kind creations and redemptions, which allow for purchases and payouts to be ma


In the world of exchange-traded funds, that idea is now officially being put to the test, with the Securities and Exchange Commission granting approval for the first-ever non-transparent, actively managed ETF structure last week. Compared with actively managed mutual funds, which are similarly structured, this is more tax-efficient, according to Precidian’s website. Like a standard ETF, Precidian’s framework offers in-kind creations and redemptions, which allow for purchases and payouts to be ma
The first confidential, actively managed ETF just got SEC approval. Here’s how it works Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-15  Authors: lizzy gurdus
Keywords: news, cnbc, companies, think, etfs, holdings, precidians, approval, sec, thomas, heres, actively, structure, going, funds, etf, confidential, precidian, managed, works


The first confidential, actively managed ETF just got SEC approval. Here's how it works

Transparency is key… or is it?

In the world of exchange-traded funds, that idea is now officially being put to the test, with the Securities and Exchange Commission granting approval for the first-ever non-transparent, actively managed ETF structure last week.

Unlike most traditionally structured ETFs, which reveal their holdings every day, this structure — created by Precidian Investments in partnership with Activeshares — allows fund managers to keep their holdings confidential. Compared with actively managed mutual funds, which are similarly structured, this is more tax-efficient, according to Precidian’s website.

Stuart Thomas, a principal at Precidian Investments who had a direct role in building this framework, says this represents a world of new opportunities for investors.

“Precidian ActiveShares is the first and only SEC-approved ETF that seamlessly integrates the benefits of active management with all of the efficiencies of today’s ETFs,” Thomas said Monday on CNBC’s “ETF Edge.” “We think that’s incredibly important from both a market-making standpoint, [and] also from a tax efficiency standpoint.”

For Thomas, simplicity is key, which is why this structure “works just like SPDR does,” he said, referring to State Street’s popular ETFs. Like a standard ETF, Precidian’s framework offers in-kind creations and redemptions, which allow for purchases and payouts to be made with things other than cash.

“We think simple is the best solution. And I think that the elegance in this solution is the actual simplicity,” Thomas said. “From the standpoint of the broker or the end user, it looks like any other ETF on the exchange.”

And, according to Thomas, demand has been off the wall.

“I think we truly underestimated how big this was going to be. Our phones are ringing off the hook,” he said, adding that the callers ranged from active managers to custody banks to market makers to candidates for the role of authorized participant representative, one of the two roles in this structure that are privy to the ETF’s holdings.

“We have no time for outgoing calls,” Thomas said.

Investment firms are also getting in on the action. American Century and Gabelli Funds have already filed for their own versions of this ETF, and BlackRock, Nuveen and Nationwide are among the growing list of Precidian’s licensees, Thomas said.

Christian Magoon, founder and CEO of Amplify ETFs, said this move will serve to “expand the ETF tent” and double down on the benefits of active management.

“The challenge is advisors who use ETFs today tend to be index- or passive-centric, not active-centric, so I see this as more of an expansion of the ETF tent for issuers as well as users. That’s going to be interesting to watch,” he said in the same “ETF Edge” interview.

But for market watchers like ETFTrends.com editor and proprietor Tom Lydon, who acknowledged the inherent benefits of not revealing an ETF’s holdings every day, one question remains.

“Those of us in the business question the plumbing, because is it still going to work?” he said on “ETF Edge.”

As of Monday, about a month after the SEC approval, Precidian had licensed this framework out to 20 firms, Thomas said. For a recurring fee, the firm licenses its technology out to other organizations and offers to act as a sponsor for the products.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2019-06-15  Authors: lizzy gurdus
Keywords: news, cnbc, companies, think, etfs, holdings, precidians, approval, sec, thomas, heres, actively, structure, going, funds, etf, confidential, precidian, managed, works


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The Fed won’t cut rates at its June meeting. Here’s why

Federal Reserve Chairman Jerome Powell holds a press conference following a two day Federal Open Market Committee policy meeting in Washington, January 30, 2019. “The Fed is going to look at the data, they’re going to look at what their models say. As things stand currently among Chairman Jerome Powell and his fellow Fed officials, no moves are indicated. He noted the “big divergence” between the market and Fed projections and said, “No cuts this year is hard to believe.” Fed officials have been


Federal Reserve Chairman Jerome Powell holds a press conference following a two day Federal Open Market Committee policy meeting in Washington, January 30, 2019. “The Fed is going to look at the data, they’re going to look at what their models say. As things stand currently among Chairman Jerome Powell and his fellow Fed officials, no moves are indicated. He noted the “big divergence” between the market and Fed projections and said, “No cuts this year is hard to believe.” Fed officials have been
The Fed won’t cut rates at its June meeting. Here’s why Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: jeff cox
Keywords: news, cnbc, companies, trade, going, policy, markets, meeting, officials, wont, fed, heres, cut, powell, market, rates


The Fed won't cut rates at its June meeting. Here's why

Federal Reserve Chairman Jerome Powell holds a press conference following a two day Federal Open Market Committee policy meeting in Washington, January 30, 2019. Leah Millis | Reuters

With pretty much everyone convinced that the Fed is going to be cutting interest rates at some point this year, the central bank faces one rather pressing question: Why wait? After all, the market already is pricing in at least reductions this year and probably three. Though the Federal Open Market Committee meets next week, there is little expectation of a move then. Not moving next week essentially comes down to three factors, according to Fed watchers: The looming G-20 summit at which the U.S. and China, at least theoretically, could reach a trade agreement; a desire not to be seen as overly influenced by the financial markets and President Donald Trump’s hectoring; and the desire to avoid making December’s rate hike look like a policy mistake.

“They don’t want to be seen as cowing to any sort of pressure, be it political from the White House or from the market,” said Lindsey Piegza, chief economist at Stifel. “The Fed is going to look at the data, they’re going to look at what their models say. To them, it doesn’t matter what the markets say.”

‘No cuts this year is hard to believe’

Wall Street, though, is clamoring for a cut. Futures pricing Friday afternoon in the fed funds market showed a 21% chance of a move at the June 18-19 meeting, down from 30% earlier in the day on some stronger-than-expected economic data. The chance of a July cut remained at 85%, while the market was figuring a 61% probability for three moves in total by the end of the year. As things stand currently among Chairman Jerome Powell and his fellow Fed officials, no moves are indicated. That is likely to change when FOMC members submit their economic projections at the June 18-19 meeting, which include the “dot plot” of individual members’ expectations of where rates are headed over the next few years. “I can’t imagine what they are going to do with the dots,” Jeffrey Gundlach, founder of DoubleLine Capital, said in a webcast Thursday. He noted the “big divergence” between the market and Fed projections and said, “No cuts this year is hard to believe.” In May, Gundlach recommended a straddle options trade that benefited from wide fluctuations in interest rates. The trade recently had netted a 22% gain. Fed officials have been under intense pressure from more than the markets. Trump has been a continuous nemesis to the central bank, most recently repeating his demand for lower rates and saying he’s “not happy with what [Powell has] done” as Fed chair. Along the same lines, the Fed has its credibility to worry about. Trump and a growing number of market participants view the December rate hike — the fourth of the year — as a policy mistake that came amid several pivots and missteps that caused Powell and other officials to change their public statements to assuage investors’ nerves.

‘A verbal intervention’


Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: jeff cox
Keywords: news, cnbc, companies, trade, going, policy, markets, meeting, officials, wont, fed, heres, cut, powell, market, rates


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Why this 32-year-old mom who won $400,000 on ‘Deal or No Deal’ said she’ll give a ‘hefty portion’ away

I want to take hefty portion of the money” and create a nonprofit that provides low-cost housing for homeless veterans and the elderly. ‘I convinced myself I had the winning briefcase’Miller knew that however much money she won, she’d dedicate it to those in need. But after eliminating several high amounts, there were only three options left: a case worth $400,000, a case worth $200 and an offer from the banker worth $167,000. It was worth $400,000, plus, a new 2018 Chrysler Pacifica. “Growing u


I want to take hefty portion of the money” and create a nonprofit that provides low-cost housing for homeless veterans and the elderly. ‘I convinced myself I had the winning briefcase’Miller knew that however much money she won, she’d dedicate it to those in need. But after eliminating several high amounts, there were only three options left: a case worth $400,000, a case worth $200 and an offer from the banker worth $167,000. It was worth $400,000, plus, a new 2018 Chrysler Pacifica. “Growing u
Why this 32-year-old mom who won $400,000 on ‘Deal or No Deal’ said she’ll give a ‘hefty portion’ away Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: shawn m carter
Keywords: news, cnbc, companies, 32yearold, hefty, youre, away, mom, responsible, shell, won, 400000, winning, deal, portion, worth, going, money, case, shed


Why this 32-year-old mom who won $400,000 on 'Deal or No Deal' said she'll give a 'hefty portion' away

Now, equipped with $400,000 she won on “Deal or No Deal,” Miller wants to change the lives of those less fortunate than her: “There are people out here who could use my help. I want to take hefty portion of the money” and create a nonprofit that provides low-cost housing for homeless veterans and the elderly. “Too many people go homeless and there’s something I can do about it. ”

‘I convinced myself I had the winning briefcase’

Miller knew that however much money she won, she’d dedicate it to those in need. And she had a feeling she’d win big: “I didn’t really have a strategy because I convinced myself I had the winning briefcase. I almost went across the board, ” choosing cases, like, “one, two, three.” But after eliminating several high amounts, there were only three options left: a case worth $400,000, a case worth $200 and an offer from the banker worth $167,000. Miller rejected the offer and opted for another case. It was worth $400,000, plus, a new 2018 Chrysler Pacifica.

‘I’m definitely going to be responsible’

Miller isn’t bummed about not winning $1 million, either: “No regrets. I’m extremely grateful.” And if there is one thing she could’ve done differently, she said jokingly, “I would’ve have fist-bumped Howie [Mandel]. I was just too nervous … but I hope I get a second chance to do that one day. ”

All in all, though, “I had an amazing experience. The energy was awesome and everybody was supportive. And as for the money, she said, “I’m definitely going to be responsible with it. ” “Growing up in poverty can make you live according to how you think you’re going to survive or how you’re going to get by. But because I had a childhood where I had to grow up fast and be responsible fast, it’s going to help me appreciate this experience like 10 times more.”

‘I just feel like it’s my calling’


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: shawn m carter
Keywords: news, cnbc, companies, 32yearold, hefty, youre, away, mom, responsible, shell, won, 400000, winning, deal, portion, worth, going, money, case, shed


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New name for BB&T-SunTrust bank lampooned: ‘You could put this on a brand of toothpaste’

That’s the new name for the combined banks SunTrust and BB&T, which are in the process of a “merger of equals.” The two banks will operate as Truist Financial, the companies announced on Wednesday, with a new headquarters in Charlotte, North Carolina. The companies said picking the name was the result of a “rigorous, data-driven brand development process,” including focus groups of company employees and clients. The analyst largely agreed with Atwater and said that the previous brand strength cr


That’s the new name for the combined banks SunTrust and BB&T, which are in the process of a “merger of equals.” The two banks will operate as Truist Financial, the companies announced on Wednesday, with a new headquarters in Charlotte, North Carolina. The companies said picking the name was the result of a “rigorous, data-driven brand development process,” including focus groups of company employees and clients. The analyst largely agreed with Atwater and said that the previous brand strength cr
New name for BB&T-SunTrust bank lampooned: ‘You could put this on a brand of toothpaste’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: michael sheetz
Keywords: news, cnbc, companies, truist, bank, lampooned, merger, mayo, going, bbt, change, brand, toothpaste, bbtsuntrust, companies, suntrust


New name for BB&T-SunTrust bank lampooned: 'You could put this on a brand of toothpaste'

Truist.

That’s the new name for the combined banks SunTrust and BB&T, which are in the process of a “merger of equals.” The two banks will operate as Truist Financial, the companies announced on Wednesday, with a new headquarters in Charlotte, North Carolina.

Truist came about through a partnership with consultant Interbrand. The companies said picking the name was the result of a “rigorous, data-driven brand development process,” including focus groups of company employees and clients.

The name is intended to give the bank a single, fresh identity. But Wall Street analysts fear it may be less seamless than the banks hope, while people reacted even more negatively on social media.

“The move comes with risks in terms of cost and confusion” Wells Fargo analyst Mike Mayo said in a note to investors. “It is safe to say that there is zero name recognition for Truist at the moment, reflecting the challenge ahead.”

Beyond the confusion, investor psychologist Peter Atwater says a name like Truist hurts confidence.

“We’re living in a time where authenticity really matters. We want things that are tangible… the Truist brand is sort of this aspirational, amorphous thing – you could put this on a brand of toothpaste as much as you could put it on linoleum,” said Atwater, who is the president of Financial Insyghts and an adjunct professor of economics at The College of William & Mary.

Many BB&T and SunTrust customers took to Twitter yesterday to voice their thoughts on the Truist name. Mayo said that Wells Fargo has received “a series of unsolicited comments” about the name, so “there is likely to be a lot of second guessing on the name.” Some customers were stunned by the change, with one calling it a “blah name” that “means nothing,” while another said that “it’s not too late to admit your marketing people are dumb and that you should just stick to Suntrust.”

Atwater said that SunTrust is indeed “the better brand,” adding that moving to Truist represents “a poor choice, as opposed to the hard choice” of sticking with one of the legacy names.

“Whether it was BB&T or SunTrust, they have thrown aside two great brands that had real value in exchange for this horrific, means-nothing statement,” Atwater said.

Mayo also pointed out that “both legacy firms have had good reputations.” The analyst largely agreed with Atwater and said that the previous brand strength creates “a higher bar for perceived success.”

Perhaps the most vocal group of people unhappy with the name change are fans of the Atlanta Braves. As the baseball team’s stadium is currently named “SunTrust Park,” Braves fans denounced Truist and asked the park’s name remain untouched.

“Please tell me it won’t be Truist Park,” one fan said.

Additionally, the name Truist is already taken in a number of places. A person with the Twitter handle @truist tweeted that “looks like I get to be famous for a day,” while others pointed out that truist.com was the website for a Washington, D.C.-based nonprofit. At the time of publication, truist.com redirects to a website under the domain thepremierfinancialinstitution.com, with information from BB&T and SunTrust about the merger.

Investment firm Janney recommends investors buy BB&T shares, calling it “a strong regional bank with increased focus on long-term growth which sustains a high capital return … including a healthy cash dividend.” With the name change announcement, Janney urged investors to “focus on the financials” of the merger, the firm said.

“These changes may seem strange at first but with time are accepted and become normal,” Janney said, citing past new bank names such as Synovus and Amegy. “This takes effect in 2020 with the merger of equals integration but likely has a slow rollout to avoid major disruption.”

Mayo noted that “this is a unique event,” as he said bank mergers like this typically create either a new name from one of the two banks. There are potential positive from the new branding, in Mayo’s view, as “the hope is that a new name will help foster a new culture and a fresh start for the merged firm.

“True to the heritage of both companies, Truist will reflect what we stand for – a shared belief in building a better future for our clients and communities,” BB&T chairman and CEO Kelly King said in a statement.

“The name sets a tone at the top that the new bank deemphasizes legacy affiliations vs. what’s best for stakeholders,” Mayo said.

The analyst also included his interview with Alisa Cohn, who Mayo called “the corporate culture expert.” Cohn was much more positive on the Truist name, saying it’s “normal” for people to begin “finding faults with the new name immediately out of the gate.

“Nobody is going to like the new name. Employees are not going to like it. They’re going to roll their eyes,” Cohn said. “I think it’s going to have to be the executive team and the managers and the middle managers to help people understand where the new name came from and over time, the new name will become the new normal.”

Cohn estimated it will take about a year for employees and consumers to get used to the name. Whether SunTrust and BB&T – or rather, Truist – stick with the change in the interim will be seen, as the companies expect to complete the merger in the second half of this year.


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: michael sheetz
Keywords: news, cnbc, companies, truist, bank, lampooned, merger, mayo, going, bbt, change, brand, toothpaste, bbtsuntrust, companies, suntrust


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Consumer confidence in 737 Max jets ‘going to take a while to come back,’ says Delta CEO Ed Bastian

As airlines extend cancellations of the grounded Boeing 737 Max, Delta Air Lines CEO Ed Bastian said he thinks it’ll likely take “longer than anyone would like it to be” for the jets to return to service. “So I think Boeing, as well as the airlines, will certainly be cautious as they bring that aircraft back to market. The 737 Max has been grounded across the globe since mid-March after a deadly crash involving the jet in Ethiopia. Delta does not have any 737 Max jets in its fleet, which has hel


As airlines extend cancellations of the grounded Boeing 737 Max, Delta Air Lines CEO Ed Bastian said he thinks it’ll likely take “longer than anyone would like it to be” for the jets to return to service. “So I think Boeing, as well as the airlines, will certainly be cautious as they bring that aircraft back to market. The 737 Max has been grounded across the globe since mid-March after a deadly crash involving the jet in Ethiopia. Delta does not have any 737 Max jets in its fleet, which has hel
Consumer confidence in 737 Max jets ‘going to take a while to come back,’ says Delta CEO Ed Bastian Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: ashley turner
Keywords: news, cnbc, companies, travel, ed, bastian, consumer, come, boeing, 737, think, international, delta, going, confidence, max, jets, ceo


Consumer confidence in 737 Max jets 'going to take a while to come back,' says Delta CEO Ed Bastian

As airlines extend cancellations of the grounded Boeing 737 Max, Delta Air Lines CEO Ed Bastian said he thinks it’ll likely take “longer than anyone would like it to be” for the jets to return to service.

“I just think consumer confidence in the product is going to take a while to come back,” Bastian told CNBC’s Carl Quintanilla in a wide-ranging interview. “So I think Boeing, as well as the airlines, will certainly be cautious as they bring that aircraft back to market. Certainly that’s what we would be. ”

The 737 Max has been grounded across the globe since mid-March after a deadly crash involving the jet in Ethiopia. Less than five months earlier, a Boeing Max crashed in Indonesia. The disasters killed a total of 346 people. Investigators said the jet’s MCAS flight control system, which is designed to push the aircraft’s nose down to prevent stalling, was involved in the crashes.

Boeing said it has completed software changes for the jets, but the Federal Aviation Administration and other international flight agencies have yet to approve the updates.

Delta does not have any 737 Max jets in its fleet, which has helped its stock to perform better than some of its peers that do. Delta shares, which have a market value of $36.3 billion, are nearly 10% higher this year, while American and United have seen their stocks decline.

Bastian said Boeing is a “great” company that has “all hands on deck” to solve the software issue.

“Their innovation creates magic for us,” Bastian said. “It’s our lifeblood to what we do.”

American, United and Southwest all fly the 737 Max, but have been forced to cancel flights involving the jets. The FAA has yet to say when the aircraft can return to service, but Boeing’s CEO Dennis Muilenburg has predicted the planes will be up and running by the end of the year.

“I don’t think this is a marketing issue, I think this is a time issue,” Bastian said. “It’s going to take time for people to see the confidence that the pilots and I think the employees of the airlines are going to need to regain, as well. So whether it’s training, whether it’s time, there will be a pretty long induction phase here.”

Bastian also touched on travel demand in the interview.

Though Bastian said Delta has not seen a hit to demand on travel in their numbers, he expects China trade tensions and Beijing travel warnings for visiting the U.S. could be causing “caution lights” for international travelers. He also said the strength of the U.S. dollar is making it more expensive to enter the country.

“We’re not as welcoming an environment for the international traveler as we could be,” Bastian said.


Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: ashley turner
Keywords: news, cnbc, companies, travel, ed, bastian, consumer, come, boeing, 737, think, international, delta, going, confidence, max, jets, ceo


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Democratic presidential candidate Cory Booker walks the line between business and the left

Of all the Democratic presidential candidates, none delivers a speech any better than Cory Booker. Cory Booker: It was an amendment that even if it passed, it would’ve had no change in law, nothing at all. Cory Booker: Well, if I’m president of the United States, I’m going to, first of all, have a real strategy. Cory Booker: I’m telling you what was bad was that we did not have a comprehensive plan. Cory Booker: That’s something that’s going to be negotiated, but they need to go up.


Of all the Democratic presidential candidates, none delivers a speech any better than Cory Booker. Cory Booker: It was an amendment that even if it passed, it would’ve had no change in law, nothing at all. Cory Booker: Well, if I’m president of the United States, I’m going to, first of all, have a real strategy. Cory Booker: I’m telling you what was bad was that we did not have a comprehensive plan. Cory Booker: That’s something that’s going to be negotiated, but they need to go up.
Democratic presidential candidate Cory Booker walks the line between business and the left Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: john harwood
Keywords: news, cnbc, companies, cory, presidential, thats, democratic, harwood, walks, im, business, left, going, john, tax, candidate, line, booker, think, need


Democratic presidential candidate Cory Booker walks the line between business and the left

Of all the Democratic presidential candidates, none delivers a speech any better than Cory Booker. The New Jersey senator declares his commitment to the disadvantaged with the passion of a preacher, the intellect of a Rhodes scholar, the street-smarts of a former Newark mayor. At 50, he retains the imposing presence of his days playing top-level college football at Stanford. Those gifts marked this African American politician as a rising star before Barack Obama smashed racial barriers to win the White House. Now, Booker seeks to leverage them in the jam-packed race for his party’s 2020 nomination. He faces big challenges — from better-known veterans Joe Biden and Sen. Bernie Sanders to formidable female colleagues Sen. Elizabeth Warren and Sen. Kamala Harris to emerging young contender and South Bend, Indiana, Mayor Pete Buttigieg. Polls show Booker mired in single digits. But his strengths mean no one can write him off yet, less than two weeks before the first televised debates. He has assembled an extensive on-the-ground campaign team in Iowa, whose caucuses kick off the nominating process next February. He sat down with me in a Des Moines coffee shop to discuss his ideas for expanding the reach of American prosperity. What follows is a condensed, edited transcript of their conversation. John Harwood: One of the divides in this race is between people who define themselves by wanting to fight with the other side, and those who want to reconcile. The episode that happened in the last couple of days for Vice President Biden with the Hyde Amendment — does that tell you that the reconciliation side of this argument is the short side? Cory Booker: Well, I don’t necessarily subscribe to the premise that there’s fighters and reconcilers. John Harwood: “Radical love.” Cory Booker: You and I both know that it was radical love that showed some of the fiercest fighting during the Civil Rights movement. They didn’t bring bigger hoses and bigger dogs to beat [then Birmingham, Alabama, Police Chief Bull] Connor, but they fought him with a toughness and a grit, unarmed truth, unyielding love, that transformed our nation. That’s how bullies and demagogues have always been beaten. I don’t think we’re going to beat Donald Trump using his tactics on his turf, but the call for the moral imagination of a country can transform it. John Harwood: But there are some constituencies that some people in your party think you love a little bit too much — pharma, a home state industry, Wall Street, Silicon Valley. Is that a problem for you? Cory Booker: Well, I think it’s a problem if people have a very shallow analysis of my history. I have spent half my life now living at some of the lowest income communities in our country. I love Newark, New Jersey. We don’t confuse wealth with worth. So if you look at my record on pharma, God, I’m on every single bill. I’ve authored bills with people like Bernie Sanders to take down these awful prices.

John Harwood: When you got to the Senate, you were part of the small group of Democrats who opposed the drug importation resolution. Cory Booker: No. That’s how these things spin on the internet. I actually wrote the bill for importation with Senator Sanders and Senator Casey. A lot of people try to point to a late-night messaging nonbinding amendment that I voted against. John Harwood: You think that was a meaningless vote? Cory Booker: It was an amendment that even if it passed, it would’ve had no change in law, nothing at all. It was a messaging amendment. But it didn’t have the language I wanted, so I went and actually wrote a real piece of legislation, got Senator Sanders to work with me to do something about it. So my fight is for those communities left out, left behind. Some nonprofit looked at who voted where on Wall Street issues, and they said 0% of times I voted for Wall Street interests that were trying to do things like undermine regular, common-sense regulations. I’m a person that is in this to fight for low income Americans. We’ve stripped the dignity from work. We’ve undermined our capitalist system, to now make it a system that benefits overwhelmingly, not shared growth and shared prosperity, but more and more concentrations of power. We’re using that power to undermine our politics in Washington. John Harwood: Speaking of concentrations of power, Mark Zuckerberg gave you several hundred million dollars for a school initiative that you had when you were in Newark. Is somebody like Mark Zuckerberg part of the problem, or part of the solution? Cory Booker: Well, I want to take a step back because I think America, I hope they know the story. Which is as a mayor who had no control on my schools, a school system undertaken by the state, we were under state takeover, outcomes in our schools were unacceptable, I was one of the mayors that said I’m taking responsibility. I may not have legal authority, but I’m going to find bold ways to create, transform, and change. He was an extraordinarily impactful philanthropist in our city because that gave us a lot of momentum to make change. Now, Facebook is really problematic. They’re doing things that all of us in America — we just saw a Mueller report that pointed to how foreign adversaries were using platforms like Facebook. John Harwood: But you’re not willing to say Facebook should be broken up? Cory Booker: I’m willing to say that we need to look at tech companies in general, because we have a problem in this country with corporate concentrations of power that are undermining basic free-market, democratic ideals. So if I am the leader of this country, which I hope I am, I’m going to be coming after hard these large monopolistic companies. John Harwood: The fact that Zuckerberg was a supporter of your initiative in Newark, with a lot of money — that’s not the reason why you will not specifically, like Elizabeth Warren, say break up that company?

Cory Booker: There needs to be a lot of companies in America that are broken up, but it needs to be done in a sober, systematic way. When small amounts of companies dominate markets, it actually undermines principles of capitalism — fairness, equity and inclusion. So that’s what I’m going to do. We’re creating 85-year highs in corporate profits, but the average American worker is feeling stagnant wages. John Harwood: It has now come out that China, as part of the conflict with the Trump administration, in recent days has summoned tech executives and said, “If you play ball with the administration and shut out sales to Chinese firms, you’re going to pay a price for that.” What would you tell tech companies when they see what the administration is doing and hear that from China? Cory Booker: Well, first of all, you have to understand, as a former football player, what Donald Trump is doing right now is basically cursing out his team and trying to go on the playing field — one guy against Notre Dame, for crying out loud. That’s ridiculous. Here’s a guy that started this fight by saying, “Not only am I going to put tariffs on China, but I’m going to put tariffs on all of our allies, too. In fact Canada up there, I’m going to use a national security waiver to put tariffs on Canada.” I know that [Canadian Prime Minister Justin] Trudeau is really menacing, especially to guys like me — that hair of his is scary. But Canada is not our enemy. They’re not a national security threat. China is playing an unfair game and their goal is to keep us divided. Trump played into their strategy. John Harwood: So what do you tell these tech companies who get this message from China? Cory Booker: Well, if I’m president of the United States, I’m going to, first of all, have a real strategy. We have a president who is doing foreign policy by tweet. I disagree with the Trump administration. So what I do have more of a problem with is the tech companies who are allowing China’s values on privacy, on security, using those tech platforms to squelch the human rights of others to surveil their citizens. These are things that I have a problem with. Tech companies are willing to sacrifice values for profit. That’s unacceptable to me. John Harwood: You talked about the need for alliances to take on China. Do you want to be known as a pro-trade Democrat? And specifically, would you rejoin the Trans-Pacific Partnership if you became president? Cory Booker: So I want to be known as a pro-fair trade Democrat — not trade in a way that’s going to put American workers in the cross hairs. John Harwood: Do you think President Obama put American workers in the cross hairs with the Trans-Pacific Partnership? Cory Booker: I think the global trade agreements that we have been in, we did not have a plan for factory workers in the Midwest, for small businesses in New Jersey. We did not account for how globalism was going to severely hurt people in America. John Harwood: So you think TPP was bad? Cory Booker: I’m telling you what was bad was that we did not have a comprehensive plan. Switzerland has a program that if you lose your job, say globalism kills a company, you go right into an apprenticeship that holds your salary and trains you for a modern job. That’s a message that’s very different from what we’ve been doing. John Harwood: But if you say you can’t take on China alone, you need to do it with allies, you’ve decided to pick an approach. Doesn’t picking an approach mean TPP? That was the approach. You had 12 other countries. Cory Booker: And I’m not going to submit to that binary analysis that you have. You’re talking to a guy who actually knows how to turn around an economy. Not just any economy, but one of the toughest places to turn around an economy in the country. And we did it not by falling into the false choices that you’re giving us. I brought people together. Institutional capital from New York. We had to pull the unions to the table, and I had to have hard talks with them. I had to get concessions from them. John Harwood: But just to clarify this point: Are you saying you want a TPP, but a better one than they negotiated? Or you don’t want a Trans-Pacific Partnership? Cory Booker: I’m saying that if we are going to win in Asia, we need to bring together the allies that we have there, and do a deal that works for us to counter and check China in a substantive way. John Harwood: Which is what TPP was. Cory Booker: Which is not what TPP was. There were real problems with TPP that I had. I’m telling you, that’s what the binary choices that we’re given as a country, and it’s a lose-lose choice. What I’m saying to you is, workers need to be at the center. Environmental issues at a time of global climate change, need to be at the center of these negotiations, and they’re not. John Harwood: Let’s talk about Wall Street for a second. Jamie Dimon’s the head of J.P. Morgan Chase. He put out a statement this year to shareholders and said that the tax cut was working. He supported the Trump tax cut. But he also said that the social needs of too many Americans are not being met. Is he part of the problem, or part of the solution? Cory Booker: You know, the rules of Wall Street — again, I see things with a lens of an inner-city low-income community. The games that they played, the rigged system hurt my community. It aggravated the racial wealth gap. There’s a lot of ire that I have for the way the rules have been written. We have got to make sure that this economy is working for the ideals that we were taught. That’s why I passed the piece of legislation with Tim Scott, across the aisle, for opportunity zones. We actually have a system now that’s designed against building companies to last. That’s being built to drive profits to people on Wall Street. We’re in Iowa, it’s hollowing out communities like this and hurting what are I think, basic capitalistic ideals. John Harwood: Some of your colleagues in the race — Elizabeth Warren — are for a wealth tax, for a financial transaction tax. Are you for those? Cory Booker: I’ve said that we have a massive revenue problem in this country and we need to do things to bring more revenue in. The first idea of a wealth tax, I don’t agree with Elizabeth Warren’s plan. I believe that we should tax capital gains as ordinary income. That’s going to bring a tremendous amount of money. I think we need to raise marginal tax rates. John Harwood: How high? Cory Booker: That’s something that’s going to be negotiated, but they need to go up. John Harwood: Is there a rate that you think it shouldn’t go above that? Fifty percent? Cory Booker: Of course, I would not go above 50%. Rolling back these toxic Trump tax cuts alone, to me, is important. Literally, I listen to Republicans on the Senate floor say, “Oh, the growth of our economy is going to make these tax cuts pay for themselves.” We now know that that is a patent lie. John Harwood: What about a transactions tax? Cory Booker: Hold on, because this is really important. We were sold this tax cut that is going to blow up our economy so much that it’s going to pay for itself. We are now seeing, under this president, stunning levels of deficit spending that are going to get us to the point in a matter of years where interest on debt is going to be more than our military budget. A transaction tax, that’s not something that’s in my plan. But what we have to start talking about is a system that is being designed in a very corrupt fashion, helping rich people get much richer. John Harwood: You have a pretty aggressive plan to curb stock buybacks. Hasn’t gotten anywhere in the Congress, but it would make a significant change. Would you do anything about the widening ratio between CEO pay and average worker pay, which has exploded in the last couple of decades? Cory Booker: A couple things. One is, we know stock buybacks, in the ’80s were illegal. It was called stock manipulation, and we should start having conversations about the structural things that have changed our economy, that have concentrated power in the hands of the few, and undermined the shared wealth and prosperity of a vibrant entrepreneurial society that values the labor and the cost of labor. These are larger conversations that we need to have. The incredible wealth disparities that we’re seeing right now, and the incentives we’re giving CEOs on how to make money, by incentivizing people towards quarterly earnings and not incentivizing to creating value — just for shareholders, who might hold your stock for 10 minutes. John Harwood: Is that how to deal with CEO, pay rather than direct regulation? Cory Booker: I think we’ve got to have a conversation about how to do that. I’m talking to some of the best economists that really are focused on the values that I’m focused on. John Harwood: Don’t have a plan now on that? Cory Booker: I don’t have a plan now on that.

John Harwood: You’ve got aggressive plans for baby bonds, designed to close the racial wealth gap, and also rental subsidies. They’d cost about $2 trillion over 10 years. Do you think that you need to pay for that? That’s more than you could get by just rolling back the Bush tax cuts. Or do you subscribe to the idea that some Democrats have, which is they didn’t pay for their tax cut, we don’t need to pay for our stuff either. Deficits are overrated. Cory Booker: I’m not going to tell you deficits are overrated. I know too much about math to tell you that. When you say I can’t pay for it just by rolling back the Trump tax cuts, I can tell you from the estate tax to the Trump tax cuts, I could give you the math on how we’re going to do this. But I also want to challenge you: Pplease move to my neighborhood for one month, and you will see how expensive poverty is. We have a system that seems to be so much more comfortable with paying for the cost of poverty than making strategic investments on the front end, that not only would save us in taxpayer dollars, but would elevate human potential. When you elevate human potential, children in my neighborhood in Newark, that genius, that’s the most valuable natural resource any country has, because that genius could be inventors and artists that contribute to society. John Harwood: You’ve said on “Medicare for All” that you are going to be pragmatic, and not let the perfect stand in the way of the good. Same position on Green New Deal? Cory Booker: Well, look, we are a country that needs to have bold plans to solve our challenges and the environment. I’m going to be a president who says, “This is not an issue. This is how we’re going to look at everything — from our foreign policy, and our trade deals, and billions of dollars of foreign aid. This is how we’re going to look at our ag bills. We’re going to look at our Department of Transportation.” Everything has to be done with an urgency for dealing with the planetary peril that we have. We can actually grow our economy, create better jobs, and show this country, this planet, a model for how to deal with these problems. John Harwood: You talked about the importance of unions. One of the big issues in the tech industry is the gig economy. Should workers in that economy be considered employees rather than contractors? Cory Booker: I think that we have to change. I mean, Uber drivers — I can go through the folks that I think are getting a raw deal. We have to view work in this country, differently and that means dealing with everything from portable benefits to how we’re going to deal with retirement security. What we were talking about before with Jamie Dimon. I had this conversation with him, where I went at him. The New York Times did this great article: a janitor that worked for Kodak versus a janitor that works for Apple. The janitor who worked for Kodak actually worked for Kodak, got the benefits, they got tuition assistance programs, retirement benefits, had dignity. They followed this woman in that article, that worked up to middle management — a great American story. The janitor who worked for Apple doesn’t work for Apple anymore. Their wages have been suppressed. They don’t have benefits. They don’t have retirement security. That person can’t go to school at night and rise. I bring up Jamie Dimon because I had that conversation with him. He actually hired back a lot of the people that work in his building. Because he was like, “You’re absolutely right.” We cannot create a corporate culture that is anti-free market, anti-capitalism. That’s what we’re doing. We have got to create a system that promotes the kind of growth we’re going to need in the future. John Harwood: When I talk to Democrats, the biggest criticism relates to a notion that arose in your “I am Spartacus” moment in those judiciary hearings. The idea that (you’re a) show horse rather than workhorse. Cory Booker: Well, first of all, you know I’ve been in the Senate for five or six years. Nobody can point to any other moment. In that moment, if you actually listen to it, I wasn’t talking about myself. I was talking about Dick Durbin. When a Texas senator literally said, “I’m going to make sure you’re thrown out of the Senate.” Dick Durbin stands up and says, “You throw him into the pit, throw me there, too.” And I was like, “Oh my God, I literally just had a senior senator from Illinois saying, ‘If I’m going to get kicked out of the Senate, he wants to go too.'” And I’m like, “Basically, that was the closest I’ll ever come to seeing an I am Spartacus moment.” So I was talking about him. Cory Booker: But we live in this echo chamber that people will try to take out something you say. You can barely find moments where I popped up above the radar screen, because I was going to work with people on the other side of the aisle. I passed legislation with Ted Cruz to protect after disasters. I’ve passed legislation and amendments with people you consider right-wing conservatives, like Chairman Inhofe. John Harwood: Do you think you can work with those guys as president? Cory Booker: Again, the only major bipartisan bill that passed under this president was the one that I led, on the Senate side, by working with people like Chuck Grassley. The bipartisan bill for opportunity zones with a guy on the other side of the aisle. This is a time where we, all of us, have to say, “How can we be falling into tribalism as a nation, when our very ideal is to put more indivisible in this one nation under God?” Tribalism is fear-based, zero sum gain, us against them. That’s actually not how markets work. Markets say that if you’re doing better, it’s going to have a multiplier effect and help me do better as well. We have to get back to a country that has these ideals of that beloved community. We need to get back to understanding we’re in this together. And my biggest fear is that this election is going to become a referendum on one guy. What it needs to become is a referendum on who we are to each other, the soul of our nation. We’re so busy fighting each other. When I played football, if I heard the other huddle on defense starting to fight amongst each other, I would turn to my guys in the huddle and say, “We’re about to score a touchdown.” That’s where we are. While we are at each other’s throats, not even doing the things that the polls show we agree on. America agrees you shouldn’t put aside lifesaving prescription drugs because you can’t afford them. America agrees that we shouldn’t treat our mental health problem in prisons and jail. It’s just so much more expensive. We agree on these things, but we’re not getting things done. I’m running for president, not just because I want to beat Donald Trump. Yeah, I want the guy gone. But I’m actually running for president, because I want to unite this country, not by what I’m against. It’s about what I’m for and who I’m for.


Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: john harwood
Keywords: news, cnbc, companies, cory, presidential, thats, democratic, harwood, walks, im, business, left, going, john, tax, candidate, line, booker, think, need


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Shutterfly strikes take-private deal with Apollo Global, valuing company at $2.7 billion

Cramer: Beware of froth — ‘it may be too late to put new money to…”When you see people crowding into stocks just because they’re going up, it’s what I call a bad sign,” Jim Cramer says. Mad Money with Jim Cramerread more


Cramer: Beware of froth — ‘it may be too late to put new money to…”When you see people crowding into stocks just because they’re going up, it’s what I call a bad sign,” Jim Cramer says. Mad Money with Jim Cramerread more
Shutterfly strikes take-private deal with Apollo Global, valuing company at $2.7 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: emma newburger
Keywords: news, cnbc, companies, billion, global, deal, 27, company, shutterfly, theyre, late, apollo, saysmad, valuing, cramer, stocks, going, money, towhen, strikes, takeprivate, sign, jim


Shutterfly strikes take-private deal with Apollo Global, valuing company at $2.7 billion

Cramer: Beware of froth — ‘it may be too late to put new money to…

“When you see people crowding into stocks just because they’re going up, it’s what I call a bad sign,” Jim Cramer says.

Mad Money with Jim Cramer

read more


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: emma newburger
Keywords: news, cnbc, companies, billion, global, deal, 27, company, shutterfly, theyre, late, apollo, saysmad, valuing, cramer, stocks, going, money, towhen, strikes, takeprivate, sign, jim


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Salesforce stock drops sharply after announcing it will buy Tableau for $15.3 billion, the biggest acquisition in its history

Cramer: Beware of froth — ‘it may be too late to put new money to…”When you see people crowding into stocks just because they’re going up, it’s what I call a bad sign,” Jim Cramer says. Mad Money with Jim Cramerread more


Cramer: Beware of froth — ‘it may be too late to put new money to…”When you see people crowding into stocks just because they’re going up, it’s what I call a bad sign,” Jim Cramer says. Mad Money with Jim Cramerread more
Salesforce stock drops sharply after announcing it will buy Tableau for $15.3 billion, the biggest acquisition in its history Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: kate fazzini
Keywords: news, cnbc, companies, billion, theyre, buy, late, stock, history, towhen, announcing, saysmad, cramer, drops, stocks, going, money, tableau, sharply, salesforce, sign, biggest, jim


Salesforce stock drops sharply after announcing it will buy Tableau for $15.3 billion, the biggest acquisition in its history

Cramer: Beware of froth — ‘it may be too late to put new money to…

“When you see people crowding into stocks just because they’re going up, it’s what I call a bad sign,” Jim Cramer says.

Mad Money with Jim Cramer

read more


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: kate fazzini
Keywords: news, cnbc, companies, billion, theyre, buy, late, stock, history, towhen, announcing, saysmad, cramer, drops, stocks, going, money, tableau, sharply, salesforce, sign, biggest, jim


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Chamber of Commerce hits Trump on ‘weaponization of tariffs’ — and then Trump calls CNBC to fight back

President Donald Trump is right to pressure China to change its protectionist trade and business practices, but he should not be using tariffs do it, a top official at the world’s largest business lobbying group said Monday. “The weaponization of tariffs — the increase of threats on our economy, on our farmers, our manufacturers, our consumers — is going to hurt our country. Shortly after Brillant’s interview, Trump called into “Squawk Box” to argue his case for why tariffs are effective. Trump


President Donald Trump is right to pressure China to change its protectionist trade and business practices, but he should not be using tariffs do it, a top official at the world’s largest business lobbying group said Monday. “The weaponization of tariffs — the increase of threats on our economy, on our farmers, our manufacturers, our consumers — is going to hurt our country. Shortly after Brillant’s interview, Trump called into “Squawk Box” to argue his case for why tariffs are effective. Trump
Chamber of Commerce hits Trump on ‘weaponization of tariffs’ — and then Trump calls CNBC to fight back Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: matthew j belvedere
Keywords: news, cnbc, companies, business, weaponization, trump, chamber, china, usmca, hits, mexico, calls, deal, commerce, going, fight, president, tariffs, trade


Chamber of Commerce hits Trump on 'weaponization of tariffs' — and then Trump calls CNBC to fight back

President Donald Trump is right to pressure China to change its protectionist trade and business practices, but he should not be using tariffs do it, a top official at the world’s largest business lobbying group said Monday.

Myron Brilliant, head of international affairs at the U.S. Chamber of Commerce, also told CNBC’s “Squawk Box” that Trump should never have used the threat of tariffs to try to force Mexico to crack down on illegal immigration, especially with ratification of the new USMCA, the United States-Mexico-Canada Agreement, pending in Congress.

“The weaponization of tariffs — the increase of threats on our economy, on our farmers, our manufacturers, our consumers — is going to hurt our country. It also creates uncertainty with our trading partners,” said Brilliant, suggesting the Mexico situation might send the wrong message to China that the U.S., even if it makes a trade deal as in the case of the USMCA, may still come back later and hold tariffs over their heads. “The world is watching,” he added.

Shortly after Brillant’s interview, Trump called into “Squawk Box” to argue his case for why tariffs are effective. The president also blasted the Chamber of Commerce.

Trump told CNBC on Monday that the business group protects corporate America not the American people. The president also said tariffs allow the U.S. to level the playing field, claiming he believes that China will make a deal with the U.S. “because they’re going to have to” due to tariff pressures.

“If we didn’t have tariffs we wouldn’t have made a deal with Mexico,” Trump also said, touting the agreement he announced late Friday on the ways Mexico promised to help stop migrants from entering the U.S. illegally across the border that the two countries share in exchange for tariffs not going into effect.

WATCH: Trump to CNBC: Tariffs are a beautiful thing when you’re the piggybank


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: matthew j belvedere
Keywords: news, cnbc, companies, business, weaponization, trump, chamber, china, usmca, hits, mexico, calls, deal, commerce, going, fight, president, tariffs, trade


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Japanese women petition against high heels at work, with #KuToo movement going viral

A social media campaign against dress codes and expectations that women wear high heels at work has gone viral in Japan, with thousands joining the #KuToo movement. Nearly 20,000 women have signed an online petition demanding the government ban companies from requiring female employees to wear high heels on the job. “After work, everyone changes into sneakers or flats,” she wrote in the petition, adding that high heels can cause bunions, blisters and strain the lower back. Briton Nicola Thorp la


A social media campaign against dress codes and expectations that women wear high heels at work has gone viral in Japan, with thousands joining the #KuToo movement. Nearly 20,000 women have signed an online petition demanding the government ban companies from requiring female employees to wear high heels on the job. “After work, everyone changes into sneakers or flats,” she wrote in the petition, adding that high heels can cause bunions, blisters and strain the lower back. Briton Nicola Thorp la
Japanese women petition against high heels at work, with #KuToo movement going viral Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-04
Keywords: news, cnbc, companies, work, companies, high, heels, wear, going, wrote, started, viral, petition, movement, kutoo, japanese, campaign, women


Japanese women petition against high heels at work, with #KuToo movement going viral

New employees at Japan Airlines line up during a welcoming ceremony at the company’s hangar near Haneda Airport in Tokyo, Japan.

A social media campaign against dress codes and expectations that women wear high heels at work has gone viral in Japan, with thousands joining the #KuToo movement.

Nearly 20,000 women have signed an online petition demanding the government ban companies from requiring female employees to wear high heels on the job.

The #KuToo campaign — a play on the word for shoes, or “kutsu” in Japanese, and “kutsuu” or pain — was started by actress and freelance writer Yumi Ishikawa, who submitted the petition to the health ministry on Monday.

She launched the campaign after tweeting about being forced to wear high heels for a part-time job at a funeral parlor —and drew an overwhelming response from women.

“After work, everyone changes into sneakers or flats,” she wrote in the petition, adding that high heels can cause bunions, blisters and strain the lower back.

“It’s hard to move, you can’t run and your feet hurt. All because of manners,” she wrote, saying that men did not face the same expectations.

In decades past, businessmen were expected to wear neckties, but that’s changed since the government started a “cool biz” campaign in 2005 to encourage companies to turn down air-conditioners and reduce electricity use. Now, many businessmen and government officials don’t wear ties at work.

The petition seeks to end gender discrimination and “make it easier for everyone to work, creating a working environment free from unnecessary burdens.”

The health ministry said it was reviewing the petition and declined to comment further.

Briton Nicola Thorp launched a similar petition in 2016 after she was sent home from work for refusing to wear high heels.

A subsequent parliamentary investigation into dress codes found discrimination in UK workplaces, but the British government rejected a bill banning companies from requiring women to wear high heels.


Company: cnbc, Activity: cnbc, Date: 2019-06-04
Keywords: news, cnbc, companies, work, companies, high, heels, wear, going, wrote, started, viral, petition, movement, kutoo, japanese, campaign, women


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