Elizabeth Warren attacks the private equity industry with new regulation proposals

Sen. Elizabeth Warren, as well as three other Democratic Presidential hopefuls Sen. Kirsten Gillibrand, Gov. Democratic presidential candidate Elizabeth Warren aimed her campaign of economic populism on Thursday at a new target: the private equity industry. The Massachusetts senator, in tandem with colleagues on Capitol Hill, introduced what she calls the “Stop Wall Street Looting Act.” Specifically, Warren proposes to:Make private equity firms responsible for debts and pension obligations of co


Sen. Elizabeth Warren, as well as three other Democratic Presidential hopefuls Sen. Kirsten Gillibrand, Gov. Democratic presidential candidate Elizabeth Warren aimed her campaign of economic populism on Thursday at a new target: the private equity industry. The Massachusetts senator, in tandem with colleagues on Capitol Hill, introduced what she calls the “Stop Wall Street Looting Act.” Specifically, Warren proposes to:Make private equity firms responsible for debts and pension obligations of co
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Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: john harwood
Keywords: news, cnbc, companies, wall, equity, rest, money, private, warren, regulation, financial, street, democratic, attacks, sen, industry, proposals, presidential, elizabeth


Elizabeth Warren attacks the private equity industry with new regulation proposals

Sen. Elizabeth Warren, as well as three other Democratic Presidential hopefuls Sen. Kirsten Gillibrand, Gov. Jay Inslee and react to questions during the Daily Kos/Netroots Nation candidate forum, at the Convention Center in Philadelphia, PA, on July 13, 2019.

Democratic presidential candidate Elizabeth Warren aimed her campaign of economic populism on Thursday at a new target: the private equity industry.

The Massachusetts senator, in tandem with colleagues on Capitol Hill, introduced what she calls the “Stop Wall Street Looting Act.” It stands no chance of enactment so long as Republicans control the White House and Senate, but it matters because Warren has risen to the top tier of 2020 Democratic contenders.

Specifically, Warren proposes to:

Make private equity firms responsible for debts and pension obligations of companies they buy.

Limit the ability of firms to extract fees, bonuses and dividends from their acquisitions.

Reinstate the abandoned Glass-Steagall wall separating commercial banks from investment banks.

Change executive compensation rules to ensure that bankers who profit from speculative bets also assume risk if their bets go bust.

Expand financial services for Americans of modest means by allowing the U.S. Postal Service to join community banks and credit unions in offering low-cost checking and savings accounts.

Warren framed her proposal as an effort to shrink the amount of money wasted on 21st century financial engineering and redirect it to improve the living standards of average American families. She cited a range of “legalized looting” examples, including Sun Capital guiding discount retailer ShopKo toward bankruptcy and Alden Global Capital forcing job cuts at The Denver Post newspaper after acquiring it.

“To raise wages, help small businesses and spur economic growth, we need to shut down the Wall Street giveaways and rein in the financial industry so it stops sucking money out of the rest of the economy,” the former Harvard professor argued in a Medium post.

Among those joining Warren in sponsoring the plan is one of her Democratic rivals for the presidential nomination, Sen. Kirsten Gillibrand of New York. In less than two weeks, both women will join the rest of the Democratic field on stage in Detroit for the second series of the party’s presidential debates.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: john harwood
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Elizabeth Warren launched a new attack on private equity: Here’s how the downfall of Toys R Us got her there

Democratic presidential candidate Sen. Elizabeth Warren took aim Thursday morning at the private equity industry, proposing new regulations for an industry that some have blamed for the spate of retail bankruptcies over the past few years. For politicians seeking broad support, private equity has become an easy target. Private equity firms were at the forefront of the so-called “retail apocalypse,” which saw the destruction of many of the country’s beloved retailers. But the debt load firms plac


Democratic presidential candidate Sen. Elizabeth Warren took aim Thursday morning at the private equity industry, proposing new regulations for an industry that some have blamed for the spate of retail bankruptcies over the past few years. For politicians seeking broad support, private equity has become an easy target. Private equity firms were at the forefront of the so-called “retail apocalypse,” which saw the destruction of many of the country’s beloved retailers. But the debt load firms plac
Elizabeth Warren launched a new attack on private equity: Here’s how the downfall of Toys R Us got her there Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren hirsch
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Elizabeth Warren launched a new attack on private equity: Here's how the downfall of Toys R Us got her there

Democratic presidential candidate Sen. Elizabeth Warren took aim Thursday morning at the private equity industry, proposing new regulations for an industry that some have blamed for the spate of retail bankruptcies over the past few years.

The attack was the latest shot at Big Business and its supporters since candidates Sen. Bernie Sanders, I-Vt., and Donald Trump whipped up populist fervor during the 2016 presidential campaign.

For politicians seeking broad support, private equity has become an easy target. The investment firms that do business by buying up companies and loading them with debt have been criticized for rewarding themselves with dividends while the businesses they own go under. Private equity firms were at the forefront of the so-called “retail apocalypse,” which saw the destruction of many of the country’s beloved retailers.

Private equity’s hold on the retail industry solidified in the mid-2000s, when firms swarmed, lured in by a combination of low interest rates, recognizable brand names and the view that retailers’ steady cash flow would continue indefinitely.

But the debt load firms placed on those retailers left them hamstrung. When digital commerce permanently altered the retail industry, the companies had no capacity to make investments in technology and in their stores that were needed to compete against Amazon.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren hirsch
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Silicon Valley has found its presidential candidate in Andrew Yang

Democratic presidential candidate Andrew Yang speaks to media outside the Knight Concert Hall of the Adrienne Arsht Center for the Performing Arts of Miami-Dade County June 26, 2019 in Miami, Florida. The terms described Democratic presidential candidate Andrew Yang, who was trending on Google Search. He attracts Silicon Valley Democrats, libertarians and even a few conservatives, all of whom have given up on politicians who don’t understand them. Presidential candidate Andrew Yang hi-fives supp


Democratic presidential candidate Andrew Yang speaks to media outside the Knight Concert Hall of the Adrienne Arsht Center for the Performing Arts of Miami-Dade County June 26, 2019 in Miami, Florida. The terms described Democratic presidential candidate Andrew Yang, who was trending on Google Search. He attracts Silicon Valley Democrats, libertarians and even a few conservatives, all of whom have given up on politicians who don’t understand them. Presidential candidate Andrew Yang hi-fives supp
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Silicon Valley has found its presidential candidate in Andrew Yang

Democratic presidential candidate Andrew Yang speaks to media outside the Knight Concert Hall of the Adrienne Arsht Center for the Performing Arts of Miami-Dade County June 26, 2019 in Miami, Florida. Joe Raedle | Getty Images

Just before Elon Musk unveiled his latest plan for brain implants in San Francisco Tuesday night, people waiting for the live-stream to begin watched the comment section flood with “Yang Gang” and “Yang 2020!” The terms described Democratic presidential candidate Andrew Yang, who was trending on Google Search. The same response was echoed in physical center of the tech world. Approximately 200 Silicon Valley engineers, graphic designers, and product managers crammed into a sold-out, standing room-only discussion at a civic community space called Manny’s in San Francisco’s Mission District Tuesday night. Workers from all different areas within tech gathered to hear Yang deliver dry-humored responses ranging from healthcare to memes. Yang, who is polling around 2% in most polls of Democratic primary voters, has a surprisingly devoted core in the tech community. When he held a rally in March in San Francisco, nearly 3,000 people showed up. He attracts Silicon Valley Democrats, libertarians and even a few conservatives, all of whom have given up on politicians who don’t understand them. Yang connects with them because of his approach to data, his unrehearsed — and sometimes awkward — candor, and a perceived understanding of the moral dilemmas surrounding the tech industry. He also speaks tech’s inside language. On Tuesday night, he had answers to audience questions from childhood trauma to pessimism around automation, and even e-sports. “I feel like I get characterized as an Asian tech bro,” he told the San Francisco crowd Tuesday, which got a large laugh from the crowd. “But I spent the last several years at a nonprofit and that’s very wholesome.”

Presidential candidate Andrew Yang hi-fives supporters in San Francisco. Jennifer Elias | CNBC

“I know everyone in Silicon Valley and I’ve never met you,” said interviewer and Recode founder Kara Swisher. “But you’re the candidate of Silicon Valley.” After Swisher’s interview, Yang asked if the event “the first political thing” they had been to. About one quarter of the people in the room raised their hands. “Most politicians are just responding to culture whereas he is the culture and anticipates the future,” said Joel Scoles, a food and beverage worker who serves tech workers daily in San Francisco.

‘An Asian man who likes math’

Yang appeals to SIlicon Valley tech types in part because of his straightforward and quick-witted responses, which are delivered with with few political embellishments or emotions. For instance, Yang cracked a joke about his parents, who met as graduate students at University California of Berkeley — his brother Lawrence is named after Berkeley’s Lawrence Hall of Science. “We used to joke that’s where our parents got busy,” Yang told Tuesday’s crowd, garnering roaring laughs. Yang supporters often wear hats and shirts with the acronym “MATH,” which Yang said stands for “Make America Think Harder.” Tech workers say this refers to Yang’s habit of answering questions with multiple data points at the drop of a hat. “I’m going to be the alternative to the establishment that grows the whole time,” Yang said about the presidential candidate process. “And I’m the man for that job because the opposite of Donald Trump is an Asian man who likes math,” he added as the room erupted in laughter and applause. Several “Yang Gang” groups have formed around the San Francisco Bay Area, according to Dylan Enright, finance director for Yang’s campaign. Andrew Barakat, a product manager for a major tech company which he asked us not to name, said he likes Yang because he’s a numbers guy. “We’re in a stage in economic development where people shouldn’t be on the verge of bankruptcy or being in debt all the time,” he said. If you start to measure what actually matters and then incentivize people to pursue those things, you have a real chance at changing the economy.”

Andrew Barakat, a product manager for a FANG company wears Yang gear that stands for “Make America Think Again.” Jennifer Elias | CNBC

Barakat, who has a background in data analytics, economics and behavioral studies, pointed to venture capitalist John Doerr’s book “Measure What Matters,” which dissects the popular tech business concept of measuring objectives and key results. “That system is the backbone of how Silicon Valley has developed its biggest companies — it’s focused on OKRs (objective key results) that are numerical and trackable, and Andrew wants to do the same thing.” “He actually answers questions and when he evaluates an argument, he refers to studies and data,” agreed Ash Hussain, who works as the head of finance for a tech startup in San Francisco that he asked us not to identify.

Free money for everyone

Yang’s platform centers on the concept of universal basic income, and he proposes a “Freedom Dividend” that would allow each U.S. resident to receive $1,000 a month. “What I say is that it’s not socialism. It’s capitalism that doesn’t start at zero,” Yang said. He believes the dividend will build a “trickle up” effect because that money will go right back into the economy. He views the only reason people are resisting it is because we’ve been programmed to assume that there’s a limited amount of resources to go around. “A neuroscientist put it to me best and said, ‘Andrew, you’re going to be fighting the human mind because the human mind is programmed for resource scarcity,” he said Tuesday. The freedom dividend has attracted donations from some of the most well-known tech leaders. That list includes OpenAI CEO and former Y-combinator president Sam Altman who gave $2,700, Google G suite product lead Scott Johnston who gave $2,700, and Gerald Huff, principal software engineer at Tesla who gave $2,000. Facebook co-founder Chris Hughes reportedly donated $250 to Yang’s campaign too. Yang also caters to tech workers who face moral dilemmas about their effect on complicated societal issues such as automation and data privacy. “Being in the Bay Area, you know first-hand the impacts of AI: You have peers working on technologies to streamline and make processes more efficient — which effectively automates away millions of jobs,” said Eric Quach, a product lead for a Silicon Valley tech giant, which he asked us not to name. Quach, who said he considers himself a Democrat, volunteered to organize parts of the “Yang Gang.” “I am supporting Andrew Yang because he understands better than any other candidate how technology and artificial intelligence is affecting the workforce of today and tomorrow.” Yang points out flaws of popular workforce retraining solutions touted by both corporations and politicians, which resonates with tech workers. That includes the concept of “turning coal miners into coders,” Yang said Tuesday. “I was just at a truck stop in Iowa, and if I said, ‘Hey, have any interest in a coding career?’ they’d be more likely to punch you in the face.”

Breaking up Big Tech


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: jennifer elias
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3 principles of success Ross Perot lived by

But at least one thing is evident: As businessman Perot was successful. Perot founded his first company, Electronic Data Systems, at age 32 in 1962 with just $1,000 in savings. He became a billionaire at 58 when General Motors bought a controlling interest in his company in 1984 for $2.4 billion. After Perot sold Electronic Data Systems, he established Perot Systems in 1998 and became an angel investor for NeXT, a computer company founded by Steve Jobs after he left Apple. According to his 1996


But at least one thing is evident: As businessman Perot was successful. Perot founded his first company, Electronic Data Systems, at age 32 in 1962 with just $1,000 in savings. He became a billionaire at 58 when General Motors bought a controlling interest in his company in 1984 for $2.4 billion. After Perot sold Electronic Data Systems, he established Perot Systems in 1998 and became an angel investor for NeXT, a computer company founded by Steve Jobs after he left Apple. According to his 1996
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3 principles of success Ross Perot lived by

Billionaire and two-time presidential candidate Ross Perot, who died on Tuesday at the age of 89, has been called everything from the epitome of the “entrepreneurial spirit and the American creed,” by former President George W. Bush, to “frightening” and “short-tempered” by fellow politicians during his presidential runs in ’90s.

On Tuesday, one referred to him as “a stick of dynamite in the pond of U.S. politics back in 1992,” while The New York Times called him “brash,” and a “wiry Texas gadfly.” And a friend of Perot’s simply referred to him as “a Boy Scout who knows how to street fight,” according to the Dallas News.

But at least one thing is evident: As businessman Perot was successful.

Perot founded his first company, Electronic Data Systems, at age 32 in 1962 with just $1,000 in savings. He became a billionaire at 58 when General Motors bought a controlling interest in his company in 1984 for $2.4 billion. After Perot sold Electronic Data Systems, he established Perot Systems in 1998 and became an angel investor for NeXT, a computer company founded by Steve Jobs after he left Apple. Over the years, Perot grew his net worth to more than $4 billion, according to Forbes, making him the 167th richest person in the U.S. at the time of his death.

According to his 1996 memoir, “My Life & the Principles for Success,” these are three tenants Perot lived by that helped him achieve success.


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: jade scipioni
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Billionaire and former presidential candidate Ross Perot dies at 89

Billionaire businessman, philanthropist and independent presidential candidate Ross Perot is dead at 89, CNBC has confirmed. This 1992 file photo shows presidential hopeful H. Ross Perot at a rally in Austin, Texas. More than two decades later, he launched information technology services provider Perot Systems, which was acquired in 2009 by Dell for $3.9 billion. But “quirky Ross Perot, just like he pulled out of the presidential race, he pulled out of the biography,” Lichtman said. Presidential


Billionaire businessman, philanthropist and independent presidential candidate Ross Perot is dead at 89, CNBC has confirmed. This 1992 file photo shows presidential hopeful H. Ross Perot at a rally in Austin, Texas. More than two decades later, he launched information technology services provider Perot Systems, which was acquired in 2009 by Dell for $3.9 billion. But “quirky Ross Perot, just like he pulled out of the presidential race, he pulled out of the biography,” Lichtman said. Presidential
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Billionaire and former presidential candidate Ross Perot dies at 89

Billionaire businessman, philanthropist and independent presidential candidate Ross Perot is dead at 89, CNBC has confirmed. Perot, who ran for president in 1992 and 1996, died after a five-month battle with leukemia, said James Fuller, a representative for the Perot family. “In business and in life, Ross was a man of integrity and action. A true American patriot and a man of rare vision, principle and deep compassion, he touched the lives of countless people through his unwavering support of the military and veterans and through his charitable endeavors,” Fuller said in a statement. Perot is survived by his wife, Margot, his five children and 16 grandchildren.

This 1992 file photo shows presidential hopeful H. Ross Perot at a rally in Austin, Texas. AP

Perot was an early tech entrepreneur. He started his career in sales at IBM, where he excelled. In 1962, he founded his first company, Electronic Data Systems, with just $1,000 in savings. More than two decades later, he launched information technology services provider Perot Systems, which was acquired in 2009 by Dell for $3.9 billion. As a disruptive third-party candidate for president, Perot ran on a platform of fiscal responsibility and protectionism. He won nearly 19% of the vote in the 1992 race — by far the biggest slice of the electorate for a third-party candidate since Theodore Roosevelt’s Bull Moose Party in the 1912 election.

1968: American businessman H. Ross Perot holding a business machine manufactured by his company, Electronic Data Systems, Dallas, Texas. Shel Hershorn | Getty Images

Perot stood out from the political crowd for his quirks as much as his business credentials and lack of experience in establishment politics. “I don’t have any experience in running up a $4 trillion debt. I don’t have any experience in gridlock government, where nobody takes responsibility for anything and everybody blames everybody else,” he said in a 1992 presidential debate. The shifting of U.S. jobs to Mexico created a “giant sucking sound,” he famously said during the campaign. Perot participated in all three presidential debates in that election, and took a nontraditional campaign route by booking lengthy time slots on network television to lay out his political views. He was “certainly the most influential political force in the late 20th century from outside the regular party system,” said Allan Lichtman, distinguished professor of history at American University. Lichtman told CNBC he had been tapped to write a biography of Perot, and Lichtman had agreed. But “quirky Ross Perot, just like he pulled out of the presidential race, he pulled out of the biography,” Lichtman said. Perot was a veteran, and followed his service with a lifetime commitment to supporting U.S. veterans, especially during the Vietnam War. He was honored in 2009 by then-Veterans Affairs Secretary James Peake for his advocacy efforts.

Presidential candidate Ross Perot speaks during the 1992 Presidential Debates. Wally McNamee | Corbis Historical | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: kevin breuninger
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Joe and Jill Biden made more than $15 million in two years after leaving the White House, tax returns show

Joe Biden and his wife Jill earned more than $15 million in the two years after the former vice president left the Obama administration, according to tax returns released by his presidential campaign Tuesday. The couple reported about $11 million in adjusted gross income in 2017, the documents from 2016 through 2018 show. They followed it up with another $4.6 million in adjusted gross income last year. The Bidens paid about $3.7 million and $1.5 in taxes for 2017 and 2018, respectively — about a


Joe Biden and his wife Jill earned more than $15 million in the two years after the former vice president left the Obama administration, according to tax returns released by his presidential campaign Tuesday. The couple reported about $11 million in adjusted gross income in 2017, the documents from 2016 through 2018 show. They followed it up with another $4.6 million in adjusted gross income last year. The Bidens paid about $3.7 million and $1.5 in taxes for 2017 and 2018, respectively — about a
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Joe and Jill Biden made more than $15 million in two years after leaving the White House, tax returns show

Democratic presidential candidate Joe Biden and his wife, Jill, wave to the crowd during his 2020 campaign kickoff rally at the Eakins Oval in Philadelphia, Pa., on Saturday, May 18, 2019.

Joe Biden and his wife Jill earned more than $15 million in the two years after the former vice president left the Obama administration, according to tax returns released by his presidential campaign Tuesday.

The couple reported about $11 million in adjusted gross income in 2017, the documents from 2016 through 2018 show. They followed it up with another $4.6 million in adjusted gross income last year. Their income spiked from about $396,000 in 2016.

The Bidens paid about $3.7 million and $1.5 in taxes for 2017 and 2018, respectively — about a third of their adjusted gross income. They gave roughly $1 million and $275,000 to charity in 2017 and 2018, respectively.

Biden easily raked in the most money in the past two years among 2020 Democratic presidential candidates who have released tax returns so far. After the former vice president left the White House in January 2017, the Bidens pulled in millions from Joe Biden’s speaking engagements and books written by both Joe and Jill Biden.

The money Biden accumulated after his decadeslong career as an elected official clash with the image he has tried to craft as a humble champion of the working and middle class. The former senator from Delaware has referred to himself as “Middle-Class Joe” and touted his efforts to lift up union workers and low-income families.


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Ross Perot is best known for his presidential run, but he also sold two tech companies for billions

Former presidential candidate Ross Perot first entered the national consciousness as a successful technology entrepreneur, decades before his historic performance in the 1992 presidential election. Perot, who died Tuesday at the age of 89, started his career in sales at IBM and later founded two tech companies that would be acquired in multi-billion dollar deals. After EDS, Perot founded Perot Systems, an information technology company, in 1988. The company went public in 1999, at the height of


Former presidential candidate Ross Perot first entered the national consciousness as a successful technology entrepreneur, decades before his historic performance in the 1992 presidential election. Perot, who died Tuesday at the age of 89, started his career in sales at IBM and later founded two tech companies that would be acquired in multi-billion dollar deals. After EDS, Perot founded Perot Systems, an information technology company, in 1988. The company went public in 1999, at the height of
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Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: jesse pound, kevin breuninger
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Ross Perot is best known for his presidential run, but he also sold two tech companies for billions

Independent presidential candidate Ross Perot holds up a copy of the famous Chicago Daily Tribune front page declaring Thomas Dewey the winner over Harry Truman in the 1948 presidential election 01 November 1992 during a rally in California.

Former presidential candidate Ross Perot first entered the national consciousness as a successful technology entrepreneur, decades before his historic performance in the 1992 presidential election.

Perot, who died Tuesday at the age of 89, started his career in sales at IBM and later founded two tech companies that would be acquired in multi-billion dollar deals.

He founded his first company, Electronic Data Systems, in 1962. It primarily provided outsourced IT services for companies, as well as consulting.

EDS went public in 1968. When EDS was still public, its stock took a major hit in 1970 and Perot lost more than $450 million on paper, according to Nasdaq.

General Motors bought a controlling interest in 1984 for $2.5 billion. GM then bought out Perot completely two years later for more than $700 million. He was the auto giant’s largest individual shareholder at the time.

At the time, Perot called a plan from GM to close plants and layoff workers “morally wrong,” according to the Associated Press. Protecting industrial jobs would become a major theme of his political career.

EDS later spun back out of GM before being acquired by Hewlett Packard in 2008.

After EDS, Perot founded Perot Systems, an information technology company, in 1988. The company went public in 1999, at the height of the 1990s tech boom. Dell bought Perot systems in 2009 for $3.9 billion.

—The Associated Press contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: jesse pound, kevin breuninger
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Ross Perot was the most successful third-party candidate since Teddy Roosevelt — here’s how he stacked up

Independent presidential candidate Ross Perot holds up a copy of the famous Chicago Daily Tribune front page declaring Thomas Dewey the winner over Harry Truman in the 1948 presidential election 01 November 1992 during a rally in California. Ross Perot influenced American presidential politics as the most successful third-party candidate to run since Teddy Roosevelt in 1912. No other third-party candidate had ever before even come in second, The New York Times reported at the time. Read more: Bi


Independent presidential candidate Ross Perot holds up a copy of the famous Chicago Daily Tribune front page declaring Thomas Dewey the winner over Harry Truman in the 1948 presidential election 01 November 1992 during a rally in California. Ross Perot influenced American presidential politics as the most successful third-party candidate to run since Teddy Roosevelt in 1912. No other third-party candidate had ever before even come in second, The New York Times reported at the time. Read more: Bi
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Ross Perot was the most successful third-party candidate since Teddy Roosevelt — here's how he stacked up

Independent presidential candidate Ross Perot holds up a copy of the famous Chicago Daily Tribune front page declaring Thomas Dewey the winner over Harry Truman in the 1948 presidential election 01 November 1992 during a rally in California.

Ross Perot influenced American presidential politics as the most successful third-party candidate to run since Teddy Roosevelt in 1912.

The billionaire philanthropist, whose death at 89 was announced Tuesday, won more than 18% of the vote in the 1992 race. At one point in the campaign, he was beating both the incumbent President George Bush and future President Bill Clinton in the polls.

No other third-party candidate had ever before even come in second, The New York Times reported at the time. Perot’s impressive vote share was seen by some as tipping the election to Clinton, though there is little evidence for the claim, and political scientists have rebutted it in the years since.

Read more: Billionaire and former presidential candidate Ross Perot dies

Perot’s outsider bid, inspired by his opposition to the federal deficit and U.S. trade policy, has influenced the way those issues are discussed today, historians say.

“Ross Perot was certainly the most influential political force in the late 20th century from outside the regular party system,” said Allan Lichtman, a distinguished professor of history at American University. “I think what explains it is people’s dissatisfaction — this is absolutely relevant to the appeal of Donald Trump — people’s dissatisfaction with business as usual in Washington.”

After his historic 1992 run, Perot attempted another bid four years later, but with less success. In that cycle, he received only about 8% of the popular vote.

In 2000, another third-party candidate, Ralph Nader, had an impact on the race between George W. Bush and Al Gore. Though Nader received less than 3% of the popular vote, the closeness of the race has led political scientists and observers to suggest he may have played a role in tilting the election to Bush.

Among the other third -arty candidates who performed well were Roosevelt, Robert La Follette in 1924 and George Wallace in 1968. While Roosevelt and La Follette pushed for progressive reforms, such as limits on the power of big business, Wallace advocated for southern segregationists.


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: tucker higgins john w schoen, tucker higgins, john w schoen
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Eric Swalwell will be the first prominent Democrat to drop out of the 2020 presidential race, reports say

Rep. Eric Swalwell will drop out of the 2020 presidential race after struggling to break out in a jammed Democratic primary field, according to multiple reports. He will become the first presidential candidate who made the first debate cut to leave the race. The representative and his campaign did not immediately respond to requests to comment on reports that he would drop out of the race. The congressman often failed to register as the first choice for any respondents in early polls of the 2020


Rep. Eric Swalwell will drop out of the 2020 presidential race after struggling to break out in a jammed Democratic primary field, according to multiple reports. He will become the first presidential candidate who made the first debate cut to leave the race. The representative and his campaign did not immediately respond to requests to comment on reports that he would drop out of the race. The congressman often failed to register as the first choice for any respondents in early polls of the 2020
Eric Swalwell will be the first prominent Democrat to drop out of the 2020 presidential race, reports say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: jacob pramuk
Keywords: news, cnbc, companies, reports, 2020, prominent, democratic, presidential, democrat, field, reported, primary, president, swalwell, race, multiple, say, drop, eric


Eric Swalwell will be the first prominent Democrat to drop out of the 2020 presidential race, reports say

Rep. Eric Swalwell will drop out of the 2020 presidential race after struggling to break out in a jammed Democratic primary field, according to multiple reports.

The fourth-term congressman from California will instead run for reelection to the House, the Los Angeles Times first reported Monday. Swalwell is set to hold a news conference later Monday. He will become the first presidential candidate who made the first debate cut to leave the race.

The representative and his campaign did not immediately respond to requests to comment on reports that he would drop out of the race. There are still about two dozen candidates in the race for the Democratic nomination.

Swalwell, 38, ran on an anti-gun-violence platform and cast himself as a younger alternative to candidates such as former Vice President Joe Biden and Sen. Bernie Sanders, I-Vt. But he struggled to stand out in a field of about two dozen Democrats. The congressman often failed to register as the first choice for any respondents in early polls of the 2020 primary.

Swalwell could face a primary fight to keep his seat in California’s 15th District. Aisha Wahab, a Democratic city council member in Hayward, outside of Oakland, has already entered the race.

It may not take long for another Democrat to get into the race after Swalwell’s departure. Multiple outlets reported that billionaire investor Tom Steyer has privately told friends he plans to enter the 2020 race.

Steyer has piled millions of dollars into an effort to build support for President Donald Trump’s impeachment.

This story is developing. Please check back for updates.

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Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: jacob pramuk
Keywords: news, cnbc, companies, reports, 2020, prominent, democratic, presidential, democrat, field, reported, primary, president, swalwell, race, multiple, say, drop, eric


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How Kamala Harris became one of the richest contenders in the 2020 presidential field

In a field of 2020 Democratic presidential candidates with no shortage of money, Sen. Kamala Harris and her husband stand out. Their 2018 haul more than doubles the next-highest earning candidate in the 2020 primary field, out of those who have released returns. Harris’ tax returns show an official whose financial success jumped along with her influence on the national stage — and put her among the top earners in a crowded field trying to prove its chops on working-class issues. [CNBC is looking


In a field of 2020 Democratic presidential candidates with no shortage of money, Sen. Kamala Harris and her husband stand out. Their 2018 haul more than doubles the next-highest earning candidate in the 2020 primary field, out of those who have released returns. Harris’ tax returns show an official whose financial success jumped along with her influence on the national stage — and put her among the top earners in a crowded field trying to prove its chops on working-class issues. [CNBC is looking
How Kamala Harris became one of the richest contenders in the 2020 presidential field Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: jacob pramuk
Keywords: news, cnbc, companies, working, returns, harris, presidential, kamala, reported, million, contenders, emhoff, 2020, income, field, richest, tax


How Kamala Harris became one of the richest contenders in the 2020 presidential field

In a field of 2020 Democratic presidential candidates with no shortage of money, Sen. Kamala Harris and her husband stand out. The California Democrat and her spouse, lawyer Douglas Emhoff, reported about $1.9 million in adjusted gross income for last year, according to tax returns released earlier this year. Their 2018 haul more than doubles the next-highest earning candidate in the 2020 primary field, out of those who have released returns. Former Vice President Joe Biden, who reportedly has made millions since leaving office in 2017, has not yet released his returns. Politicians often rack up huge incomes during and after their time in office. Harris’ tax returns show an official whose financial success jumped along with her influence on the national stage — and put her among the top earners in a crowded field trying to prove its chops on working-class issues. [CNBC is looking at how top 2020 presidential candidates accumulated their wealth. Read more about how Bernie Sanders became a millionaire.] Like Sanders and some other rivals, Harris finds herself in the awkward position of a high-income candidate campaigning on helping the low-income Americans they say the economic system has abused. “Working families need support and need to be lifted up. And frankly, this economy is not working for working people,” Harris said at the first 2020 Democratic primary debate last week. She promised to repeal the 2017 Republican tax bill, saying it “benefits the top 1%” of earners and “the biggest corporations in America.”

Democratic presidential candidate Sen. Kamala Harris (D-Calif.) speaks during the second night of the first Democratic presidential debate on Thursday, June 27, 2019, at the Arsht Center for the Performing Arts in Miami. Al Diaz | Miami Herald | Getty Images

In a statement, Harris campaign spokesman Ian Sams said the senator’s agenda shows she is “committed to lifting up average Americans.” He highlighted her plans to give a tax credit of up to $500 a month to working families, raise teacher pay by an average of $13,500, transition to a universal health-care system and close the gender pay gap. “She is motivated by the thought of people up at 3:00 in the morning trying to make it all work. Her agenda is meant to address their needs and improve their lives,” Sams said. Harris was not always as rich. When she was district attorney for San Francisco (starting in 2004) and then the state of California (beginning in 2011), Harris herself typically made between $125,000 and $225,000. Her household income skyrocketed when she and Emhoff — then a partner at the law firm Venable — married in 2014 and filed their taxes jointly. They reported about $1.2 million in adjusted gross income that year. Harris on her own has raked in more money since she jumped on to the national stage with her 2016 Senate election win. The senator reported making $157,000 from her job in Congress last year. Like her presidential rivals, Harris’ biggest cash haul came from writing. She reported $320,000 in net income from her memoir, “The Truths We Hold,” which came out in January. Emhoff, now a partner at law firm DLA Piper in Los Angeles, made even more than Harris. He took in about $1.5 million last year. Emhoff, who has an intellectual property focus, has represented clients including movie studios, former athletes and wine companies. On a separate 2018 Senate financial disclosure form, Harris says the couple had between $2.5 million and $5.8 million in assets. They mostly held the wealth in mutual funds, along with bank accounts and retirement plans. Harris also listed between $2.8 million and $3.6 million in liabilities for the couple in the form of mortgages, home equity lines of credit and a commercial loan.


Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: jacob pramuk
Keywords: news, cnbc, companies, working, returns, harris, presidential, kamala, reported, million, contenders, emhoff, 2020, income, field, richest, tax


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