Recovery Fails To Reach Dem Base
"Economic Recovery Yields Few Benefits for the Voters Democrats Rely On" reports NYT: "...while the number of women out of work appears to be much improved, the number of women employed compared with the total female population is 55.2 percent, actually worse than it was in October 2010 ... the rate at which [blacks] are employed has barely moved, to 53.8 percent of the black population from 52.4 ... Jared Bernstein, a former economist for the Obama White House, put it this way: Since the end of the recession, the gross domestic product has grown 11 percent, the Standard & Poor’s 500 is up 83 percent, corporate profits have swelled 53 percent — and median household income, in the most up-to-date numbers, has fallen 4 percent."
Obama meets with business leaders today on jobs. The Hill: "Obama, Commerce Secretary Penny Pritzker, senior advisor Valerie Jarrett and National Economic Council Director Jeff Zients will join the leaders of 10 companies from around the world at the White House to explore ways to make it easier for businesses to move their operations here ... The nation's economy has added 650,000 manufacturing jobs, reflecting the growing foreign investment as well as the decision of more U.S. companies to stay put ... On Tuesday, the president also will announce that the second SelectUSA Summit will be held next spring in Washington."
"Lobbyists scoff at Wyden’s tax threat" reports The Hill: "K Street lobbyists are brushing aside efforts in Congress to keep corporations from slashing their tax bill by 'inverting' to a foreign address. Finance Committee Chairman Ron Wyden (D-Ore.) has said he would seek to limit that practice and would make any legislative fix retroactive to this month ... 'Bernie Sanders might as well have made the threat,' one tax lobbyist said ... 'The problem Wyden has is he can talk big, but he doesn’t have [Senate Finance Cmte Ranking Member Orrin] Hatch, and he doesn’t have [House Ways & Means Cmte Chair Dave] Camp,' [another] lobbyist said."
Justice Wins Bank Guilty Plea
Credit Suisse admits guilt for abetting tax dodgers. LAT: "Swiss banking giant Credit Suisse pleaded guilty to a criminal charge that it helped wealthy Americans dodge income taxes for decades, a plea federal officials said bolstered their efforts to show that no financial firm was too big to prosecute. The bank agreed to pay $2.6 billion — the most ever in a criminal case — as part of a deal ending a lengthy Justice Department investigation. The inquiry also has led to the indictment of eight company employees, two of whom have pleaded guilty so far."
Warning shot, or still gun-shy? Bloomberg: "Prosecutors have been reluctant to criminally charge large companies after the Justice Department’s 2002 indictment of Arthur Andersen LLP caused the accounting firm to collapse and put 85,000 people out of work ... The Credit Suisse case could pave the way for other guilty pleas by companies, which have in recent years been able to settle criminal investigations with deferred- or non-prosecution agreements .. The agreement may not silence Justice Department critics. Top managers weren’t charged, and the bank hasn’t produced the names of U.S. account holders at the heart of the matter -- a point lawmakers raised as evidence that prosecutors haven’t been aggressive enough."
GOP Establishment and Tea Party Square Off Today
WSJ previews today's GOP primaries: "Senate Minority Leader Mitch McConnell is going to win big over challenger Matt Bevin, but there may be clues in Tuesday’s results that tell us something about Mr. McConnell’s general election battle with Democrat Alison Lundergan Grimes ... the drama [in Georgia] is who will finish second, Mr. Kingston or Ms. Handel. The U.S. Chamber of Commerce is advertising in heavy rotation to back Mr. Kingston, while Ms. Handel has support from Sarah Palin and Rick Santorum ..."
Establishment spending more. Time: "Outside groups backed [Idaho Rep. Mike] Simpson ... plowing $2.2 million into ads enumerating his merits ... In contrast, the Club for Growth was the lone national conservative group to put major money behind [challenger Bryan] Smith ... The same fundraising advantage is expected to power Establishment candidates to victory in several primaries around the country on Tuesday. In Kentucky, Republican Senate minority leader Mitch McConnell is expected to coast to victory over conservative challenger Matt Bevin, thanks largely to his fundraising muscle."
