corporations act to their employees, to their executors. we all understand that. but it can be difficult sometimes to untangle the different levels of a corporate structure. there can be thousands or millions of documents involved in the corporations pics sometimes operations are overseas, can be very difficult to obtain witness testimony or information. these are all special challenges in these white-collar cases. and so that is really i think the purpose behind it all. >> we talked about cooperation credit for years. what we are talking about is criminal prosecutions of organizations and what does that mean for credit under the sentencing guidelines. but as the slide presents the question, is of the yates memo limited to criminal investigation? >> it is not. it applies to civil investigations as well. our assistant attorney general, excuse me, associate attorney general gave a speech recently and made clear that this cooperation policy applies as a threshold matter in civil cases as well. we use cooperation for determination of whether we should go forward with

yes, lowers corporate taxes, however, more significant, it dramatically changes the way corporations would be taxed. no longer on their profits. it's scaring the retail sector, which is why retail reporter courtney reagan is here to try to explain this. >> i'm going to try to explain. >> you're going to do a great job. trump's tariff has gotten a lot of attention. a tax proposal that is scaring the pants off of clothing and shoe retailers. the plan was proposed over the summer but became more of a possibility under a gop-controlled congress and white house. three parts to it. corporate tax of 3% certainly would be welcome. immediate depreciation expense and the third is the zinger for retail. the border adjustments for nonu.s. manufactured goods. 90% of clothing and shoes is manufactured overseas. here's an example of how it would be adopted as is. the gap buys a sweater for $80 from a manufacturer overseas. gap has an additional $15 and other expenses associated with that sweater. a shopper ultimately pays $100 for the sweater. so, taxes calculated like this. $100 revenue, minus $80

corporate ceos got rich. politicians got paid by the ceos to keep the money flowing. and they got reelected by the millions of welfare recipients in fear of losing their checks. effectively, a closed ecosystem of legalized corruption and kronyism. but someone has to pick up the tab or take out the garbage or clean the restrooms. that someone was the american worker. the globalless bankers were flushing cash while the americans' wages haven't budged over a decade. enter donald trump. the army needed to defeat globalism is populism. donald trump represented the populous. he saw globalism was paying off for too few americans at the expense of the majority of americans. trump promised to break our globalist trade deals. he's negotiating with american companies to keep their jobs right here in america, and he's not going to be easy. it's going to be a long struggle. and change is on its way. i'm expecting some chaos. we all should as we redefine our economic policy. but with ford, carrier, now apple looking to bring the iphone assembly plants back to the u.s., so far it se

unusual among corporations, anyone at the top grew up together. if you took the top 100 publicly traded corporation to the united states and chose the top 40 jobs in each of those corporations and match who the people were, you would find a significant number of people who came from a competing company laterally, late in their career, they moved over or came from another industry as a marketing specialist, came in with reforming ideas and most corporations are informed at the top by some outside perspective. at exxon mobil everyone comes up from college graduate school. if you were selected for management you grow up together over 30 or 40 years. it is like the marine corps. you don't have a marine corps general have a successful career at ibm, you grow up together and share a common view of the world. what you observe as a reader of the book, whether it is a lawsuit in venezuela or civil war in indonesia or gasoline still in maryland the stories all end the same way. there's a reason for that. >> host: late in the book, as a person who covered en

maria: of 20% corporate tax rate?nly can do it and in places like health care and financials etc. it's pretty powerful. by the way you think how a company reacts to a better textbook coming in. i know my earnings are going to be better and now i can spend on. there's an enthusiasm that i think is justified. at gannon a lot with the c. and growth is not great. china has risks. their risk of there but i do think the momentum is justified. gary: just like you want to listen to maria on election night you want to listen to the bond guy. are you back thank you for john: of the past several years my show has made lots of people mad. some got mad about my affirmative-action. businesses didn't like it when i attacked their. >> hi i'm uncle sam. here, have some tax money. isn't obamacare great? thanks taxpayers. tonight we look back at the bizarre ways i try to make economic freedom interesting.

maria: of 20% corporate tax rate?nly can do it and in places like health care and financials etc. it's pretty powerful. by the way you think how a company reacts to a better textbook coming in. i know my earnings are going to be better and now i can spend on. there's an enthusiasm that i think is justified. at gannon a lot with the c. and growth is not great. china has risks. their risk of there but i do think the momentum is justified. gary: just like you want to listen to maria on election night you want to listen to the bond guy. are you back thank you for >> this is the new "wall street week." ♪ gary: welcome to "wall street week." maria: thank you for being here tonight. the markets hitting new highs to start the week. janet yellen's rate hikes slowing things down a bit in terms of the rally. the dow jones not making it to the historical 20,000 level. regardless entering a new phase with a pro-business whitehouse and it also comes with the fed's key raising interest rates regularly. we are joined by the outgoing

maria: of 20% corporate tax rate?an do it and in places like health care and financials etc. it's pretty powerful. by the way you think how a company reacts to a better textbook coming in. i know my earnings are going to be better and now i can spend on. there's an enthusiasm that i think is justified. at gannon a lot with the c. and growth is not great. china has risks. their risk of there but i do think the momentum is justified. gary: just like you want to listen to maria on election night you want to listen to the bond guy. are you back thank you for [vo] quickbooks introduces jeanette and her new mobile wedding business. at first, getting paid was tough... until she got quickbooks. now she sends invoices, sees when they've been viewed and ta-da, paid twice as fast! see how at quickbooks-dot-com. >>> good evening, everybody. president-elect trump today demonstrating he is both mag unanimous and gracious in victory. mr. trump hosted a technology summit in new york with silicon valley industry leaders, all but one o

maria: of 20% corporate tax rate?nly can do it and in places like health care and financials etc. it's pretty powerful. by the way you think how a company reacts to a better textbook coming in. i know my earnings are going to be better and now i can spend on. there's an enthusiasm that i think is justified. at gannon a lot with the c. and growth is not great. china has risks. their risk of there but i do think the momentum is justified. gary: just like you want to listen to maria on election night you want to listen to the bond guy. are you back thank you for are you back thank you for i tried hard to quit smoking. but when we brought our daughter home, are you back thank you for that was it. now i have nicoderm cq. the nicoderm cq patch with unique extended release technology helps prevent your urge to smoke all day. it's the best thing that ever happened to me. every great why needs a great how. (annis a paid advertisement the following for time life. who are you? what are all these people doing in my living room? (

if you talk to most corporations , not all but most corporations in silicon valley and elsewhere they would rather not have to hire lobbyists. they would rather not have to make campaign contributions. they feel like they need to any sense because because it's more like extortion then it is rivalry. politicians are creating a demand for their services by creating laws or circumstances that in a sense force corporations to make campaign contributions and hire lobbyists. my reform is not a silver bullet in and it doesn't fix everything but i think it would this influence marker place in washington d.c. and change the dynamics in a positive way. john: i suspect one government is that big people would ban family members. people would get divorced just so they could go back to lobbying. you pointed out something called tax extenders and a good example of how the system works. >> a great example is the tax deduction or tax credit the corporations get for investing in research and development. this is a good thing and encourage his innovation by american corporations. it's been on the books

corporal wes mecham is patrolling at 4:00 a.m.hen he spots a man walking on the side of the road. >> i had traveled this road, i couldn't tell you how many times on night shift throughout my career and never -- all those times i travel that had road seen anybody walking that time of night. >> corporal mecham wonders if his car had broken down. his dash cam turns on automatically. >> i'm not saying you're doing anything wrong, i'm just asking. we don't get too many people walking this time of night. i said, do you blind if-- do yo mind if i speak to you? he was very compliant. very polite. talked to me in a friendly manner. >> mecham asks to see only i.d. and even cracks joke. >> you've been walking a while. them are some wet shoes. >> the man explains he's walking to go by a soda. aside from the late hour, this doesn't seem unusual to corporal mecham. >> just going to get something to drink or something to eat? >> get me a soda. >> okay, that's cool. >> what is odd, however, is the man's i.d. >> is that your i.d. right there? >> y

on top of the corporate tax. and they might look at that and say, "well, we'd have to abolish our corporatetach and enlarge our v.a.t.s to be everything in order to compete with what the united states has just done." to some extent, importers would feel some of that pain, too. i need to think this true much more carefully than i've been able to do because this is confusing. which end is the tax get imposed on, producer or consumer? and it is complicated. you will have pushback from the wto. and dan's right. we have to think this through a bit more. i'm sure there's an answer out there. i don't think we have it yet. mr. burton: unless you make extremely extreme, for lack of a better word, assumptions about elasticities that the truth of the matter is the sentence is going to be somewhat on the producers and somewhat on the consumers. you wrote a fine paper, i forget the name of it on sentence analysis that people are interested if the subject might want to review. what's the name of it? >> it's in the heritage boo

the corporations and the rich. wow. i'm not describing the sovoviet union or some fanty or some impossible dream. i'm just describing american histstory, and not soso long ago, either. wow. just to drive it home, roosevelt--how did he actually do this? he was very courageous and clever. in the midst of world war ii, to make this point really strong, he proposed a novel income tax. here's how it would work. above a certain level--and the level in those years was $25,000 a year-- the income tax rate that would have to be paid is----presiden's proposal--100%. that's right. $25,0,000 a year would become a maximum income. you know how we h have a mminimum wage? this would be the maximum income, the other end. the republicans, predictably, went crazy. and they fought and they yelled, and they reached a compromise. and the compromise was that above the top, the highest rate, the richest americans would henceforth have to pay 94%. the law signed by the president. if you were rich in the 1940s, every dollar over the top limit, t

maria: of 20% corporate tax rate?y can do it and in places like health care and financials etc. it's pretty powerful. by the way you think how a company reacts to a better textbook coming in. i know my earnings are going to be better and now i can spend on. there's an enthusiasm that i think is justified. at gannon a lot with the c. and growth is not great. china has risks. their risk of there but i do think the momentum is justified. gary: just like you want to listen to maria on election night you want to listen to the bond guy. are you back thank you for many people clean their dentures with toothpaste or plain water. and even though their dentures look clean, in reality they're not. if a denture were to be put under a microscope, we can see all the bacteria that still exists on the denture, and that bacteria multiplies very rapidly. that's why dentists recommend cleaning with polident everyday. polident's unique micro clean formula works in just 3 minutes, killing 99.99% of odor causing bacteria. for a cleaner, fr

moving to corporate taxes.e a look at the proposals donald trump has said about corporate taxes through speeches but mostly through his tweets. ,> he had a series of tweets six, a lot for him, about companies that move jobs overseas. he said, if you're going to do can just't expect you bring products back into the u.s.. if you do that will put a 35% tax on you. and this struck a lot of republicans wrong. people in his own party. , who saidvin mccarthy hey, there are better ways to do this. a jr. house republican said -- is this, make venezuela great? to set rules and let businesses comply with the rules and get things done. not a party of having the president come in and make decisions, day-to-day about who wins or loses and that is how things appear to be going over the future trump administration. that you say that tax policy is complicated. both sides agree something needs to be done but it isn't something that can be done in 140 characters or less. this is a complicated issue. to look at a leader tax policy

so most corporations are informed by the top from some odd perspective. in exxonmobil, everybody comes up from college, graduate school, if you selected for management tracking you grow up together over 30 or 40 years iter it's like the marine corps you don't become a general without having a successful career at ibm and then decide to wear two stars on sour your shoulders so whether it's a lawsuit in venezuela or civil war in indonesia or gasoline pill maryland, the stories all end the same way. >> host: right. >> guest: forceing their will. >> host: late in book, as a person that's covered energy and environment for as long is a have, this surprised me. you get into hydraulic frack fracturing which is all over the news. the interiores going to put out some rules for fracking on public lands. and you almost -- and you almost make the case that the corporate philosophy gave them a blind spot when it came to hydraulic fracturing. even more surprising because you make it an amazing point and i actually remember this, that rex tillerson, as a young engineer

president obama was the king of corporate welfare. and all these liberal democrats are the kings -- >> why is it corporate welfare toin centivize a company to stay here? >> we will transfer basically fair money to you if you stay a couple extra years. >> $7 million over ten years to a concern. $700,000 a year. >> i'm glad they're staying. >> factory jobs. >> look at the record where this is used. new york state, a basket case. california, a basket case. and by the way -- >> texas, not a basket case. >> they don't do it. >> texas is not a basket case. they incentivize, what do you think is drawing them in the 120 degree summer temperature? >> low taxes, less regulation. >> all right. ben stein, i don't know. you're equating this i guess with what barack obama did with solyndra and solar power companies, right? >> it is the same government's heavy hand trying to control the free market. >> no it's not and you know it. >> yes, it is. government's heavy hand -- >> you never liked him in the first place and now you're getting childish abou

we like corporate welfare. and again this is not particularly new.hat's new here is a very interesting dynamic between donald trump playing a kind of straight man to a republican congress that's actually doing the work of giving the corporations and also wall street exactly what they want. donald trump kind of distracting attention from the typical old republican playbook. and i think that if the media does its job, and i hope the media will do its job over the next six months, four years, whatever it's going to be, it needs to actually look underneath the orchestration that donald trump is using because donald trump is talking out of one side of his face in terms of oh, we're going to protect american jobs but it's really a handful of jobs here. what's really happening here is the gigantic corporate tax cut and repatriated earnings from abroad. going to help united technologies, the parent company. that's the big story. >> i think something interesting that's happened that we've seen is that donald trump won that primary i think largely because he j

oliver: moving to corporate taxes. editor takes a look at the proposals donald trump has said about corporate taxes through speeches but mostly through his tweets. >> he had a series of tweets, six, a lot for him, indicating it is important for him about companies that move jobs overseas. he said, if you're going to do that, don't expect you can just bring products back into the u.s. if you do that, we will put a 35% tax on you. and this kind of struck a lot of republicans wrong. people in his own party. including house majority leader kevin mccarthy, who said hey, look there are better ways to do , this. another jr. house republican said -- is this, make venezuela great? the problem is that republicans tend to be a party of -- look, set the rules and then let business comply with the rules and get things done. not a party of let's have the president come in and make decisions day-to-day about who wins or loses and that is how things seem to be going under the future trump administration. carol: i love that you say tha

corporation f from liability. what happens under these corporate structures is that if such an accident of such great magnitude were to occur, these limited liability corporations could probably declarre bankruruptcy and shield the parent corporation that leaveves the taxpayer hololdinge babag to pay for the liabililit. >> only congress with the president's approval can raise the mandated level of insurance coverage against nuclear accidents. there's been no sign they intend to do so, and the nuclear industry is quite happy with that. >> it's sort of shohort-term greed, that what driveses the dustry morore than anything is making as much money as quickly as possible a and as long as possible without incurring any large expensnses that would cut ininto their profits. itit's tht simple. >> two years after fukushima, costs continue to pile up. it will probably be decades before the full scope of f the expenses is known. japanese government officials admit that the overall consequences are too broad to fix an accurate

let's say there are no corporate tax cuts.kdrop look like, even if you do not look at a stimulative administration? adding 02 2017e earnings from anything trump will do. the only thing that could happen is because interest rates are jumping up, it is productive for bank earnings. banks and one out of every five dollars in the s&p. at its tois points their value. the big jump in earnings growth is you no longer have a track from energy prices. so higher -- you no longer have a drag from energy prices. eps.kes you to about 7.5% 2% of that is buybacks, which means you are about 5% to 5.5% of the no earnings. it is not a crazy number. in 2018 is when you have a chance of really getting these benefits, whether it is taxes, regulations, or the like. why is it that investors are quick to respond to incomplete administration -- information? is there a thinking that analysts will basically catch up and that justifies the game? jonathan: you raise the most important points, which is the job of an investor is to say with what i know i th

if it's going to be a fight, corporate america is going to lose.e's putting forward a straightforward trade-off. lower regulation, lower taxes and you keep your middle class jobs in this country. if we have seen one -- this country wants this to work. and if corporate america gets in front of him and tries to block it, it's going to be terrible. >> it's not going to be terrible because we won't be in front of them. >> do you support the president on outsourcing on offshore. >> i support the president, we are back in business. lou: we are dancing here. i'm not used to it. you are always such a straightforward fella. lou: we'll have you on the edge of your seat. this austrian stuntman, look at this. he's on a bike. i have seen crazy, you have seen crazy, this is crazy as his wheels wobble and teeter, he moves along over one of the highest dams in europe. terrifying me, not him. 650 feet above the ground. the stunt took only a few minutes but he said it felt like an eternityity. was that a -- felt like an eternity. was that a 90-degree turn on a rail

what i am heartened by is seeing steve mnuchin talk about lowering the corporate tax rate drastically. i think that's really important. and repealing -- i should say fixing parts of dodd/frank that make it very difficult for small banks to lend money to small businesses so they can grow. >> and less likely to leave. if you can incentivize them to stay, i think one of the arguments was, charlie, that his pitch was bear with me, i've got all these big plans. >> that was cuts in taxes and this was the message for companies outside, too, not just carrier. if you're thinking about it, give me time. >> that was the great part of the pitch. and i think, listen, if you look at the numbers, i think keeping the jobs there cost the company itself something like 2 cents a share in quarterly earnings, which is not a lot. they probably think they can make it up but a combination of the good part, which is less regulations and a friendly environment where you have lower corporate taxes. and then the bad part, which i'm surprised kennedy didn't talk about this because libertarians generally hate this

maria: of 20% corporate tax rate?d in places like health care and financials etc. it's pretty powerful. by the way you think how a company reacts to a better textbook coming in. i know my earnings are going to be better and now i can spend on. there's an enthusiasm that i think is justified. at gannon a lot with the c. and growth is not great. china has risks. their risk of there but i do think the momentum is justified. gary: just like you want to listen to maria on election night you want to listen to the bond guy. are you back thank you for joining us on "wall street week." we will see you next week. [vo] quickbooks introduces jeanette and her new mobile wedding business. at first, getting paid was tough... until she got quickbooks. now she sends invoices, sees when they've been viewed and ta-da, paid twice as fast! see how at quickbooks-dot-com. they all...want...to... how charge me.xes going? have you tried credit karma? does credit karma do taxes now? yeah, and they're totally free, so they'll never take any of

and right now the american corporate tax rate, 35%, plus about 5% for the average state corporate incomeax, we're at 40% when we tax our businesses. the europeans are about 25%. a number of countries are significantly lower than that. we've got to become competitive, and i think both the ip coming secretary of treasurymnuchin, a making it clear we have to take that corporate rate down. that will bring us i think to 4% growth. you add the lower corporate rate, which is a consensus issue among republicans in the house, the senate, and the incoming administration, and full expensing for business investment. these are two powerful drivers of new investment, job creation, and increasing productivity, which allows wages to rise. >> goldman sachs has some predictions on what, for instance, repatriation would mean, and in their view a lot of it's going to go toward buybacks. does it matter to you where it goes? >> if we're giving perhaps as much as $2 trillion that is locked overseas because of our stupid tax laws -- we do this to ourselves. the chinese didn't do this to us. the russians departm

but i do think it is corporate credit high yield and even investment corporate credit.really giving you this kind of green signal that says, look, even if we get a correction here, if we go down 3% to 5%, it's probably not the start of something all that significant. >> it's on cnbc pro, the whole thing, if you want to read it. >> it is, yeah. >> excellent. >> before you go, i want to comment on the tie. i like a good holiday tie. >> it's wintry, maybe. >> it's wintry. >> it is a plaid-type thing. >> not the santoli tie. >>> when we come back, this is a really important segment. we are going to be joined by ale, andrea who has suffered from tremors her entire life. alexandria will join us with the doctor who treated her coming up next on "squawk box." coming up, a money manager who made millions against sub-prime housing. he was made famous in the book "the big short." and was played by steve carell in the movie. >> everything that guy has touched -- >> now he's a new target in his sights. he'll be live on the set. that rare tv interview is coming up at the top of the h

we want you to be a good corporate citizen.d what being a good corporate citizen is about is protecting the interests of american workers not just your own bottom line. and not just the salaries of your ceo. and what trump is doing is setting a very dangerous precedent. my guess is today there's some corporation who may not have thought one second about leaving america, now they're going to announce, hey, we're going to mexico, we're going to china. hey, mr. trump, what are you going to do for us? how many millions in tax breaks are you going to give us for staying in america and not throwing our workers out on the street. very dangerous precedent. >> that's an interesting point because i've seen people raise this, the idea that essentially trump gets a political victory in a certain sense. he gets to go and sort of be the savior of these jobs. carrier gets a pr victory and $7 million in taxpayer money and a thousand people get to keep their jobs though a whole bunch of other people will lose them anyway. you can imagine that b

corporate funding is provided by mutual of america--

another corporate restructuring? shouldn't that provide another lift? >> the way i look at this is, equities have a lot of perfection priced into them. including all the things you just talked about. agreed. >> i'm not running for the hills. i haven't been running for the hills. and i'll tell you right now, there are some sectors that continue to outperform, including financials. with this move in the dollar and this move in the yield curve, you're going to see these continue. >> tim has been bullish -- ask karen, steve has been, as well. so now -- i don't think he's being cautious. but he's pointing out potential pitfalls. which, by the way, i agree with. >> weak. the fed got out there and said -- it. >> tim, look, where we were a year ago, we're not that different from where bonds were a year ago. so i think to say off the bottom, oh, my god, this is an enormous move. off the bottom was i think an outlier. so this move to me -- i don't think -- >> i think it's nice you're so convinced and refreshing we're away from a deflation conversation. that was e

there will be corporate tax reform and personal and private and individual tax reform as well.the heads up on the plan that is coming. that's all that has happened here. >> i want to ask you your comments about donald trump saying he would have won the popular vote if millions had not voted, quote, illegally? do you believe donald trump would have won the popular vote? >> i do. i absolutely do. but let's talk about the real issue here. the real issue here is kellyanne conway -- >> based on what, if you don't mind? based on what do you believe there are more than 2 million illegal votes that should have been casts for donald trump? >> we know here in north carolina in the county of durham we have a situation where there were illegal votes. are their illegal votes that take place in elections? absolutely. donald trump pointed that out before, and now you have hillary clinton in the greatest amount of hypocrisy involved in a recount with jill stein, amazing, remember, she was horrified by this in the preelection results, and let's move forward and do what is necessary for the amer

on top of the corporate tax. and they might look at that and say, well, we'd have to abolish our corporatetach and enlarge our v.a.t.s to be everything in order to compete with what the united states has just done. to some extent importers would feel some of that pain, too. i need to think this true much more carefully than i've been able to do because this is confusing. which end is the tax get imposed on, producer or consumer. and it is complicated. you will have push back from the wto. and dan's right. we have to think this through a bit more. i'm sure there's an answer out there. i don't think we have it yet. >> unless you make extremely extreme for lack of a better word assumptions about elasticities that the truth of the matter is the sentence is going to be somewhat on the producers and somewhat on the consumers. you wrote a fine paper, i forget the name of it on sentence analysis that people are interested if the subject might want to review. what's the name of it? >> it's in the heritage book public squa

what about corporate fixed income, mark?nk it is very unlikely that this sort of fallout in markets, you know, is just isolated to the government bond market. because what you will see is eventually, yields start to rise, treasuries and the rest of the government bond market looks more attractive, versus corporate bonds. so you start to see, although you have a positive growth environment, the corporate bond treasuries, sorry, the corporate sector, also start to begin. it has existed for many years. the cash has been taken down into negative. this fed into bond yields and government on guild that rallied and also into corporate bond yields that rallied. it is natural, they start to unravel the corporate bond trade as well. the mutual bond and etf fund sector. what we have seen over the last six years with this trade is a doubling, for example, in mutual funds. they look like, essentially, horrified bank accounts. when you could not earn yield in the cash market, will have gone down the curve to buy more risky assets. governm

if you take a look at the corporate multinational corporations around the world, what do they own?ell, that turns out to be a pretty interesting matter. in virtually -- increasingly during the period of neoliberal globalization of the last generation, corporate wealth is becoming more realistic measure of global power the national wealth. corporate wealth, of course, is nationally based, supported by taxpayers like us, but the ownership has nothing to do with us. corporate ownership -- if you look at that, it turns out in virtually every economic sector -- manufacturing, finance, services, retail and others -- u.s. corporations are well in the lead in ownership of the global economy. is overall, their ownership close to 50% of the total. that is roughly the proportion .f u.s. national wealth in 1945 that tells you something about the nature of the world in which we live. of course, that is not for the benefit of american citizens but of those who own and manage these private, publicly i to tell private was a terry and systems. if you look at the military dimension, the u.s. is supr