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Global Trends and Transparency: 2014 Year in Review (Part 1)
December 30th, 2014
This blog post is the first in a two-part blog series. In this post, I observe several of the year’s biggest global trends and their relationship to financial transparency. In the second post, I will examine this year’s progress and momentum in global policy on transparency issues. Rising Income Inequality In the United States, policymakers across the political spectrum have become increasingly vocal about the rising income inequality. They include Senator Bernie Sanders (I-VT) who called this the “issue of our time,” Senator Paul Rand (R- KY) who admitted income inequality is a problem, and Senator Charles Schumer (D-NY) and...
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Why Tax Inversion Is Wrong
August 22nd, 2014
This week the Treasury Department began assembling administrative options for deterring or preventing U.S. companies from inverting—or reorganizing overseas to avoid paying federal taxes. This move follows on the heels of a strong statement from President Obama who accused inverting firms of "cherry-picking the rules.” As he put it: "My attitude is I don't care if it's legal, it's wrong.” Particularly common among pharmaceutical and life-sciences companies, inversions are primarily a means for U.S. companies to avoid corporate taxes. In an inversion, a smaller foreign company “acquires” a large U.S. firm, allowing the domestic firm to...
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Symbolic or Substantive? Financial Sanctions Against Russia
March 21st, 2014
I’ve noted before that sanctions, while certainly well-intentioned, are often meaningless in practice. In large part, this occurs because of many of the opacity issues in the international financial system. As a result of these flaws, whether intentionally or not, sanctions are often (although not always) purely symbolic. So in the case of Russia, which is now on the receiving end of the so-called “toughest sanctions since the Cold War,” are financial sanctions symbolic or substantive? Given the current dynamics in Russia and abroad, are they likely to work? If you’ve been reading the news at all,...
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NEW: The G7 agreed to a global minimum corporate tax – but developing countries don't appear to have much to gain.… https://t.co/vPgOwnRrpk
- Thursday Jun 10 - 7:05am

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