I love how Bloomberg has a veiled attempt at saying that Boehner is somehow crooked for owning Medtronic and Coviden shares.
While U.S. House Speaker John Boehner and Ways and Means Committee Chairman Dave Camp
have resisted calls for a crackdown on companies adopting overseas
addresses to pay lower taxes, both have made money off one of the deals.
They also have investments at risk of losing value because of
government action.
The two lawmakers reported the sale of stock in Covidien Plc within nine days of Medtronic Inc.
saying it was planning a takeover, an announcement that sent
Dublin-based Covidien’s shares near a 52-week high. The deal, one of
several that have sparked a national debate over U.S. corporate tax
policy, would put the combined company’s headquarters in Ireland and
reduce its tax rate.
They profited from inversions! The horror! The funny thing is that I profited from the same inversion because I am long an S&P500 Index Fund and sure enough the evil tax evaders are in there. Most likely if you have a 401k or a Retirement fund of any kind you probably own shares in Medtronic or Coviden as well. How unpatriotic of just about every American with a retirement fund that is invested in the stock market. This whole "inversion shaming" is such a joke.
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