Can a management team's cleverness get them in trouble?
As Apple C.E.O. Timothy Cook comes under fire, so does the C.E.O. of the nation's largest bank. J.P. Morgan's Jamie Dimon faced a crucial vote today on whether he could stay on as both chairman and C.E.O. of the bank. Shareholders ultimately voted against the proposal to split the bank's top jobs, but billions of dollars of troubled trades last year had shareholders up in arms.
At Apple, clever maneuvering around taxes may be giving the company more unwanted publicity at a time when shareholders are already angry at C.E.O. Tim Cook over his unwillingness to hand over company cash in stock dividends. A Congressional investigation into Apple's finances reveals that the tech company has avoided billions of dollars in taxes in the United States by setting up some of the company's top employees abroad and effectively making them exempt from taxes.
Charlie Herman, economics editor for WNYC Radio, has the latest on what this means for the nation's largest tech company.