Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
President Donald Trump has offered a simple explanation for his wealthy Cabinet choices: Rich people know how to manage money better than poor people do.
In a rambling aside at a rally in Iowa on Wednesday night, Trump responded to criticism about his choices for top economic jobs, including billionaire investor Wilbur Ross for Commerce secretary and former Goldman Sachs President Gary Cohn for chief economic advisor.
Trump, who bashed Goldman Sachs during the presidential campaign, received backlash for choosing wealthy Wall Street figures for top administration posts. Many of his nominees had complex financial holdings around the world, which created myriad potential conflicts.
Trump contended on Wednesday that wealthy people can better run the U.S. economy because they do not need money.
"I love all people, rich or poor. But in those particular positions, I just don't want a poor person," Trump said. "Does that make sense? Does that make sense? If you insist, I'll do it. But I like it better this way, right?"
The wealth of Trump's nominees created snags in the confirmation process as executive branch ethics officials aimed to make sure they complied with guidelines. While Trump's choices have divested from assets, some still have business holdings that leave the door open for potential conflicts.
Here are Trump's comments from the Iowa rally:
So, somebody said, 'Why did you appoint a rich person to be in charge of the economy?' … I said, 'because that's the kind of thinking we want.' I mean, you know, really. Because they're representing the country. They don't want the money. They're representing the country and they had to give up a lot to take these jobs. They gave up a lot. And you get the president — this is the president of Goldman Sachs. Smart. Having him represent us. He went from massive paydays to peanuts, to little tiny — I'm waiting for them to accuse him of wanting that little amount of money. They wanted that. But these are people that are great, brilliant business minds. And that's what we need, that's what we have so the world doesn't take. … We can't have the world taking advantage of us anymore. And I love all people, rich or poor. But in those particular positions, I just don't want a poor person. Does that make sense? Does that make sense? If you insist, I'll do it. But I like it better this way, right?