Rising home prices and conservative borrowing have today's homeowners sitting on a record amount of potential cash. Today's mortgage holders saw their home equity increase by...Real Estateread more
Stocks have been grinding sideways, but technical analysts say once they breakout, the move to the upside could be powerful.Market Insiderread more
The fresh round of cuts is on top of an estimated 4,500 temporary layoffs GM and its suppliers handed out to employees as of Friday.Autosread more
The new wireless earbuds, codenamed "Puget," are expected to come with an accelerometer and be able to monitor things like the distance run, calories burned, and pace of...Technologyread more
Think about the last TV show you recommended to a friend, or the last one that was recommended to you. Odds are, it was from a premium service like HBO, Netflix or Amazon.Entertainmentread more
SpaceX is deep into development of its Starship rocket, with recent updates from CEO Elon Musk showing the first one under construction.Investing in Spaceread more
Greta Thunberg, a 16-year-old Swedish environmental activist, delivered a powerful message at the United Nations Climate Action Summit on Monday.Environmentread more
The Mac Pro is the only major Apple computer to be assembled in the United States. Most of Apple's products, including the iPhone, are assembled in China and are facing tariff...Technologyread more
SoftBank wants to push Neumann out of the CEO role ahead of the IPO.Technologyread more
Toys R Us' bankruptcy caused a 7% surge in sales for the toy industry during the first half of 2018 as parents stocked up, then sales fell 2% as manufacturers experienced...Retailread more
After an unexpected loss of subscribers and increased competition in the streaming war, shares of Netflix erased all of its 46% gain for the year at its peak and officially...Marketsread more
Among the major business figures recently identified with activities in the tax haven of Bermuda is White House economic advisor Gary Cohn — and he says he doesn't mind a bit.
Cohn, the former Goldman Sachs executive who directs President Donald Trump's National Economic Council, was named in the leaked "Paradise Papers" from a Bermuda-based law firm as an officer of 22 business entities in the island nation. He described their creation as a routine part of commerce in a globally integrated economy.
"I found out about them in the newspaper," Cohn explained in our Speakeasy interview. "Goldman Sachs had them. Because I worked at Goldman Sachs, in the division I was running at the time, I became an officer of those companies by the mere position I had. I didn't have money in them."
The purpose, he said, was to use Bermuda as a gathering spot for investors from different countries.
"When you grow a global business, every country has different requirements," he explained. "When investors can't meet requirements in U.S., you try to find a neutral third-party country where you put all of the investors together, create a vehicle in that entity, pull the capital there."
Asked if the objective was avoiding taxes, he acknowledged, "It may have tax consequences."
"I'm not embarrassed at all," Cohn concluded. "This is the way that the world works. There was nothing done in any of these to avoid anything. In fact, many of these vehicles were set up to send capital into the U.S. to buy securities, or buy assets in the U.S. It's a way to facilitate the international commerce and a way to facilitate moving capital into the U.S."
CNBC's full Speakeasy interview with Cohn, touching on issues from tax reform to the operations of the Trump White House, will be published and aired on Thursday.