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News
November 22, 2016

In the News Today – November 22, 2016

  • “Tainted” Multistate Tobacco Settlement Resurfaces as Vdolyak Charged with Potentially Evading Taxes on $65 Million in Fees: Chicago alderman “Fast Eddie” Vdolyak has been charged with trying to help another lawyer evade taxes on potentially $65 million in fees from the 1998 $200 billion tobacco settlement, despite having done no legal work on the case. “The tobacco settlement was the biggest payday of all for lawyers who tend to write large campaign contribution checks to the Democratic officials who hire them as outside counsel,” writes Forbes. “Regardless of how Vdolyak fares in court, the indictment further taints a massive multistate agreement that rewarded political friends.” (Forbes)
  • Consensus Growing that “Dodd-Frank is Flawed & Stymied Economic Growth”: According to the Wall Street Journal, last week, Minneapolis Federal Reserve President Neel Kashkari announced a plan to end too-big-to-fail banks arguing that Dodd-Frank’s “regulatory superstructure isn’t the protector of taxpayers that its authors claim.” House Financial Services Chairman Jeb Hensarling also recently introduced a plan to curb “Dodd-Frank micromanagement.” The WSJ concludes that “consensus is growing that Dodd-Frank is flawed and has stymied economic growth without making the financial system safer.”  (The Wall Street Journal

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