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HILLARY CLINTONS WALL STREET SPEECH HIGHLIGHTS A

CAREER OF SAYING OR DOING ANYTHING TO BE ELECTED


Today, Hillary Clinton will deliver a hypocritical speech decrying the institutions that have
bankrolled her many campaigns and contradicting her own past statements . Clintons political
career has been dependent on Wall Street banks, and as she rolls out these plans attacking the
financial sector, just remember: these are the people and institutions filling her campaign coffers
with cash. Clintons latest attempt to re-write her cozy connections to Wall Street is another
reminder that she's dishonest and untrustworthy, and will say or do anything to get elected.
Today, Hillary Clinton Will Be Giving Another Speech Outlining Her Economic Policy,
This Time Focusing On Addressing Quarterly Capitalism
Today, Hillary Clinton Will Give A Speech Encouraging Companies To Move Away From
Quarterly Capitalism In Favor Of Long-Term Investing And Prioritizing Growth.
HAPPENING TOMORROW - Clinton speech to call for shift from quarterly capitalism -- Release:
Her remarks ... will address how companies should abandon quarterly capitalism in favor of longterm investing and prioritizing growth. ... [1:30 p.m. at] New York University Leonard N. Stern School
of Business. (Mike Allen, EXCLUSIVE: Chuck Todd to add weekday show SCOOP: Jeb And Evangelicals JEBs Top ZIP Codes HILLARY
To Hit Quarterly Capitalism FINANCIAL TIMES To Be Sold -- BDAY: David Brock, Politico, 7/23/15)

VIDEO: Clintons Concern Is The Markets Focus On The Short-Term. CLINTON:


Todays marketplace focuses too much on the short-term, like second to second financial trading,
and quarterly earnings reports, and too little on long-term investments. (Hillary Clinton, Remarks On The
Economy, New York, NY, 7/13/15) Minute 10:23 10:37

Clintons Speech Proposing Her Capital Gains Plan Will Plant A Clear Flag In Populist,
Tax-Raising Territory, While Not Alienating Clintons Wall Street Donors. The address
will serve as a kind of one-two punch planting a clear flag in populist, tax-raising territory while
also not deeply aggravating many of the big Wall Street donors who are helping fund her campaign
and have poured millions into her familys foundation. (Ben White and Annie Karni, Clintons Wall Street Hedge, Politico,
7/23/15)

Clinton Will Unveil A Capital Gains Plan That Has Been Criticized And
Conflicts With Her Past Statements
Clinton Will Propose Created New, Tiered Capital Gains Tax Rates That Will Go Higher
Than Current Rates
At The Center Of Clintons Proposal Is Creating A Scale With At Least Three New Rates
Depending On How Long An Investment Is Held, With Longer-Held Investments Being
Taxed At A Rate Above The 28 Percent President Obama Has Already Proposed. At the
center is Mrs. Clintons proposal to change capital-gains tax rates. The Democratic presidential
candidates plan would create a scale with at least three new rates that change depending on how long
an investment is held, the official said. Investments held for less than a year would continue to be
taxed at regular income-tax rates, which can top out at 39.6% or more for the highest earners. For
those held just a little longerlikely two or three yearsthe current capital-gains tax rate of 23.8% for
top earners would rise. The rate, which hasnt been finalized, would be higher than the 28% President
Barack Obama proposed earlier this year for the highest earners. The Clinton campaign hasnt ruled
out taxing such investments at the regular income-tax rate. (Laura Meckler and John D. McKinnon, Clinton To Push
Redo Of Capital Gains Rates, The Wall Street Journal, 7/19/15)

Under Current Law, The Capital-Gains Rate For Investments Held For At Least A
Year Is 15% For Middle-Income Investors, And People With The Lowest Incomes Pay
No Tax On Capital Gains. (Laura Meckler and John D. McKinnon, Clinton To Push Redo Of Capital Gains Rates, The Wall
Street Journal, 7/19/15)

Clinton Advisers Would Not Comment On Exactly What Top Rate Clinton Would
Propose Or How Long Investors Would Need To Hold Shares To Qualify For The
Lowest Capital Gains Rate. (Ben White and Annie Karni, Clintons Wall Street Hedge, Politico, 7/23/15)

Clintons Advisors Do Not Believe That Simply Tweaking Capital Gains Tax Rates Will
Solve The Lack Of Long-Term Investment, But Doing So Is A Piece Of The Puzzle.
One of the biggest problems facing the U.S. economy right now cited by analysts on both the left
and the right is the unwillingness of corporate America to make long-term investments. Clintons
formal and informal advisers do not believe that simply tweaking capital gains tax rates will solve this
problem. But they view it as one piece of the puzzle along with corporate tax reform and addressing
lackluster worker productivity, among other issues that could help drive up wages and boost growth
over the long term. (Ben White and Annie Karni, Clintons Wall Street Hedge, Politico, 7/23/15)
But, In 2008, Clinton Said She Wouldnt Raise The Capital Gains Tax Rate Above 20
Percent
VIDEO: In An April 2008 Debate, Clinton Said That She Wouldnt Raise The Capital
Gains Tax Rate Above 20 Percent, If I Raised It At All. ABC NEWS CHARLIE GIBSON:
The question was about capital gains tax. Would you say, No, Im not going to raise capital gains
taxes? CLINTON: I wouldnt raise it above the 20 percent if I raised it at all. I would not raise it
above what it was during the Clinton administration. (Hillary Clinton, 2008 Democratic Primary Debate, Philadelphia, PA,
4/16/08); 1:07:20 1:07:31

And Clintons Plan Has Been Criticized By A Clinton Administration Tax Economist
Leonard Burman, Tax Policy Center Director And Former Senior Tax Economist Under
In Bill Clintons Treasury Department, Said His General Impression Of Clintons
Proposal Is Deep Skepticism. But some tax economists who spoke to Reuters on Monday said
the proposed reform may not have much social benefit, and overstated a link between the timeframes
of a companys investments and the length of time for which a given investor retains stock. My
general impression is deep skepticism, Leonard Burman, director of the non-partisan think tank the
Tax Policy Center and a former senior tax economist in President Bill Clintons Treasury Department,

said in a telephone interview. Frankly, I dont see the logic in trying to encourage people to hold
assets for longer than they want to, he said. (Jonathan Allen, Clintons Capital Gains Tax Plan Aims At Long-Term Investment,
Reuters, 7/20/15)

Burman Said There Were Already Strong Incentives For Individuals To Hold Onto
Assets, And The Dividends They Can Produce, For A Long Time. (Jonathan Allen, Clintons
Capital Gains Tax Plan Aims At Long-Term Investment, Reuters, 7/20/15)

Burman Also Noted That Vast Amounts Of Assets Are Held By Entities, Including
Non-Profits, Foreigners And Retirement Funds, Not Subject To The Individual
Capital Gains Tax. (Jonathan Allen, Clintons Capital Gains Tax Plan Aims At Long-Term Investment, Reuters, 7/20/15)

Clinton Decries Wall Street Practices, But She Has Had A Long, Cozy
Relationship With Wall Street
OUT OF THE SIX ORGANIZATIONS THAT HAVE GIVEN MORE THAN $500,000 TO
HILLARY CLINTONS POLITICAL CAMPAIGNS, FOUR OF THEM ARE MAJOR BANKS
According To The Center For Responsive Politics, Four Of The Six Organizations That
Have Given More Than $500,000 To Hillary Clintons Political Campaigns Are Massive
Investment Banks. (Hillary Clinton: Top Contributors, Center For Responsive Politics, Accessed 6/30/15)

(Hillary Clinton: Top Contributors, Center For Responsive Politics, Accessed 6/30/15)

Combined, The Four Banks Have Given $2,657,801 To Clintons Three Political
Campaigns (2000 Senate, 2006 Senate, 2008 Presidential). (Hillary Clinton: Top Contributors, Center For
Responsive Politics, Accessed 6/30/15)

THE FIFTEEN BIGGEST U.S. FINANCIAL INSTITUTIONS HAVE DONATED BETWEEN


$4,375,000 AND $14,910,000 TO THE CLINTON FOUNDATION
Contributor

Low
Amount

High
Amount

Recipient

Bank of America Corporation

$100,000

$250,000

Clinton Foundation

Bank of America Foundation

$500,000

$1,000,000

Clinton Foundation

$5,000

$10,000

Clinton Foundation

$1,000,000

$5,000,000

Clinton Foundation

Capital One Corporation


Citi Foundation

Citigroup Inc.

$500,000

$1,000,000

Clinton Foundation

Goldman Sachs Philanthropy Group

$250,000

$500,000

Clinton Foundation

HSBC Holdings

$500,000

$1,000,000

Clinton Foundation

JP Morgan Chase & Co.

$100,000

$250,000

Clinton Foundation

Morgan Stanley

$100,000

$250,000

Clinton Foundation

$10,000

$25,000

Clinton Foundation

$250,000

$500,000

Clinton Foundation

$10,000

$25,000

Clinton Foundation

$1,000,000

$5,000,000

Clinton Foundation

$50,000

$100,000

Clinton Foundation

Morgan Stanley Bank AG


Morgan Stanley Smith Barney Global Impact Funding Trust
TD Ameritrade Holding Corporation
The Goldman Sachs Group
The Toronto-Dominion Bank

(Clinton Foundation Donors, Accessed 6/30/15)

NOTE: According to the Federal Reserve System, as of June 30, 2015, the fifteen biggest financial
institutions in the U.S. are: JP Morgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells
Fargo & Company, The Goldman Sachs Group Co., Morgan Stanley, General Electric Capital
Corporation, U.S. Bancorp, The Bank of New York Mellon Corporation, The PNC Financial Services
Group, Capital One Financial Corporation, HSBC North America Holdings, Inc, State Street
Corporation, Teachers Insurance & Annuity Association of America and TD Bank.

Clinton Criticizes Hedge Fund Managers, But Has Been Fundraising With
Hedge Fund Managers Throughout Her 2016 Campaign
While Clinton Has Begun Proposing Policies Targeting The Financial Sector, Her
Campaign Is Taking Donations From The Industry. Hillary Rodham Clinton is pushing an
agenda that takes on Wall Street, going after financial investors for focusing too heavily on their own
immediate profits. But shes also taking their money, targeting some of those same executives to fund
her presidential campaign. (Ken Thomas and Lisa Lerer, Clinton Raising Money In Finance Sector As She Raps Industry, The
Associated Press, 7/22/15)

Her Proposals Include Raising Taxes On Hedge Fund And Private Equity Bonuses,
Penalize Short-Term Investors With Higher Tax Rates And Strengthen Penalties For
Rogue Executives Who Are Involved In Fraudulent Deals On Wall Street. The early
outlines of Clintons economic plans have included steps to raise taxes on hedge fund and private
equity bonuses, penalize short-term investors with higher tax rates and strengthen penalties for
rogue executives who are involved in fraudulent deals on Wall Street. She wants further
strengthening of financial regulations put in place after the 2008 financial crisis. (Ken Thomas and Lisa
Lerer, Clinton Raising Money In Finance Sector As She Raps Industry, The Associated Press, 7/22/15)

In Announcing Her Economic Platform In New York, Clinton Called Some Of The
Financial Institutions Led By Her Top Contributors Too Complex And Too Risky.
(Ken Thomas and Lisa Lerer, Clinton Raising Money In Finance Sector As She Raps Industry, The Associated Press, 7/22/15)

A Day After Proposing Higher Capital Gains Taxes On Short-Term Investors, Clinton
Raised $450,000 At The Home Of Raj Fernando, Whose Firm Specializes In HighFrequency Transactions. A day after proposing higher capital gains taxes on short-term
investors, Clinton raised at least $450,000 tuesday night at the Chicago home of Raj Fernando, a

longtime donor. His firm, Chopper Trading, specializes in high-frequency transactions and was
recently purchased by Chicago-based competitor DRW. (Ken Thomas and Lisa Lerer, Clinton Raising Money In Finance
Sector As She Raps Industry, The Associated Press, 7/22/15)

Clinton Has Raised $1.6 Million From Those Who Said They Worked In The Banking,
Finance, Investment, Money Management, Private Equity Or Venture Capital
Industries. In her first campaign finance report, people who listed occupations in banking,
finance, investment, money management, private equity or venture capital contributed more than
$1.6 million to Clintons campaign, according to a review by The Associated Press. The vast
majority of those checks were for the maximum legal amount of $2,700. (Ken Thomas and Lisa Lerer, Clinton
Raising Money In Finance Sector As She Raps Industry, The Associated Press, 7/22/15)

According To Former Clinton Aide Tom Nides, In Her Previous Campaigns Clinton Has
Been Able To Carefully Measure Her Rhetoric So As To Not Harm Her Relationship
With Donors On Wall Street. Morgan Stanley vice chairman Tom Nides, who worked for Clinton
at the State Department, said the new policies havent caused any waves on Wall Street and predicted
theyre unlikely to hamper Clintons fundraising. As a senator representing New York, Clinton
established strong relationships with Wall Street donors and Nides said she has maintained those ties,
in part by carefully measuring the rhetoric she uses when she talks about the industry. (Ken Thomas and
Lisa Lerer, Clinton Raising Money In Finance Sector As She Raps Industry, The Associated Press, 7/22/15)

Nides: People In Our Industry Know Theyll Have Someone Who Has A Good
Reputation Or At Least Someone Who Will Listen To Them. Shes been tough, but I
dont think shes been irrational, he said. People in our industry know theyll have someone who
has a good reputation or at least someone who will listen to them. (Ken Thomas and Lisa Lerer, Clinton Raising
Money In Finance Sector As She Raps Industry, The Associated Press, 7/22/15)

At An April 2015 Campaign Stop, Clinton Criticized Hedge Fund Managers But Did Not
Mention That Her Son-In-Law, Marc Mezvinsky, Is One
At An April 2015 Campaign Stop In Monticello, IA, Clinton Expressed Her Distaste For
Tax Loopholes To Hedge Fund Managers, Neglecting To Mention That Her Son-In-Law,
Mark Mezvinsky, Is A Hedge Fund Manager. Clinton said at her Monticello event: There's
something wrong when hedge fund managers pay lower tax rates than nurses or the truckers that I
saw on I-80 as I was driving here over the last two days. Breitbart.com pointed out that her son-inlaw, Mark Mezvinsky, is a hedge fund manager. Breitbart called her remarks part of the theme of
'fake and phony' populism by Clinton. (Jennifer Jacobs, Keeping Score? A Rundown Of Clinton Mini Flaps In Iowa, The Des
Moines Register, 4/17/15)

Mezvinsky, Is A Hedge Fund Manager And The Son Of Two Former Members Of
Congress. In July 2010, she married Mezvinsky, a hedge fund manager and the son of two former
members of Congress. They live with their dog, Soren, in a sprawling apartment overlooking Madison
Square Park. Mezvinskys mother, Marjorie Margolies, is running for Congress this year in a suburban
Philadelphia district. She tweeted Thursday that she is one very proud grandmother-to-be. (Philip
Rucker, Chelsea Clinton Announces She And Husband Marc Mezvinsky Are Expecting First Child, The Washington Post, 4/17/14)

Mezvinsky Used To Work For Goldman Sachs As An Investment Banker. Chelsea Clinton
and Mezvinsky were friends as teenagers in Washington, and both attended Stanford University. They
now live in New York, where Mezvinsky works at G3 Capital, a Manhattan hedge fund. Mezvinsky
worked previously at Goldman Sachs as an investment banker. (Michael Hill, Chelsea Clinton Wedding: Latest
Details, The Associated Press, 7/31/10)

While Criticizing CEO Pay, Clinton Makes More Than 300 Times The
Average American
At Her First Campaign Event In Iowa In April 2015, Hillary Clinton Said It Is Wrong
When CEOs Make 300 Times More Than The Typical Worker
VIDEO: At Her First Iowa Campaign Event In April 2015, Clinton Said It Is Wrong
When When CEOs Make 300 Times More Than The Typical Worker. CLINTON: I just
want to tell you a little bit about why Im here today. I think we all know that Americans have come
back from some pretty tough economic times and our economy and our country are much better off
because American families have basically done whatever it took to make it work. But I think its fair to
say that as you look across the country, the deck is still stacked in favor of those already at the top,
and theres something wrong with that. Theres something wrong when CEOs make 300 times more
than the typical worker. Theres something wrong when American workers keep getting more
productive as they have and as I just saw a few minutes ago is very possible because of education and
skills training. But that productivity is not matched in their paychecks. And theres something wrong
when hedge fund managers pay lower tax rates then nurses or the truckers that I saw on I-80 as I was
driving over the past 2 days. (Hillary Clinton, Remarks At A Campaign Roundtable, Monticello, IA, 4/14/15)
However, As Of 2012, The Clintons Income Was 321.7 Times Larger Than The Median
U.S. Household Income
In 2012, The Median Household Income In The United States Was $51,915. Real median
household income in the United States showed a statistically significant increase between the 2012
ACS and the 2013 ACS (seeTable 1).4 The 2012 U.S. median household income was $51,915, and the
2013 U.S. median household income was $52,250. (Household Income: 2013, U.S. Census Bureau, September 2014)
In 2012, The Clintons Made A Minimum Of $16.7 Million, Which Easily Put Them In
The Top 10 Percent Of The Top 1 Percent. As we reported recently, according to their 2012
income disclosed in government forms, the Clintons made at least $16.7 million in income that year,
largely from Bill Clintons speeches. That total is based on income disclosed in forms that provide
income ranges, and the $16.7 million total uses the minimum amount from each stated range. The
nationwide level to make the top 1% of households in 2012 was $567,719, according to the
nonpartisan Tax Policy Center, a joint venture of the Brookings Institution and the Urban Institute.
And the level for the top 0.1% was about $2.9 million, a bar the Clintons easily surpassed. The Tax
Policy Center data stop there, at the top 0.1% or the top 10% of the top 1% of Americans. (Tim
Hanrahan, Clintons Income May Reach Top 1% Of The 1%, The Wall Street Journal, 6/27/14)

Clinton Has Continuously Backed The Repeal Of Glass-Steagall


In 1999, Bill Clinton Signed A Law Repealing Glass-Steagall, A Depression-Era
Financial Regulation Law
A January 2001 White House Memo Said Bill Clinton Fought For And Won Financial
Modernization Legislation By Signing A Bill That Repealed Glass-Steagall In 1999.
Americas financial service sector were antiquated and anti-competitive. The Clinton-Gore
Administration fought to modernize those laws to increase competition in traditional banking,
insurance, and securities industries to give consumers and small businesses more choices and lower
costs President Clinton fought for and won financial modernization legislation, signing the GrammLeach-Bliley Act in November 1999. (The White House, The Clinton Presidency: Historic Economic Growth, The National Archives,
1/9/01)

Since 1999, Hillary Clinton Has Publicly Backed The Repeal Of Glass-Steagall
Since 1999, Hillary Clinton Has Publicly Backed The Repeal Of The Glass-Steagall. But
Clinton has cultivated a warmer relationship with Wall Street. Last week, she spoke at the Ameriprise
Financial Conference in Boston adding to her frequent visits to Goldman Sachs and to investors
such as those from The Carlyle Groups. Going back to 1999, Clinton backed the repeal of the GlassSteagall banking law, which some, including potential 2016 candidate Sen. Elizabeth Warren (DMass.), believe played a part in the financial crisis. (Sebastian Payne and Sean Sullivan, How Hillary Clinton Has Become
More Popular Than Barack Obama, The Washington Post, 7/31/14)

VIDEO: In September 2008, Clinton Defended Her Husbands Decision To Sign The
Gramm-Leach-Bliley Act, Which Repealed Glass-Steagall, Into Law. CNNs JOHN
ROBERTS: But again again, many Democrats voted to take those rules away. Your husband could
have vetoed the bill [Gramm-Leach-Bliley Act] even though it might have been overridden. You could
have done it symbolically. Instead, he chose to sign it. CLINTON: Well, but there were reasons.
There were positive reasons. What I believe the failure in 99 was; is that once you remove some of
those barriers between banks and investment banks and the kind of business that could be done by
banks, that there needed to be a new regulatory framework. But there was no appetite in the
Republican Congress or with a Republican president to take the second step. (CNNs American Morning,
9/23/08)

In July 2015, Clinton Said Wall Street Reform Is More Complicated Than Any One
Piece Of Legislation
When Asked About Reenacting Glass-Steagall, Clinton Said The Issue Was More
Complicated Than Any One Piece Of Legislation. Clinton addressed the too big to fail
question in South Carolina on Thursday, saying it was too simplistic an approach to just reinstate the
Glass-Steagall wall separating consumer and investment banking, something both Martin OMalley
and Bernie Sanders want to do. I think this is a much more complicated issue than to just point at any
one piece of legislation and say, If we just pass that, everything would be fine, Clinton said. So I am
not interested in just saying theres one answer to the too big to fail problem. We have a too big to
fail problem still and we have to figure out the best way to address it, and I will be talking more about
that. (Ben White and Annie Karni, Clintons Wall Street Hedge, Politico, 7/23/15)

Clinton Said Those Pushing New Bank Rule Should Remember That It Was Not Just
Banks That Caused The Financial Crisis. Mrs. Clinton said that people advocating for new
bank rules should remember that it was not just banks, but mortgage companies, insurance
companies and non-commercial banking entities who were as big if not bigger contributors to the
collapse of the financial system. (Laura Meckler, Hillary Clinton Rebuffs Liberals Push to Break Up Banks, The Wall Street
Journals Washington Wire, 7/23/15)

Clinton Said We Have To Figure Out The Best Way To Address Too Big To Fail And
She Will Be Talking More About That. So I am not interested in just saying there is one
answer to the too-big-to-fail problem, we have a too-big-to-fail problem still and we have to figure
out the best way to address it and Im going to be talking more about that, she told reporters at the
end of a day of campaigning in South Carolina. (Laura Meckler, Hillary Clinton Rebuffs Liberals Push to Break Up
Banks, The Wall Street Journals Washington Wire, 7/23/15)

And Clintons Campaign Has Said She Will Not Try To Reinstate Glass-Steagall
On July 13, 2015, Clinton Campaign Adviser Alan Blinder Indicated That Clinton Had
No Plans To Push For The Return Of Glass-Steagall. Hours after Hillary Clinton vowed to
crack down on Wall Street, an adviser said she has no plans to push a bank break-up bill beloved by
the left. Alan Blinder, a former Federal Reserve official now advising the Clinton campaign, told
Reuters Monday that she has no plans to push for the return of a banking law that separates
commercial and investment banks. (Peter Schroeder, Financial Adviser: Clinton Wont Push Glass-Steagall Bank Bill, The Hill,
7/13/15)

Alan Blinder: Youre Not Going To See Glass-Steagall. Liberals frequently argue that
the Glass-Steagall Act, whose repeal was signed into law by President Bill Clinton, would have
helped minimize the damage of the last financial crisis. But Blinder, who worked in the Clinton
White House as well, said that is not in the cards for Hillary Clinton. Youre not going to see GlassSteagall, he said, adding that he had spoken directly to Clinton about the issue. (Peter Schroeder,
Financial Adviser: Clinton Wont Push Glass-Steagall Bank Bill, The Hill, 7/13/15)