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Address for tax purposes, typically without moving their operations or executives. In inversions, U.S.-based companies merge with a smaller foreign business and take a non-U.S. Administration officials had started to worry that a wave of companies could follow the economic incentive.

Announced the two largest such deals in U.S.

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Already have an account? Don't have an account? Register for Free Unlimited Access. Options Web seminars, white papers, ebooks. вЂњItвЂ™s less of a problem of presidential hypocrisy than it is a problem of the state of the campaign-spending and campaign-donor world.вЂќ Obama started criticizing the deals known as corporate inversions in July, after Medtronic Inc. Criticizing Deals вЂњCampaign finance primarily comes from a very narrow band of very rich people,вЂќ he said. вЂњAnd at some point itвЂ™s sufficiently misleading that it draws the attention away from the difficulties involved with an agreement to lower the corporate tax rates-thatвЂ™s not an easy thing to do.вЂќ ItвЂ™s to ObamaвЂ™s credit that heвЂ™s willing to criticize his donors, said Robert Weissman, president of Public Citizen, a Washington-based group that describes itself as a вЂњcountervailing forceвЂќ to companies. Senator Bob Kerrey, a Nebraska Democrat who advises clients at Carmen Group Inc., a Washington consulting and lobbying firm. вЂњItвЂ™s populist rhetoric,вЂќ said former U.S. The presidentвЂ™s tough talk also may become a liability as Democrats seek corporate AmericaвЂ™s cash this year as they try to preserve their majority in the U.S. Presidential Tensions The administrationвЂ™s connections to these donors are causing tensions for the president as he urges Congress to act against the deals and prods the Treasury Department for short-term steps to curb them. Others are Jim Rogers, co-chairman of the host committee for the 2012 Democratic National Convention Roger Altman, a former senior Treasury Department official who raised at least $200,000 for ObamaвЂ™s re-election campaign and Shantanu Narayen, who sits on the presidentвЂ™s management advisory board. вЂќ Donors involved with the tax deals include Blair Effron, an investment banker who hosted Obama for a May fundraiser at his two-level, 9,000-square-foot apartment on ManhattanвЂ™s Upper East Side. вЂњBut what the president is focused on is stopping the problem.вЂќ He said there isnвЂ™t a double standard and that he would вЂњunderstand the skepticism more if we werenвЂ™t doing something to tackle the problem. вЂњWe are not privy to the details and have no role in any individual companyвЂ™s plans,вЂќ Schultz said yesterday at a briefing on MarthaвЂ™s Vineyard where Obama is vacationing. (Bloomberg) President Barack Obama wonвЂ™t return campaign donations to executives, advisers and directors who have profited from offshore mergers that reduce corporate taxes using a technique he has called вЂњunpatriotic.вЂќ Responding to a Bloomberg News report that described connections between more than 20 Obama donors and the tax-cutting transactions, White House Deputy Press Secretary Eric Schultz said the president will keep the cash.

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