It is all politics folks. Obama's top advisor and long time member of the Chicago elite, Valerie Jarrett is connected to some of the Abbvie board members. A quick internet search of the AbbVie board members Frederick Waddell and Glenn Tilton show that both have ties to Jarrett and the Obama administration. Tilton, the former CEO of United Airlines, was appointed by President Obama to serve on the US Export Council. The Obama administration wants to stop these inversion deals. Connect the dots. Let's see if AbbVie actually pays the Billion plus dollar break up fee. Abbvie also has Edward Liddy on their board. Remember him-the former AIG CEO who paid his execs millions in bonus money after receiving government bail out funds. What a bunch.
It wouldn't surprise me at all if Obama got the democratic political machine in Chicago (DICK Durbin and others) involved to pressure AbbVie's board to abandon ship. Apparently they did the same to Walgreens (another Chicago company) who also passed on inverting when they completed a recent acquisition. Obama doesn't have a clue about business.
Read the Wall Street Journal editorial from today about Jack Lew. It's all pretty clear what happened here. The President and his party didn't want this deal to go through so guess what???? It didn't happen. Shameless and disgusting.
So the President (and Valerie Jarrett), wanting to help his Chicago connections at Abbvie, enforces regulations that tank a deal THEY wanted, and by doing so end up costing his friends 1.6 billion? Well yea, I am a liberal, but I'm not understanding the logic here.
http://m.wsj.com/articles/holman-jenkins-how-obama-killed-a-drug-merger-1413585699?mobile=y&ru=yahoo?mod=yahoo_itp
No, dumb hick, you have very poor reading comprehension and no logic, whatsoever. This leprecaun thinks you should be counting your lucky stars and marshmallow hearts that you have a job at all. OMG, How ignorant can you be? Out here in IL, we liberals made sure greedy ass AbbVie and others stay here in USA and pay their share of taxes. We are tired of their exploitation and greed. The Irish didn't want 'em, either and pulled the plug 2 days ago closing the ex-US tax loophole. Between Dick Durbin and Ireland the Shabbie deal went south. If you think we liberals and AbbVie have any affiliation other than mutual dislike, you are taking too many drugs you make.
Obama didn't want anymore inversions because in his ingenious mind they are bad for America. I don't have the time to explain how this thinking is flawed in so many ways. However, it's what he believes so he ensured thru his liberal connections in Chicago that it didn't happen.
No I mean middle class America. AbbVie won't be bringing any of their $10B in "trapped" cash back to the U.S. now to avoid the double taxation from the U.S. instead of investing it here in more growth / jobs they'll be deploying it in more tax friendly places like France. Get a clue.
