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Posted on Sustainabilitank.info on June 16th, 2017
by Pincas Jawetz (pj@sustainabilitank.info)

Your Money, Your America
CEOs to Trump: You’re failing

by Matt Egan @mattmegan5
June 15, 2017

President Trump loved to brag during the campaign about his business skills. Now that he’s in charge, business leaders seem alarmed by Trump’s political skills.

A stunning 50% of the CEOs, business execs, government officials and academics surveyed at the annual Yale CEO Summit give Trump an “F” for his first 130 days in office.

The survey, released earlier this week, found that another 21% give Trump’s performance a “D” so far. Just 1% of the 125 leaders polled awarded the billionaire an “A.”
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The overarching message from CEOs is: “Stop the random 3 a.m. tweets and stop the needless brushfires diverting from the agenda,” said Jeffrey Sonnenfeld, the Yale School of Management professor who led the summit.

Sonnenfeld noted that 80% of those surveyed are CEOs, including Blackstone (BX) CEO Steve Schwarzman and IBM (IBM, Tech30) boss Ginni Rometty, who sit on Trump’s advisory council and Merck (MRK) CEO Ken Frazier, a member of the president’s manufacturing initiative. (Individual responses by each CEO were not released.)

“This was not a granola-eating crowd of Democrat entrepreneurs. It’s a cross-section of the business community, including some who are quite pro-Trump,” he said.

The Yale findings are the latest evidence that some pockets of the business community are growing disenchanted with Trump as his administration struggles to implement its economic agenda amid scandal and missteps.

Related: Trumpworld thinks there’s such a thing as a ‘good’ government shutdown
Earlier this month, Trump’s withdrawal from the Paris climate accord sparked an unprecedented revolt by CEOs. Business leaders led by Tesla (TSLA)founder Elon Musk, Disney CEO Bob Iger and JPMorgan Chase boss Jamie Dimon publicly bashed the decision. Goldman Sachs (GS) CEO Lloyd Blankfein even sent his first-ever tweet to slam the move as a “setback” for U.S. leadership in the world.

CEOs surveyed by Yale agree with that sentiment. Two-thirds of respondents indicated that Trump’s decision to pull out of the Paris climate accord diminished America’s global standing. Another 86% expressed concern about Trump minimizing Russian security mischief.
Business leaders are not impressed with Trump’s budget either. Three-fourths of survey respondents said the administration’s budget proposal is not sound.

Corporate America’s poor marks for Trump have not spread to Wall Street, at least not yet.
Trump’s promises to slash taxes, ramp up infrastructure spending and cut regulation have fired up investors. The Dow has surged roughly 3,000 points since Trump’s election and it hit yet another record on Wednesday.

Yet Trump’s economic agenda has been stalled due to opposition from Democrats and Republican infighting. Wall Street has dialed back its expectations for the size and timing of the tax reform Trump promised.

CEOs don’t think it’s a slam dunk. Just 42% of leaders surveyed by Yale think Trump will pass corporate tax reform.

David Bianco, chief investment strategist at Deutsche Asset Management, warned this week about the impact of the political trouble on stocks soon.

The Trump rally is “vulnerable to summer fatigue and rising anxiety over whether Congress can make pragmatic decisions,” Bianco warned in a report this week. He advised clients to be safe by moving some money from stocks to bonds.

“We think (the rally) has reached its near-term limits,” Bianco wrote.

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CNNMoney (New York)
First published June 15, 2017: 8:38 AM ET

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The Washington Post – June 15, 2017

Special counsel investigating Jared Kushner’s business dealings as part of Russia probe, officials say

Robert S. Mueller III is investigating the finances and business dealings of President Trump’s son-in-law and adviser as part of the investigation into Russia’s interference in the 2016 presidential election, according to officials familiar with the matter.

The Washington Post had earlier reported that investigators were scrutinizing separate meetings that Kushner held with the Russians in December — first with the Russian ambassador and then with the head of a Russian development bank. At the time of that report, it was not clear that the FBI was investigating Kushner’s business dealings.

Mueller’s investigation is still in a relatively early phase, and it is unclear if any criminal charges will be brought when it is complete.

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The New York Times —- June 16, 2017

In Washington, President Trump taunted federal investigators, accusing them of making up a “phony collusion with the Russians story” and dismissing reports that he could be investigated on suspicion of obstruction of justice for firing James Comey, the F.B.I. director.

Vladimir Putin, the president of Russia, during his annual call-in show, sarcastically offered Mr. Comey political asylum in the country.

Vice President Mike Pence has hired a criminal defense lawyer to guide him through the various investigations.

and further from CNN:

The lawyer, Richard Cullen, is a former Virginia attorney general and a former US attorney for the eastern district of Virginia. Pence interviewed several lawyers before selecting Cullen, who is based in Richmond.

The decision to hire Cullen has been in the works for weeks, aides to the vice president said. It follows President Donald Trump’s decision to assemble a team of outside lawyers to represent him through the Justice Department special counsel’s investigation of Russian meddling in the 2016 election.

“The vice president is focused entirely on his duties and promoting the President’s agenda and looks forward to a swift conclusion of this matter,” Jarrod Agen, the vice president’s communications director, said Thursday night in a statement.

Cullen, reached by CNN’s Kevin Bohn, Cullen said he had nothing to add beyond the official statement.

The vice president made the final decision to hire Cullen earlier this week, and aide told CNN, and stressed that the decision to hire Cullen was not prompted by anything.

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AND ONE GOOD WORD FROM TRUMP AND US CONGRESS:

FROM THE EUOBSERVER OF JUNE 16, 20017

TICKER
Austria and Germany oppose US sanctions on Russia
By EUOBSERVER – TODAY, 08:53

Austria and Germany have spoken out against the latest round of US sanctions against Moscow over broader concerns that they may affect European businesses dealing with Russian natural gas. The US Senate had voted earlier this week to impose the new sanctions. In a joint statement following the US vote, Austria and Germany said: “We can’t accept the threat of illegal and extraterritorial sanctions against European companies.”

AND WE AT SUSTAINABILITANK HAVE A LONGSTANDING OPPOSITION TO AUSTRIA ENERGY INTERESTS
HAVING SOLD THEMSELVES TO RUSSIA’S GASPROM BY INVESTING IN AND BUILDING PIPELINES FOR
RUSSIAN GAS MAKING EUROPE DEPENDENT ON RUSSIA.

NOT THAT US BUSINESS IS CLEAN BUSINESS, THEY JUST CONTEMPLATE MAKING MONEY BY SELLING AIRPLANES TO IRAN WHICH THEY BOMBASTICALLY ATTACK WITH WORDS. ALSO THE US OFFENSIVE
ON SAUDI MONEY BY LOADING THEM WITH MILITARY HARDWARE AND PLANES DOES LITTLE TO STABILIZE
THE REGION. OH WELL – BUT ON THOSE PIPELINES THE US IS RIGHT.

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