cnbc--2020-01-23--Bernie Sanders' wealth tax would raise $1 trillion less than he estimates, Wharton study shows

A new study from the University of Pennsylvania 's Wharton School finds that Sen. Bernie Sanders ' proposed wealth tax on the richest Americans will generate $ 1 trillion to $ 1.5 trillion less than what the campaign claims .
The results , if accurate , could undercut the critical funding needed to support his plans to develop public health care , education and hosts of other government-back programs .
The analysis also found that former Vice President Joe Biden 's plan would raise $ 600 billion to $ 900 billion less than his campaign estimates .
The study found @ @ @ @ @ @ @ effect on the size of the economy '' by 2050 as curtailed growth from higher tax rates edge out the benefits of deficit reduction , according to the study viewed by CNBC .
The Sanders campaign did not respond to CNBC 's request for comment on this story .
The Penn Wharton Budget Model assessed the budgetary and economic effects of two proposals from Sanders , I-Vt. , to determine how his planned wealth tax and expansion of the estate tax would impact households and the greater American economy .
It found that @ @ @ @ @ @ @ 2.8 trillion to $ 3.3 trillion over 10 years , about $ 1 trillion to $ 1.5 trillion shy of what the campaign projects .
The university said the estate tax expansion , meanwhile , would raise an additional $ 267 billion over 10 years and increase the percentage of descendants affected by the levy to about 0.5 % in 2030 .
The Wharton figures , if correct , would represent a marked shortfall for the Sanders campaign , which has pegged its wealth tax as integral to its campaign ambitions for proposals @ @ @ @ @ @ @ reducing student loan debt .
The campaign itself estimates the wealth levy would generate $ 4.35 trillion over the next 10 years and in an email to CNBC defended the senator 's plan .
Sanders ' wealth tax is progressive , meaning the rate individuals or married couples pay rises in tandem with their net worth .
The Vermont senator 's wealth tax , which his campaign introduced in September , would require married couples with a net worth of $ 10 billion or more to pay an 8 % annual tax .
@ @ @ @ @ @ @ $ 5 billion to $ 10 billion would pay 7 % , and those with a net worth of $ 2.5 billion to $ 5 billion would pay 6 % .
The lowest bracket covered under Sanders ' plan — couples with a net worth ranging from $ 32 million to $ 50 million — would pay 1 % .
The Wharton paper also sought to calculate the estimated economic effects of the Sanders taxes .
The paper said average hourly wages in the economy , including those earned by households not directly @ @ @ @ @ @ @ fall by 1 % due to the reduction in private capital formation .
It also says the tax would shrink the U.S. economy by 1.1 % by 2050 , depending on how Congress spends the revenues .
But the campaign says it plans to put the funds toward an affordable housing plan , universal child care and Medicare for All , one of his longtime policy promises .
Though the revenues raised from the Sanders tax would cut into the wealth of the richest Americans and potentially have an adverse impact on business @ @ @ @ @ @ @ say the government programs could also lead to improved worker productivity through a healthier , smarter workforce .
That 's an important possibility for which the Wharton paper fails to account to date , at least in Sanders ' case .
The school 's prior analysis of Sen. Elizabeth Warren 's wealth tax plan did allow for the revenue spent to add to worker productivity .
`` The effects are largely the same , '' said Rich Prisinzano , director of policy analysis at the Penn Wharton Budget Model .
`` You 're @ @ @ @ @ @ @ people work less .
Investment becomes more expensive , you get less investment , that makes the return to labor less productive . ''
In the current paper , the authors write that `` the Sanders campaign does not indicate specific plans for how the wealth tax revenue would be spent '' and therefore use the longstanding practice of applying the additional revenue toward federal deficit reduction .
But should Congress use the revenues in a way that makes American corporations more productive ( e.g.
, through fewer employee sick days ) , @ @ @ @ @ @ @ at least be lessened .
The Penn Wharton Budget Model 's evaluation of Biden 's plan deemed his proposal more modest , both in terms of impact on the economy and revenues raised through proposed taxes , which tend to focus on taxing capital and corporate income .
Still , the Biden plan would raise just $ 2.3 trillion to $ 2.6 trillion over 10 years , about $ 600 billion to $ 900 billion less than the Biden campaign estimates , the Wharton model projects .
The paper found that the former @ @ @ @ @ @ @ little effect on the size of the economy '' and reduce GDP by 0.1 % in 2030 and 2040 before increasing growth by 0.1 % by 2050 .
The White House candidate announced in December that his planned tax on the wealthy and corporations would pay for $ 3.2 trillion in promised investment in infrastructure , higher education and health care .
Biden 's campaign projects his minimum tax of 15 % on the income the most profitable companies report on their books would raise $ 400 billion , which would help pay @ @ @ @ @ @ @ pay for proposed climate change efforts and other infrastructure development .
`` Joe Biden is running for president to build a stronger , more inclusive American middle class and an economy and a tax code that rewards work — not just wealth , '' the campaign told CNBC in an email .
`` Biden has proposed unprecedented investments that will create good jobs , strengthen the middle class , make us more competitive with the rest of the world , and grow our economy — including investments in infrastructure , a clean energy @ @ @ @ @ @

watch now
A new study from the University of Pennsylvania's Wharton School finds that Sen. Bernie Sanders' proposed wealth tax on the richest Americans will generate $1 trillion to $1.5 trillion less than what the campaign claims. The results, if accurate, could undercut the critical funding needed to support his plans to develop public health care, education and hosts of other government-back programs. The analysis also found that former Vice President Joe Biden's plan would raise $600 billion to $900 billion less than his campaign estimates. The study found Biden's plan "would have little effect on the size of the economy" by 2050 as curtailed growth from higher tax rates edge out the benefits of deficit reduction, according to the study viewed by CNBC. The Sanders campaign did not respond to CNBC's request for comment on this story.
Sanders shortfall?
The Penn Wharton Budget Model assessed the budgetary and economic effects of two proposals from Sanders, I-Vt., to determine how his planned wealth tax and expansion of the estate tax would impact households and the greater American economy. It found that the Sanders wealth tax would raise $2.8 trillion to $3.3 trillion over 10 years, about $1 trillion to $1.5 trillion shy of what the campaign projects. The university said the estate tax expansion, meanwhile, would raise an additional $267 billion over 10 years and increase the percentage of descendants affected by the levy to about 0.5% in 2030. The Wharton figures, if correct, would represent a marked shortfall for the Sanders campaign, which has pegged its wealth tax as integral to its campaign ambitions for proposals like "Medicare for All" and reducing student loan debt. The campaign itself estimates the wealth levy would generate $4.35 trillion over the next 10 years and in an email to CNBC defended the senator's plan.
Democratic presidential candidate Sen. Bernie Sanders (D-VT) speaks during a campaign event at NOAH's Events Venue on December 30, 2019 in West Des Moines, Iowa. Joe Raedle | Getty Images
Sanders' wealth tax is progressive, meaning the rate individuals or married couples pay rises in tandem with their net worth. The Vermont senator's wealth tax, which his campaign introduced in September, would require married couples with a net worth of $10 billion or more to pay an 8% annual tax. Those couples with a net worth of $5 billion to $10 billion would pay 7%, and those with a net worth of $2.5 billion to $5 billion would pay 6%. The lowest bracket covered under Sanders' plan — couples with a net worth ranging from $32 million to $50 million — would pay 1%. The Wharton paper also sought to calculate the estimated economic effects of the Sanders taxes. The paper said average hourly wages in the economy, including those earned by households not directly subject to the wealth tax, would fall by 1% due to the reduction in private capital formation. It also says the tax would shrink the U.S. economy by 1.1% by 2050, depending on how Congress spends the revenues. But the campaign says it plans to put the funds toward an affordable housing plan, universal child care and Medicare for All, one of his longtime policy promises. Though the revenues raised from the Sanders tax would cut into the wealth of the richest Americans and potentially have an adverse impact on business investment, advocates of the Sanders plan say the government programs could also lead to improved worker productivity through a healthier, smarter workforce.
watch now
That's an important possibility for which the Wharton paper fails to account to date, at least in Sanders' case. The school's prior analysis of Sen. Elizabeth Warren's wealth tax plan did allow for the revenue spent to add to worker productivity. "The effects are largely the same," said Rich Prisinzano, director of policy analysis at the Penn Wharton Budget Model. "You're reducing the size of the economy as people work less. Investment becomes more expensive, you get less investment, that makes the return to labor less productive." In the current paper, the authors write that "the Sanders campaign does not indicate specific plans for how the wealth tax revenue would be spent" and therefore use the longstanding practice of applying the additional revenue toward federal deficit reduction. But should Congress use the revenues in a way that makes American corporations more productive (e.g., through fewer employee sick days), the adverse impact on economic growth would at least be lessened.
Biden's plan impacts more muted
The Penn Wharton Budget Model's evaluation of Biden's plan deemed his proposal more modest, both in terms of impact on the economy and revenues raised through proposed taxes, which tend to focus on taxing capital and corporate income. Still, the Biden plan would raise just $2.3 trillion to $2.6 trillion over 10 years, about $600 billion to $900 billion less than the Biden campaign estimates, the Wharton model projects. The paper found that the former vice president's plan would "have little effect on the size of the economy" and reduce GDP by 0.1% in 2030 and 2040 before increasing growth by 0.1% by 2050.
Democratic 2020 U.S. presidential candidate and former U.S. Vice President Joe Biden speaks during a meeting at Chickasaw Event Center in New Hampton, Iowa, December 5, 2019. Shannon Stapleton | Reuters
The White House candidate announced in December that his planned tax on the wealthy and corporations would pay for $3.2 trillion in promised investment in infrastructure, higher education and health care. Biden's campaign projects his minimum tax of 15% on the income the most profitable companies report on their books would raise $400 billion, which would help pay for a $1.7 trillion investment to pay for proposed climate change efforts and other infrastructure development. "Joe Biden is running for president to build a stronger, more inclusive American middle class and an economy and a tax code that rewards work — not just wealth," the campaign told CNBC in an email. "Biden has proposed unprecedented investments that will create good jobs, strengthen the middle class, make us more competitive with the rest of the world, and grow our economy — including investments in infrastructure, a clean energy revolution, and education."
watch now


cnbc--2020-01-23--Here are some of the biggest celebrity endorsements of the 2020 Democratic presidential race

If the 2020 Democratic nominee were determined solely by celebrity endorsements , Sen. Bernie Sanders would be the party 's front-runner today .
The independent from Vermont leads the Democratic field when it comes to celebrity endorsements , having won the support of megastars Cardi B and Ariana Grande .
`` Avengers '' star Mark Ruffalo announced his support for the candidate in December .
Entrepreneur and political novice Andrew Yang would be the runner-up , with endorsements from comedian Dave Chappelle and Tesla titan Elon Musk , among others .
Endorsements — public declarations of support — can frequently @ @ @ @ @ @ @ demographics .
Celebrities can offer help for their chosen contestant in the form of fundraisers , appearances at rallies and social media posts .
Here are some of the 2020 candidates ' biggest celebrity endorsements : The former vice president and current front-runner has won the backing of `` Game of Thrones '' creator George R. R. Martin , who said in his personal blog that `` the speech he gave announcing his run was kickass . ''
`` The main things I want in a nominee , however , are twofold : @ @ @ @ @ @ @ Trump , and ( 2 ) someone who would actually be a good/ great president , '' Martin said .
`` Biden qualifies on both counts . ''
Celebrity lawyer Michael Avenatti , who formerly represented porn star Stormy Daniels in her legal battles with President Donald Trump , is also a Biden supporter .
Avenatti is being held in federal jail after his arrest last week , accused of financial crimes .
`` I am extremely happy that Joe Biden has decided to enter the race , '' Avenatti wrote on Twitter @ @ @ @ @ @ @ the very best chance in 2020 , especially in key states .
He has the fight , intelligence and fortitude to beat Trump and begin to make America , America again .
He has my enthusiastic support . ''
Actor and director Rob Reiner endorsed Biden in April , saying that Biden can `` restore our soul & standing as leader of the free world . ''
Actor Vivica A .
Fox also endorsed the former vice president , saying in an interview that Biden 's `` got 'that thing . '
He @ @ @ @ @ @ @ been there . ''
Former NBA Hall of Famer Bill Bradley is endorsing Biden , Politico reported on Thursday .
Bradley said Biden is `` the only candidate who can beat Donald Trump and help Democrats win the House and Senate '' and will campaign with him in New Hampshire .
Though Biden is light on celebrity endorsements , he 's in the lead with endorsements from current and former politicians .
Biden also leads in most national polls , with an average of 28.1 % voter support , according to RealClearPolitics .
@ @ @ @ @ @ @ ad paid for by Bloomberg , said the former New York City mayor `` has done amazing things and will be a truly great president . ''
`` No one comes close to Mike Bloomberg 's executive achievement , government experience , and impactful philanthropy , '' Judge Judy , whose real name is Judith Sheindlin , said in the ad .
Since launching his campaign in November , Bloomberg has spent $ 248 million on advertisements , far outpacing the amount spent by every Democratic candidate in the history of U.S. presidential @ @ @ @ @ @ @ and has not qualified for a single debate .
He is polling at around 7.4 % nationally , according to RealClearPolitics .
Actor Mandy Moore showed her support for the former South Bend , Indiana , mayor backstage at the last Democratic debate .
The `` This Is Us '' star has also been hosting virtual fundraisers for the candidate .
Actor Gwyneth Paltrow invited a crowd of 100 people , including some celebrities and former U.S. ambassadors , to an event in support of Buttigieg at her home in May .
Tickets @ @ @ @ @ @ @ Endorsements also came from two influential names in the TV industry : `` Family Guy '' creator Seth MacFarlane and `` Star Trek '' actor George Takei .
Takei , in a video announcing his endorsement , said while he 'd ultimately support any of the Democratic candidates , he prefers Buttigieg because he is `` guided by his outstanding character , integrity , and intelligence .
Pete has a calm eloquence about him , which I know to be the hallmark of a great leader , and again , which is sorely @ @ @ @ @ @ @ polling at 7.7 % , according to a RealClearPolitics average , well off his highs .
He has qualified for the next Democratic debate .
The senator from Vermont has more than a dozen celebrity names on his side .
On Wednesday , the campaign announced that Vampire Weekend and Bon Iver will perform in upcoming rallies in Iowa to build support for the candidate .
`` I believe , unequivocally , that all people deserve support , love , and the freedom to choose how to live their own lives , '' @ @ @ @ @ @ @ a statement .
`` There are promises in our constitutional language that are being superseded by money and greed in this country ; I believe that Senator Sanders is the only one that has the pedigree , the experience , the courage , and the undying spirit to begin to put these obstacles of freedom to rest . ''
Other celebrities in support of Sanders include artists Cardi B and Ariana Grande .
Cardi B has previously encouraged her fans to `` vote for Daddy Bernie '' when he ran in the 2016 @ @ @ @ @ @ @ Sanders ' biggest supporters , with actors John Cusack and Mark Ruffalo and filmmaker Michael Moore pushing for the candidate .
H. Jon Benjamin , star of `` Bob 's Burgers '' and `` Archer '' endorsed Sanders on Wednesday in a video series released by the campaign making the case for Medicare for All .
`` Bernie Sanders has spent his whole career as a voice for change to help people who need it the most , '' Benjamin said .
`` I have spent my whole career as a voice for @ @ @ @ @ @ @ happen . ''
Jeopardy champion Ken Jennings endorsed both Sanders and Sen. Elizabeth Warren seemingly in an effort to get the two left-wing candidates to make up after a tense January debate night .
`` Remember , defending champion Ken Jennings wants you to vote for Bernie Sanders or Elizabeth Warren , '' Jennings said in response to a tweet from the Bloomberg 2020 campaign referencing him .
Sanders , a prodigious fundraiser , has been rising in national polls in the past few weeks , nipping at the heels of Biden .
@ @ @ @ @ @ @ his support , and Weezer frontman Rivers Cuomo performed at Yangapalooza , a free rally the campaign held in Iowa on Nov. 1 .
Other Yang backers include Childish Gambino aka Donald Glover , who took a position on his campaign as creative consultant ; actors Steven Yeun from `` The Walking Dead '' and Teri Hatcher from `` Desperate Housewives , '' and `` Guardians of the Galaxy '' director James Gunn .
Yang has lately garnered just 3.6 % of support in a RealClearPolitics average of national polls , but his @ @ @ @ @ @ @ career politicians such as Sens .
Kamala Harris and Cory Booker .
Yang failed to qualify for the January debate and has yet to make the list for the Feb. 7 debate .

Senator Bernie Sanders speaks during Bernie Sanders Rally "Bernie's Back" in Queensbridge Park. Lev Radin | LightRocket | Getty Images
If the 2020 Democratic nominee were determined solely by celebrity endorsements, Sen. Bernie Sanders would be the party's front-runner today. The independent from Vermont leads the Democratic field when it comes to celebrity endorsements, having won the support of megastars Cardi B and Ariana Grande. "Avengers" star Mark Ruffalo announced his support for the candidate in December. Entrepreneur and political novice Andrew Yang would be the runner-up, with endorsements from comedian Dave Chappelle and Tesla titan Elon Musk, among others. Endorsements — public declarations of support — can frequently help candidates whip up enthusiasm from different demographics. Celebrities can offer help for their chosen contestant in the form of fundraisers, appearances at rallies and social media posts. Here are some of the 2020 candidates' biggest celebrity endorsements:
Joe Biden
The former vice president and current front-runner has won the backing of "Game of Thrones" creator George R. R. Martin, who said in his personal blog that "the speech he gave announcing his run was kickass." "The main things I want in a nominee, however, are twofold: (1) someone who can beat Trump, and (2) someone who would actually be a good/ great president," Martin said. "Biden qualifies on both counts."
Writer, George R. R. Martin. Jason Merritt | Getty Images
Celebrity lawyer Michael Avenatti, who formerly represented porn star Stormy Daniels in her legal battles with President Donald Trump, is also a Biden supporter. Avenatti is being held in federal jail after his arrest last week, accused of financial crimes. "I am extremely happy that Joe Biden has decided to enter the race," Avenatti wrote on Twitter in April. "He offers Dems the very best chance in 2020, especially in key states. He has the fight, intelligence and fortitude to beat Trump and begin to make America, America again. He has my enthusiastic support." Actor and director Rob Reiner endorsed Biden in April, saying that Biden can "restore our soul & standing as leader of the free world." Reiner tweet Actor Vivica A. Fox also endorsed the former vice president, saying in an interview that Biden's "got 'that thing.' He has that history, and he's been there." Former NBA Hall of Famer Bill Bradley is endorsing Biden, Politico reported on Thursday. Bradley said Biden is "the only candidate who can beat Donald Trump and help Democrats win the House and Senate" and will campaign with him in New Hampshire. Though Biden is light on celebrity endorsements, he's in the lead with endorsements from current and former politicians. Biden also leads in most national polls, with an average of 28.1% voter support, according to RealClearPolitics.
Michael Bloomberg
Judge Judy, appearing in a campaign ad paid for by Bloomberg, said the former New York City mayor "has done amazing things and will be a truly great president." "No one comes close to Mike Bloomberg's executive achievement, government experience, and impactful philanthropy," Judge Judy, whose real name is Judith Sheindlin, said in the ad.
Judge Judy Getty Images
Since launching his campaign in November, Bloomberg has spent $248 million on advertisements, far outpacing the amount spent by every Democratic candidate in the history of U.S. presidential elections. Bloomberg does not accept donations and has not qualified for a single debate. He is polling at around 7.4% nationally, according to RealClearPolitics.
Pete Buttigieg
Actor Mandy Moore showed her support for the former South Bend, Indiana, mayor backstage at the last Democratic debate. The "This Is Us" star has also been hosting virtual fundraisers for the candidate. Mandy Moore fundraiser Actor Gwyneth Paltrow invited a crowd of 100 people, including some celebrities and former U.S. ambassadors, to an event in support of Buttigieg at her home in May. Tickets went for $250 per head.
Gwyneth Paltrow Vivien Killilea | Getty Images
Endorsements also came from two influential names in the TV industry: "Family Guy" creator Seth MacFarlane and "Star Trek" actor George Takei. Takei, in a video announcing his endorsement, said while he'd ultimately support any of the Democratic candidates, he prefers Buttigieg because he is "guided by his outstanding character, integrity, and intelligence. Pete has a calm eloquence about him, which I know to be the hallmark of a great leader, and again, which is sorely lacking today." George Takei endorsement Buttigieg is currently polling at 7.7%, according to a RealClearPolitics average, well off his highs. He has qualified for the next Democratic debate.
Bernie Sanders
The senator from Vermont has more than a dozen celebrity names on his side. On Wednesday, the campaign announced that Vampire Weekend and Bon Iver will perform in upcoming rallies in Iowa to build support for the candidate. "I believe, unequivocally, that all people deserve support, love, and the freedom to choose how to live their own lives," Bon Iver's Justin Vernon said in a statement. "There are promises in our constitutional language that are being superseded by money and greed in this country; I believe that Senator Sanders is the only one that has the pedigree, the experience, the courage, and the undying spirit to begin to put these obstacles of freedom to rest."
Brian Robert Jones and Ezra Koenig of Vampire Weekend perform on day 3 of Lollapalooza at Grant Park on August 4, 2018 in Chicago, Illinois. Timothy Hiatt | WireImage | Getty Images
Other celebrities in support of Sanders include artists Cardi B and Ariana Grande. Cardi B has previously encouraged her fans to "vote for Daddy Bernie" when he ran in the 2016 presidential election. Movie stars are among Sanders' biggest supporters, with actors John Cusack and Mark Ruffalo and filmmaker Michael Moore pushing for the candidate. H. Jon Benjamin, star of "Bob's Burgers" and "Archer" endorsed Sanders on Wednesday in a video series released by the campaign making the case for Medicare for All. "Bernie Sanders has spent his whole career as a voice for change to help people who need it the most," Benjamin said. "I have spent my whole career as a voice for cartoons. This endorsement was bound to happen." Jeopardy champion Ken Jennings endorsed both Sanders and Sen. Elizabeth Warren seemingly in an effort to get the two left-wing candidates to make up after a tense January debate night. "Remember, defending champion Ken Jennings wants you to vote for Bernie Sanders or Elizabeth Warren," Jennings said in response to a tweet from the Bloomberg 2020 campaign referencing him. Jennings tweet Sanders, a prodigious fundraiser, has been rising in national polls in the past few weeks, nipping at the heels of Biden.
Elizabeth Warren
Soccer star Megan Rapinoe posted on Twitter last month a phone call she had with the Democratic senator from Massachusetts. "I just don't think we can get to a better place by walking this moderate line so I appreciate you being out front and being big and bold with that," Rapinoe told Warren in the phone call. Megan phone call
Megan Rapinoe of the U.S. celebrates scoring their first goal on June 28, 2019. Benoit Tessier | Reuters
Also behind Warren are celebrity couple John Legend and Chrissy Teigen, Jonathan Van Ness from "Queer Eye," folk rock singer Melissa Etheridge and comedian Rosie O'Donnell. "Crazy Rich Asians" star Constance Wu announced her support for Warren in a statement to NBC News on Thursday. Warren, along with Sen. Amy Klobuchar, most recently received a duel endorsement from The New York Times. Warren has slipped in national polls, coming in at 15%, according to RealClearPolitics. That puts her behind Sanders and Biden. Klobuchar's support from voters averages about 3.6%. The two leading women in the 2020 election have qualified for the upcoming Democratic debate.
Andrew Yang
After comedian Dave Chappelle gave a full-throated endorsement for Yang, he announced he'd have two shows to support the entrepreneur. The two shows will be performed on Jan. 29 and Jan. 30 in South Carolina, ahead of the state's Feb. 29 primary. Chappelle is not the only comedian backing Yang. Comedian and "Community" actor Ken Jeong endorsed the candidate, saying, "I love Andrew Yang and am proud to be endorsing him. He's offering me a thousand bucks a month to say this. Andrew is a visionary whose humanity is boundless. I'm honored to be part of the #YangGang."
Dave Chappelle performs to a sold out crowd onstage at the Hollywood Palladium. Lester Cohen | WireImage | Getty Images


cnbc--2020-01-23--Trump impeachment trial highlights: Bolton-Biden witness trade is 'off the table,' Schumer says

House Democrats began on Wednesday to lay out their case against President Donald Trump , arguing to the Senate why he should be convicted and removed from office .
Lead House impeachment manager Adam Schiff , D-Calif. , kicked off the trial proceedings around 1 p.m .
ET , delivering a sweeping overview of Trump 's alleged abuses of power and attempts to obstruct Congress .
The House managers ' opening statements in Trump 's impeachment trial followed a contentious day of debate inside and outside the Senate chamber .
Trump 's defense team and the Democrats grappled for more @ @ @ @ @ @ @ the trial , each throwing punches so intense that Chief Justice John Roberts was compelled to interject .
Trump , meanwhile , spared no opportunity to attack Democrats over the impeachment `` hoax , '' slamming House Judiciary Chairman Jerry Nadler , D-N.Y. , as a `` sleazeball '' before departing the World Economic Forum in Davos , Switzerland .
Here are highlights of the impeachment trial : Schiff , who led the House in its efforts to pass two articles of impeachment against Trump in December , spoke on the Senate floor @ @ @ @ @ @ @ made lofty arguments about historical precedent , warning that if Trump is not removed , future presidents will feel free to seek foreign help with elections .
Trump was impeached over his efforts to pressure Ukraine President Volodymyr Zelenskiy to launch investigations into his political rival , former Vice President Joe Biden , and his son Hunter , along with a debunked conspiracy theory alleging Ukrainian interference in the 2016 presidential election .
While Trump sought those investigations , his administration was withholding hundreds of millions of dollars in military aid to Ukraine @ @ @ @ @ @ @ also impeached Trump for blocking the House 's investigation into the matter , by refusing to hand over any documents and directing key witnesses not to comply with Congress .
Schiff began his remarks by tying the founding fathers ' `` prescient '' views about impeachment to Trump through a quote from Alexander Hamilton : `` When a man unprincipled in private life desperate in his fortune , bold in his temper , possessed of considerable talents , having the advantage of military habits — despotic in his ordinary demeanour — known to @ @ @ @ @ @ @ of liberty — when such a man is seen to mount the hobby horse of popularity — to join in the cry of danger to liberty — to take every opportunity of embarrassing the General Government & bringing it under suspicion — to flatter and fall in with all the non sense of the zealots of the day — It may justly be suspected that his object is to throw things into confusion that he may 'ride the storm and direct the whirlwind . '
'' Schiff quickly moved to establish that Trump @ @ @ @ @ @ @ the presidency – a preemptive strike against Trump 's attorneys , who maintain that the president has done nothing wrong .
Trump , Schiff said , `` does not , under our laws and under our constitution , have a right to use the powers of his office to corruptly solicit foreign aid , prohibited foreign aid , in his re-election . ''
`` He does not have the right to withhold official presidential acts to secure that assistance , and he certainly does not have the right to undermine our elections and @ @ @ @ @ @ @ own personal benefit , '' Schiff said .
`` No president , Republican or Democrat , can be permitted to do that . ''
Schiff also employed the words of acting White House chief of staff Mick Mulvaney , who in October admitted – then tried to walk back – that the Ukraine aid was tied to investigations .
If this was allowed to stand , Schiff argued , there was no limit to the presidential malfeasance Americans would be told to just `` get over it '' in the future .
`` @ @ @ @ @ @ @ the president says there was no quid pro quo , I guess that closes the case ! '
'' Schiff asked rhetorically .
One of Trump 's lead defense lawyers , Jay Sekulow , told reporters Wednesday that his team would `` rebut '' much of what Schiff alleged in his opening statement .
Their argument will be based on both `` challenging the case that they made '' and then making `` an affirmative case '' in Trump 's defense , Sekulow said .
Sekulow singled out Democrats ' implicit charge that @ @ @ @ @ @ @ to Ukraine was directly tied to his request that Ukraine launch investigations into the Bidens .
`` You noticed that Adam Schiff today talked about quid pro quo , '' said Sekulow , using the Latin term phrase meaning 'this for that ' in reference to Schiff 's remarks about Mulvaney .
`` Notice what 's not in the articles of impeachment – allegations or accusations of quid pro quo .
That 's because they did n't exist , '' Sekulow said .
The president 's lawyers are expected to argue that Trump @ @ @ @ @ @ @ then abruptly release , nearly $ 400 million in aid to Ukraine last summer was unrelated to his request that Ukraine `` do us a favor '' by investigating the Bidens .
They are also expected to argue that the articles of impeachment against Trump themselves do not accuse the president of committing a crime under federal law .
Democrats fought for more than 12 hours Tuesday to ensure that the Republican-majority Senate would issue subpoenas for documents and witnesses , including Mulvaney and former national security advisor John Bolton .
But Schumer @ @ @ @ @ @ @ Mitch McConnell 's proposed rules were shot down , nearly all along party lines .
Over the next several hours , speculation grew on Capitol Hill that a possible deal could be struck whereby Bolton – who vowed that he would appear in the Senate if he was subpoenaed – could be allowed to testify if Hunter Biden was also brought in as a witness .
Democrats see Bolton as a key fact witness who was close to the president and the associates who were involved in the efforts toward Ukraine .
Many @ @ @ @ @ @ @ Hunter Biden , who served on the board of a Ukraine natural gas company while his father was vice president .
Schumer , however , poured cold water on the idea while speaking to reporters during a recess in proceedings Wednesday afternoon .
`` No , I think that 's off the table , '' Schumer said when asked about the possibility of a witness trade .
`` That trade is not on the table . ''
Trump boasts he has 'all the material' Wrapping up a trip to Davos , Switzerland to @ @ @ @ @ @ @ spoke to reporters about the impeachment , where he seemed to inadvertently admit that the White House refusal to turn over documents to Congress was helping his case .
`` I got to watch enough — I thought our team did a very good job .
But honestly , we have all the material .
They do n't have the material , '' he said .
House manager Val Demings , D-Fla. , quickly seized upon Trump 's remarks as an admission of guilt on the article of obstructing Congress .
Schiff also @ @ @ @ @ @ @ will spend the 24 hours – stretched out over three days , per the rules adopted in the wee hours Wednesday morning – that they have been allotted to make their case .
Schiff told the senators that his team will present evidence painting a `` damning picture of the president 's efforts to use the powers of his office to corruptly solicit foreign help in his re-election campaign and withhold official acts and military aid to compel that support . ''
Other members of the team took the helm after Schiff finished @ @ @ @ @ @ @ , followed by Texas Rep. Sylvia Garcia and Rep. Jason Crow of Colorado , then laid out a meticulous timeline of the entire Ukraine aid freeze .
They relied heavily on video clips of the testimony of previous witnesses who appeared in the House impeachment inquiry .
Following the presentation of this evidence , which was still ongoing at 7:30 p.m. Wednesday night , Schiff said the next step would be for the managers to explain impeachment through a constitutional lens , and examine the necessary role of impeachment `` as it was @ @ @ @ @ @ @ , he said , Democrats would tie the previous two steps together , and `` analyze how the facts of the president 's misconduct and cover-up lead to the conclusion that the president undertook the sort of corrupt course of conduct that impeachment was intended to remedy . ''
Once the managers are done , Trump 's lawyers then begin their defense .
It 's unclear if they plan to use the entire three-day window to state their case .

House Democrats began on Wednesday to lay out their case against President Donald Trump, arguing to the Senate why he should be convicted and removed from office. Lead House impeachment manager Adam Schiff, D-Calif., kicked off the trial proceedings around 1 p.m. ET, delivering a sweeping overview of Trump's alleged abuses of power and attempts to obstruct Congress. The House managers' opening statements in Trump's impeachment trial followed a contentious day of debate inside and outside the Senate chamber. Trump's defense team and the Democrats grappled for more than 12 hours over the rules of the trial, each throwing punches so intense that Chief Justice John Roberts was compelled to interject.
watch now
Trump, meanwhile, spared no opportunity to attack Democrats over the impeachment "hoax," slamming House Judiciary Chairman Jerry Nadler, D-N.Y., as a "sleazeball" before departing the World Economic Forum in Davos, Switzerland. Here are highlights of the impeachment trial:
Schiff's case
Schiff, who led the House in its efforts to pass two articles of impeachment against Trump in December, spoke on the Senate floor for more than two hours. He made lofty arguments about historical precedent, warning that if Trump is not removed, future presidents will feel free to seek foreign help with elections. Trump was impeached over his efforts to pressure Ukraine President Volodymyr Zelenskiy to launch investigations into his political rival, former Vice President Joe Biden, and his son Hunter, along with a debunked conspiracy theory alleging Ukrainian interference in the 2016 presidential election. While Trump sought those investigations, his administration was withholding hundreds of millions of dollars in military aid to Ukraine without providing a clear explanation. Democrats also impeached Trump for blocking the House's investigation into the matter, by refusing to hand over any documents and directing key witnesses not to comply with Congress. Schiff began his remarks by tying the founding fathers' "prescient" views about impeachment to Trump through a quote from Alexander Hamilton: "When a man unprincipled in private life desperate in his fortune, bold in his temper, possessed of considerable talents, having the advantage of military habits — despotic in his ordinary demeanour — known to have scoffed in private at the principles of liberty — when such a man is seen to mount the hobby horse of popularity — to join in the cry of danger to liberty — to take every opportunity of embarrassing the General Government & bringing it under suspicion — to flatter and fall in with all the non sense of the zealots of the day — It may justly be suspected that his object is to throw things into confusion that he may 'ride the storm and direct the whirlwind.'" Schiff quickly moved to establish that Trump's dealings with Ukraine constituted abuses of the presidency – a preemptive strike against Trump's attorneys, who maintain that the president has done nothing wrong. Trump, Schiff said, "does not, under our laws and under our constitution, have a right to use the powers of his office to corruptly solicit foreign aid, prohibited foreign aid, in his re-election." "He does not have the right to withhold official presidential acts to secure that assistance, and he certainly does not have the right to undermine our elections and place our security at risk for his own personal benefit," Schiff said. "No president, Republican or Democrat, can be permitted to do that." Schiff also employed the words of acting White House chief of staff Mick Mulvaney, who in October admitted – then tried to walk back – that the Ukraine aid was tied to investigations. If this was allowed to stand, Schiff argued, there was no limit to the presidential malfeasance Americans would be told to just "get over it" in the future. "Are we to accept, 'Well, the president says there was no quid pro quo, I guess that closes the case!'" Schiff asked rhetorically.
Trump defense: No crime in impeachment charges
One of Trump's lead defense lawyers, Jay Sekulow, told reporters Wednesday that his team would "rebut" much of what Schiff alleged in his opening statement. Their argument will be based on both "challenging the case that they made" and then making "an affirmative case" in Trump's defense, Sekulow said. Sekulow singled out Democrats' implicit charge that Trump's decision to freeze the aid to Ukraine was directly tied to his request that Ukraine launch investigations into the Bidens. "You noticed that Adam Schiff today talked about quid pro quo," said Sekulow, using the Latin term phrase meaning 'this for that' in reference to Schiff's remarks about Mulvaney. "Notice what's not in the articles of impeachment – allegations or accusations of quid pro quo. That's because they didn't exist," Sekulow said. The president's lawyers are expected to argue that Trump's decision first to withhold, and then abruptly release, nearly $400 million in aid to Ukraine last summer was unrelated to his request that Ukraine "do us a favor" by investigating the Bidens. They are also expected to argue that the articles of impeachment against Trump themselves do not accuse the president of committing a crime under federal law.
Schumer rejects deal to swap Bolton testimony for Hunter Biden's
Democrats fought for more than 12 hours Tuesday to ensure that the Republican-majority Senate would issue subpoenas for documents and witnesses, including Mulvaney and former national security advisor John Bolton. But Schumer's 11 amendments to Senate Majority Leader Mitch McConnell's proposed rules were shot down, nearly all along party lines. Over the next several hours, speculation grew on Capitol Hill that a possible deal could be struck whereby Bolton – who vowed that he would appear in the Senate if he was subpoenaed – could be allowed to testify if Hunter Biden was also brought in as a witness. Democrats see Bolton as a key fact witness who was close to the president and the associates who were involved in the efforts toward Ukraine. Many Republicans have adopted Trump's suspicions about Hunter Biden, who served on the board of a Ukraine natural gas company while his father was vice president. Schumer, however, poured cold water on the idea while speaking to reporters during a recess in proceedings Wednesday afternoon. "No, I think that's off the table," Schumer said when asked about the possibility of a witness trade. "That trade is not on the table."
Trump boasts he has 'all the material'
Wrapping up a trip to Davos, Switzerland to attend the World Economic Forum, Trump spoke to reporters about the impeachment, where he seemed to inadvertently admit that the White House refusal to turn over documents to Congress was helping his case. "I got to watch enough — I thought our team did a very good job. But honestly, we have all the material. They don't have the material," he said. House manager Val Demings, D-Fla., quickly seized upon Trump's remarks as an admission of guilt on the article of obstructing Congress. Demings TWEET
House managers' plan


cnbc--2020-01-23--Amazon asks court to pause Microsoft's work on Pentagon's JEDI cloud contract

WASHINGTON — Amazon said Wednesday it filed a motion to pause Microsoft 's work on the Pentagon 's multibillion-dollar cloud deal until a court rules on the protest of the contract award .
The Joint Enterprise Defense Infrastructure , or JEDI , cloud computing contract could be worth up to $ 10 billion for services rendered over as many as 10 years .
The Pentagon selected Microsoft over Amazon for the colossal contract on October 25 .
`` It is common practice to stay contract performance while a protest is pending and it 's important that the numerous evaluation errors @ @ @ @ @ @ @ JEDI award decision be reviewed , '' a spokesperson for AWS wrote in a Wednesday statement .
`` AWS is absolutely committed to supporting the DoD 's modernization efforts and to an expeditious legal process that resolves this matter as quickly as possible , '' the spokesperson added .
In November , Amazon filed a notice in the U.S. Court of Federal Claims indicating a plan to protest the Pentagon 's decision to award Microsoft the multibillion-dollar cloud contract .
Amazon claimed that the JEDI evaluation process contained `` clear deficiencies , errors @ @ @ @ @ @ @ December , Amazon 's AWS chief Andy Jassy told CNBC that the cloud contracting was not adjudicated fairly .
`` You know , there was significant political interference here , '' Jassy explained of the JEDI award .
`` When you have a sitting president who 's willing to be very vocal that they dislike a company and the CEO of that company , it makes it difficult for government agencies , including the DoD to make objective decisions without fear of reprisal .
And I think that 's dangerous and risky for @ @ @ @ @ @ @ 's Jon Fortt .

WASHINGTON — Amazon said Wednesday it filed a motion to pause Microsoft's work on the Pentagon's multibillion-dollar cloud deal until a court rules on the protest of the contract award.
The Joint Enterprise Defense Infrastructure, or JEDI, cloud computing contract could be worth up to $10 billion for services rendered over as many as 10 years. The Pentagon selected Microsoft over Amazon for the colossal contract on October 25.
"It is common practice to stay contract performance while a protest is pending and it's important that the numerous evaluation errors and blatant political interference that impacted the JEDI award decision be reviewed," a spokesperson for AWS wrote in a Wednesday statement.
"AWS is absolutely committed to supporting the DoD's modernization efforts and to an expeditious legal process that resolves this matter as quickly as possible," the spokesperson added.
In November, Amazon filed a notice in the U.S. Court of Federal Claims indicating a plan to protest the Pentagon's decision to award Microsoft the multibillion-dollar cloud contract. Amazon claimed that the JEDI evaluation process contained "clear deficiencies, errors, and unmistakable bias."
In December, Amazon's AWS chief Andy Jassy told CNBC that the cloud contracting was not adjudicated fairly.
"You know, there was significant political interference here," Jassy explained of the JEDI award.
"When you have a sitting president who's willing to be very vocal that they dislike a company and the CEO of that company, it makes it difficult for government agencies, including the DoD to make objective decisions without fear of reprisal. And I think that's dangerous and risky for our country," he told CNBC's Jon Fortt.


cnbc--2020-01-23--Mnuchin says Greta Thunberg can tell us what to do 'after she goes and studies economics in college'

DAVOS , Switzerland — U.S. Treasury Secretary Steven Mnuchin sharply criticized the financial credentials of Swedish climate activist Greta Thunberg on Thursday , saying the 17-year-old should study economics at college before lecturing the U.S. on fossil fuel investments .
Speaking at a press briefing at the World Economic Forum , Mnuchin was asked whether the world 's largest economy needed to completely and immediately divest from fossil fuels .
`` Is she the chief economist or who is she ?
I 'm confused , '' Mnuchin said , before adding this was `` a joke .
That was funny @ @ @ @ @ @ @ studies economics in college she can come back and explain that to us , '' Mnuchin said .
Thunberg , alongside 20 other young climate activists , has called on global leaders attending the forum to stop the `` madness '' of ongoing investments in fossil fuel exploration and extraction and `` completely divest '' from fossil fuels .
Thunberg was not immediately available to respond when contacted by CNBC about Mnuchin 's comments .
An intensifying climate crisis is top of the agenda at the forum , following a 12-month period that @ @ @ @ @ @ @ the world 's oceans , the second-hottest year for global average temperatures and wildfires from the U.S. to the Amazon to Australia .

DAVOS, Switzerland — U.S. Treasury Secretary Steven Mnuchin sharply criticized the financial credentials of Swedish climate activist Greta Thunberg on Thursday, saying the 17-year-old should study economics at college before lecturing the U.S. on fossil fuel investments.
Speaking at a press briefing at the World Economic Forum, Mnuchin was asked whether the world's largest economy needed to completely and immediately divest from fossil fuels.
"Is she the chief economist or who is she? I'm confused," Mnuchin said, before adding this was "a joke. That was funny."
"After she goes and studies economics in college she can come back and explain that to us," Mnuchin said.
Thunberg, alongside 20 other young climate activists, has called on global leaders attending the forum to stop the "madness" of ongoing investments in fossil fuel exploration and extraction and "completely divest" from fossil fuels.
Tweet 1
In response to Mnuchin, Thunberg said Thursday that "it doesn't take a college degree in economics" to understand ongoing fossil fuel subsidies and our remaining carbon budget "don't add up."
"So either you tell us how to achieve this mitigation or explain to future generations and those already affected by the climate emergency why we should abandon our climate commitments," Thunberg said.


cnbc--2020-01-22--Both Biden and Sanders want to boost Social Security benefits. So why are they fighting on the issue

Both Biden and Sanders want to boost Social Security benefits. So why are they fighting on the issue?

Former Vice President Joe Biden ( L ) greets Sen. Bernie Sanders ( I-VT ) before the Democratic presidential primary debate at Drake University on January 14 , 2020 in Des Moines , Iowa .
Top Democratic presidential candidates all want to boost Social Security benefits .
But two of the candidates — Sen. Bernie Sanders ( I-Vt. ) and former vice president Joe Biden — have come to figurative blows over this very issue .
The crux of the argument : whether Biden has fought to protect or previously backed cuts to the program .
On Wednesday , Biden @ @ @ @ @ @ @ if he wins the White House , in an interview on MSNBC 's `` Morning Joe . ''
But Sanders ' campaign has questioned Biden 's record because he has called for cuts to the program in the past .
In response , Biden and his campaign have accused Sanders ' team of misrepresenting recent comments and even doctoring a recent video .
Both Biden and Sanders have outlined measures to expand , not cut , benefits as part of their 2020 presidential campaign platforms .
Both candidates also call for raising Social @ @ @ @ @ @ @ 137,700 cap in order to get more money into the program .
That would pave the way for benefit increases , which both candidates back .
Their plans , however , differ .
Biden calls for increasing benefits for those who have been receiving retirement checks for at least 20 years , as well as for widows and widowers .
His plan also would set a new minimum benefit , so that workers who have paid into the system for at least 30 years would get a benefit equal to at least 125 @ @ @ @ @ @ @ Meanwhile , Sanders calls for giving $ 1,300 more per year to seniors with incomes of $ 16,000 or less .
His plan also calls for raising benefits for low-income workers as well as higher annual cost-of-living adjustments .
Despite those seemingly compatible goals , the two candidates are at odds .

Former Vice President Joe Biden (L) greets Sen. Bernie Sanders (I-VT) before the Democratic presidential primary debate at Drake University on January 14, 2020 in Des Moines, Iowa.
Top Democratic presidential candidates all want to boost Social Security benefits.
But two of the candidates — Sen. Bernie Sanders (I-Vt.) and former vice president Joe Biden — have come to figurative blows over this very issue.
The crux of the argument: whether Biden has fought to protect or previously backed cuts to the program.
On Wednesday, Biden denied he would cut Social Security benefits if he wins the White House, in an interview on MSNBC's "Morning Joe."
But Sanders' campaign has questioned Biden's record because he has called for cuts to the program in the past. In response, Biden and his campaign have accused Sanders' team of misrepresenting recent comments and even doctoring a recent video.
Tweet
Both Biden and Sanders have outlined measures to expand, not cut, benefits as part of their 2020 presidential campaign platforms.
Both candidates also call for raising Social Security payroll taxes from their current $137,700 cap in order to get more money into the program.
That would pave the way for benefit increases, which both candidates back. Their plans, however, differ.
Biden calls for increasing benefits for those who have been receiving retirement checks for at least 20 years, as well as for widows and widowers. His plan also would set a new minimum benefit, so that workers who have paid into the system for at least 30 years would get a benefit equal to at least 125% of the federal poverty level.
Tweet
Meanwhile, Sanders calls for giving $1,300 more per year to seniors with incomes of $16,000 or less. His plan also calls for raising benefits for low-income workers as well as higher annual cost-of-living adjustments.
Despite those seemingly compatible goals, the two candidates are at odds.


cnbc--2020-01-22--Trump inaugural committee illegally enriched president's hotel, DC Attorney General lawsuit says

WASHINGTON — The attorney general for the District of Columbia on Wednesday sued President Donald Trump 's official inaugural committee , as well as the Trump Organization and the Trump International Hotel in Washington , alleging they worked together to illegally enrich the Trump family business .
The suit claims that the nonprofit inaugural committee violated laws barring the use of charitable funds to enrich private individuals when it agreed to pay Trump 's hotel more than $ 1 million for the use of ballroom space during the January 2017 inaugural festivities .
The lawsuit alleges that the Trump inaugural @ @ @ @ @ @ @ paid $ 175,000 per day to reserve the ballroom of the Trump hotel for four days during the president 's inauguration week but held only two events there , one of which was only for Trump 's adult children and their guests .
`` District law requires nonprofits to use their funds for their stated public purpose , not to benefit private individuals or companies , '' said District of Columbia Attorney General Karl Racine in a statement Wednesday .
`` In this case , we are seeking to recover the nonprofit funds @ @ @ @ @ @ @ Trump family business . ''
According to the legal complaint , the contract the Presidential Inaugural Committee , or PIC , had with the Trump Hotel for event space `` violated the PIC 's articles of incorporation by causing the PIC to pay amounts to the Trump Hotel that were unfair , unreasonable and unjustified and that acted ultimately to confer improper private benefit on the Trump Entities . ''
`` District nonprofit law required the PIC to seek out and pay reasonable fair market value for services rendered .
The PIC did @ @ @ @ @ @ @ host its events at the Trump Hotel and pay far more than market value , ultimately for the private benefit of the Trump Entities , '' the lawsuit alleged .
The inaugural committee responded by calling the allegations `` baseless . ''
`` The facts will show that the PIC operated in compliance with the law and this suit is without merit , '' a spokesman for the committee told CNBC on Wednesday .
He also noted that the committee had received no communications from the attorney general 's office since the summer @ @ @ @ @ @ @ or not the lawsuit 's timing was linked to the current impeachment trial in the Senate .
A spokeswoman for Trump Hotels defended the pricing , saying in a statement that `` the rates charged by the hotel were completely in line with what anyone else would have been charged for an unprecedented event of this enormous magnitude . ''
Much of the lawsuit appears to hinge on the question of whether the Trump inaugural committee agreed to book a block of rooms at the Trump hotel .
According to the lawsuit , @ @ @ @ @ @ @ usual policy to provide event space for free or at reduced rates when a group agreed to rent out a large block of rooms . ''
This policy is consistent with hotel industry practices , and with the terms of contracts that Trump 's inaugural committee inked with other luxury hotels during the inauguration .
According to emails contained in the legal filings , the inaugural committee 's director , Rick Gates , verbally agreed in meetings with the Trump hotel 's manager that the committee would be responsible for filling up 80 @ @ @ @ @ @ @ hotel during the days when they were renting event space .
Yet despite Gates ' agreement to fill a block of rooms , the Trump Hotel still charged , and the inaugural committee paid , event space fees of $ 175,000 per day for ballroom space .
A spokeswoman for Trump Hotels defended the pricing , saying in a statement that `` the rates charged by the hotel were completely in line with what anyone else would have been charged for an unprecedented event of this enormous magnitude . ''
The lawsuit also @ @ @ @ @ @ @ had signed with comparable Washington hotels during the same week in early 2017 .
They showed that the inaugural committee had reserved blocks of rooms , and in exchange , the hotels had either waved event rental fees altogether , or charged only $ 20,000 for an event space .
The Trump Hotel 's final contract with the inaugural committee , however , contained no mention of the room block that the Gates had agreed to reserve , even though it was referred to in emails .
The lawsuit is merely the latest @ @ @ @ @ @ @ the Trump inaugural committee raised and spent its funds in late 2016 and early 2017 .
Trump 's inaugural committee raised more private money for inaugural events than any president in modern history , around $ 107 million .
But it put on significantly fewer official events than Trump 's predecessor .
In 2008 , Barack Obama raised and spent just over $ 50 million on 10 official inaugural balls .
Eight years later , Trump 's committee raised more than $ 100 million , and spent it on just three official inaugural @ @ @ @ @ @ @ have dogged the Trump inaugural committee for years , although aides who worked on the events say the money was spent in good faith , and everything was just very expensive .
Emails contained in Wednesday 's lawsuit support these claims and show that inaugural event planners strenuously objected to how much the Trump hotel was charging for space .
In one email from Gates to Ivanka Trump in mid-December , he told the president 's eldest daughter , who was an executive at the Trump Organization , that both he and the @ @ @ @ @ @ @ about the price the Trump hotel had quoted for the event space .
`` First , the cost itself seems quite high compared to other property .
Second , I am a bit worried about the optics of PIC paying Trump Hotel a high fee and the media making a big story out of it , '' Gates wrote .
Now , three years later , the inaugural committee has been disbanded , and its last remaining funds have been donated to charity .
In place of funds from the committee , the @ @ @ @ @ @ @ to make the Trump Organization and its Washington hotel turn over the amount that the inaugural committee spent on event space , $ 1,033,757 , and that it be given to charity .

WASHINGTON — The attorney general for the District of Columbia on Wednesday sued President Donald Trump's official inaugural committee, as well as the Trump Organization and the Trump International Hotel in Washington, alleging they worked together to illegally enrich the Trump family business.
The suit claims that the nonprofit inaugural committee violated laws barring the use of charitable funds to enrich private individuals when it agreed to pay Trump's hotel more than $1 million for the use of ballroom space during the January 2017 inaugural festivities.
The lawsuit alleges that the Trump inaugural committee knowingly misused its funds when it paid $175,000 per day to reserve the ballroom of the Trump hotel for four days during the president's inauguration week but held only two events there, one of which was only for Trump's adult children and their guests.
"District law requires nonprofits to use their funds for their stated public purpose, not to benefit private individuals or companies," said District of Columbia Attorney General Karl Racine in a statement Wednesday. "In this case, we are seeking to recover the nonprofit funds that were improperly funneled directly to the Trump family business."
According to the legal complaint, the contract the Presidential Inaugural Committee, or PIC, had with the Trump Hotel for event space "violated the PIC's articles of incorporation by causing the PIC to pay amounts to the Trump Hotel that were unfair, unreasonable and unjustified and that acted ultimately to confer improper private benefit on the Trump Entities."
"District nonprofit law required the PIC to seek out and pay reasonable fair market value for services rendered. The PIC did not do so, instead choosing to host its events at the Trump Hotel and pay far more than market value, ultimately for the private benefit of the Trump Entities," the lawsuit alleged.
The inaugural committee responded by calling the allegations "baseless."
"The facts will show that the PIC operated in compliance with the law and this suit is without merit," a spokesman for the committee told CNBC on Wednesday. He also noted that the committee had received no communications from the attorney general's office since the summer of last year, and questioned whether or not the lawsuit's timing was linked to the current impeachment trial in the Senate.
A spokeswoman for Trump Hotels defended the pricing, saying in a statement that "the rates charged by the hotel were completely in line with what anyone else would have been charged for an unprecedented event of this enormous magnitude."
Much of the lawsuit appears to hinge on the question of whether the Trump inaugural committee agreed to book a block of rooms at the Trump hotel. According to the lawsuit, "it was the Trump Hotel's usual policy to provide event space for free or at reduced rates when a group agreed to rent out a large block of rooms."
This policy is consistent with hotel industry practices, and with the terms of contracts that Trump's inaugural committee inked with other luxury hotels during the inauguration.
According to emails contained in the legal filings, the inaugural committee's director, Rick Gates, verbally agreed in meetings with the Trump hotel's manager that the committee would be responsible for filling up 80% of the guest rooms in the hotel during the days when they were renting event space.
Yet despite Gates' agreement to fill a block of rooms, the Trump Hotel still charged, and the inaugural committee paid, event space fees of $175,000 per day for ballroom space.
A spokeswoman for Trump Hotels defended the pricing, saying in a statement that "the rates charged by the hotel were completely in line with what anyone else would have been charged for an unprecedented event of this enormous magnitude."
The lawsuit also contained two contracts that the inaugural committee had signed with comparable Washington hotels during the same week in early 2017. They showed that the inaugural committee had reserved blocks of rooms, and in exchange, the hotels had either waved event rental fees altogether, or charged only $20,000 for an event space.
The Trump Hotel's final contract with the inaugural committee, however, contained no mention of the room block that the Gates had agreed to reserve, even though it was referred to in emails.
The lawsuit is merely the latest in a series of controversies surrounding how the Trump inaugural committee raised and spent its funds in late 2016 and early 2017.
Trump's inaugural committee raised more private money for inaugural events than any president in modern history, around $107 million. But it put on significantly fewer official events than Trump's predecessor. In 2008, Barack Obama raised and spent just over $50 million on 10 official inaugural balls. Eight years later, Trump's committee raised more than $100 million, and spent it on just three official inaugural balls.
Questions about the cost overruns have dogged the Trump inaugural committee for years, although aides who worked on the events say the money was spent in good faith, and everything was just very expensive.
Emails contained in Wednesday's lawsuit support these claims and show that inaugural event planners strenuously objected to how much the Trump hotel was charging for space.
In one email from Gates to Ivanka Trump in mid-December, he told the president's eldest daughter, who was an executive at the Trump Organization, that both he and the chief event planner had "concerns" about the price the Trump hotel had quoted for the event space.
"First, the cost itself seems quite high compared to other property. Second, I am a bit worried about the optics of PIC paying Trump Hotel a high fee and the media making a big story out of it," Gates wrote.
Now, three years later, the inaugural committee has been disbanded, and its last remaining funds have been donated to charity. In place of funds from the committee, the District of Columbia is asking the judge to make the Trump Organization and its Washington hotel turn over the amount that the inaugural committee spent on event space, $1,033,757, and that it be given to charity.
— CNBC's Kevin Breuninger contributed to this report.


cnbc--2020-01-22--Biden gets another national union endorsement as 2020 Democrats fight for labor support

Former vice president Joe Biden speaks to guests at the United Food and Commercial Workers ' ( UFCW ) 2020 presidential candidate forum on October 13 , 2019 in Altoona , Iowa .
Another national labor union came off the sidelines Wednesday and endorsed former Vice President Joe Biden in the 2020 Democratic primary .
The International Association of Bridge , Structural and Ornamental Iron Workers backed Biden in the 12-person race for the presidential nomination .
In a statement announcing its pick , the 130,000-member union cited Biden 's passage of an infrastructure bill in Congress and commitment to @ @ @ @ @ @ @ `` Vice President Biden has proven again and again that he is a friend to union ironworkers , '' union General President Eric Dean said in a statement .
`` We need a president who will defend rights and jobs of American workers , and Joe Biden will be that president . ''
Most U.S. unions have withheld their support in the primary race as candidates hope a push from the key constituency can help them gain ground in a jammed field .
The roughly 300,000-member International Association of Firefighters endorsed Biden last @ @ @ @ @ @ @ Nurses United backed Sen. Bernie Sanders , I-Vt. , who has made labor rights a central plank of his campaign .
The Iron Workers union endorsement of Biden comes after two key state organizations threw their support behind Sanders this month .
A Communications Workers of America local union that represents nearly 17,000 people in the delegate-rich primary state of California backed the senator on Tuesday .
He also got the backing of SEA/SEIU Local 1984 , which represents more than 10,000 people in early primary state New Hampshire .
Biden , Sanders @ @ @ @ @ @ @ have broadly been considered the top contenders for U.S. union endorsements in the race .
The national organizations largely lined up behind Hillary Clinton in her 2016 primary against Sanders .
In the 2016 election , President Donald Trump performed better with rank-and-file union members than recent GOP presidential nominees have , according to exit polling data .
The president has criticized what he calls `` dues sucking '' unions and expressed support in the past for right to work laws — which say workers can not be compelled to join a union @ @ @ @ @ @ @ leading 2020 Democratic candidates have promised to fight those laws and make it easier for workers to strike and bargain collectively .
Biden has tried to create distance from Sanders and Warren by arguing the two supporters of a single-payer `` Medicare for All '' insurance system will jeopardize the health benefits for which unions lobbied .
Sanders ' labor plan includes a provision requiring companies to pass along savings they get from his system to workers in the form of wages and other benefits .

Former vice president Joe Biden speaks to guests at the United Food and Commercial Workers' (UFCW) 2020 presidential candidate forum on October 13, 2019 in Altoona, Iowa.
Another national labor union came off the sidelines Wednesday and endorsed former Vice President Joe Biden in the 2020 Democratic primary.
The International Association of Bridge, Structural and Ornamental Iron Workers backed Biden in the 12-person race for the presidential nomination. In a statement announcing its pick, the 130,000-member union cited Biden's passage of an infrastructure bill in Congress and commitment to ending so-called right to work laws.
"Vice President Biden has proven again and again that he is a friend to union ironworkers," union General President Eric Dean said in a statement. "We need a president who will defend rights and jobs of American workers, and Joe Biden will be that president."
Most U.S. unions have withheld their support in the primary race as candidates hope a push from the key constituency can help them gain ground in a jammed field. The roughly 300,000-member International Association of Firefighters endorsed Biden last year. The more than 150,000-member National Nurses United backed Sen. Bernie Sanders, I-Vt., who has made labor rights a central plank of his campaign.
The Iron Workers union endorsement of Biden comes after two key state organizations threw their support behind Sanders this month. A Communications Workers of America local union that represents nearly 17,000 people in the delegate-rich primary state of California backed the senator on Tuesday. He also got the backing of SEA/SEIU Local 1984, which represents more than 10,000 people in early primary state New Hampshire.
Biden, Sanders and Sen. Elizabeth Warren, D-Mass., have broadly been considered the top contenders for U.S. union endorsements in the race. The national organizations largely lined up behind Hillary Clinton in her 2016 primary against Sanders.
In the 2016 election, President Donald Trump performed better with rank-and-file union members than recent GOP presidential nominees have, according to exit polling data. The president has criticized what he calls "dues sucking" unions and expressed support in the past for right to work laws — which say workers cannot be compelled to join a union as a condition of employment.
The leading 2020 Democratic candidates have promised to fight those laws and make it easier for workers to strike and bargain collectively.
Biden has tried to create distance from Sanders and Warren by arguing the two supporters of a single-payer "Medicare for All" insurance system will jeopardize the health benefits for which unions lobbied. Sanders' labor plan includes a provision requiring companies to pass along savings they get from his system to workers in the form of wages and other benefits.
Subscribe to CNBC on YouTube.


cnbc--2020-01-22--Joe Biden's son Hunter ordered to Arkansas court for contempt hearing in paternity case

World Food Program USA Board Chairman Hunter Biden speaks at the World Food Program USA 's Annual McGovern-Dole Leadership Award Ceremony at Organization of American States on April 12 , 2016 in Washington , DC .
A judge ordered former Vice President Joe Biden 's son Hunter to appear next week in an Arkansas court for a hearing on whether he should be held in contempt for failing to disclose financial information to a woman who says she bore his child .
`` Our expectation is that he 's going to appear , '' Clint Lancaster , an attorney for @ @ @ @ @ @ @ , told CNBC on Wednesday .
But Lancaster , who has accused Hunter Biden in legal filings of having `` no respect '' for the court , noted that he had not seen him at court proceedings for months .
The order comes as the Senate conducts an impeachment trial of President Donald Trump in connection with Trump asking Ukraine 's new president to announce investigations of Joe Biden and Hunter Biden while withholding almost $ 400 million congressionally appropriated military aid to that country .
Joe Biden is the front-runner for the @ @ @ @ @ @ @ that they might call Hunter Biden , a lawyer who had served on the board of a Ukraine gas company , as a witness in the impeachment trial .
Trump earlier this month said , `` I 'd like to hear from Hunter Biden and Joe Biden . ''
Roberts ' lawyers have said in Arkansas court filings that Hunter Biden failed to meet a court-ordered deadline of last Thursday to turn over documents dating back five years as part of her request for child-support payments from him for her 16-month-old child .
@ @ @ @ @ @ @ all sources of income , '' copies of tax returns , and a list of companies in which he has an ownership interest , as well as the addresses where he lives and his telephone number , according to court records .
Lancaster told CNBC that those documents are needed to correctly calculate how much Biden should pay Roberts in support .
Biden , 49 , is no longer contesting Roberts ' claim of paternity after originally saying he never had sex with the 28-year-old woman .
`` The defendant 's conduct is @ @ @ @ @ @ @ in a motion Monday asking a judge to hold Biden in contempt of court .
`` The defendant continues to act as though he has no respect for this Court , its orders , the legal process in this state , or the needs of his child for support , '' Lancaster wrote .
`` This court should sanction the defendant as it deems appropriate and just . ''
Judge Holly Meyer , in an order made public Tuesday , said Biden must appear Jan. 29 in Independence County Circuit Court and `` @ @ @ @ @ @ @ as to why he should not be held in contempt for any of the alleged violations of this Court 's orders . ''
Attorneys for Biden did not immediately respond to CNBC 's request for comment .

World Food Program USA Board Chairman Hunter Biden speaks at the World Food Program USA's Annual McGovern-Dole Leadership Award Ceremony at Organization of American States on April 12, 2016 in Washington, DC.
A judge ordered former Vice President Joe Biden's son Hunter to appear next week in an Arkansas court for a hearing on whether he should be held in contempt for failing to disclose financial information to a woman who says she bore his child.
"Our expectation is that he's going to appear," Clint Lancaster, an attorney for the Arkansas woman, Lunden Alexis Roberts, told CNBC on Wednesday.
But Lancaster, who has accused Hunter Biden in legal filings of having "no respect" for the court, noted that he had not seen him at court proceedings for months.
The order comes as the Senate conducts an impeachment trial of President Donald Trump in connection with Trump asking Ukraine's new president to announce investigations of Joe Biden and Hunter Biden while withholding almost $400 million congressionally appropriated military aid to that country. Joe Biden is the front-runner for the Democratic presidential nomination.
Republicans have suggested that they might call Hunter Biden, a lawyer who had served on the board of a Ukraine gas company, as a witness in the impeachment trial. Trump earlier this month said, "I'd like to hear from Hunter Biden and Joe Biden."
Roberts' lawyers have said in Arkansas court filings that Hunter Biden failed to meet a court-ordered deadline of last Thursday to turn over documents dating back five years as part of her request for child-support payments from him for her 16-month-old child.
Those documents include "a list of all sources of income," copies of tax returns, and a list of companies in which he has an ownership interest, as well as the addresses where he lives and his telephone number, according to court records.
Lancaster told CNBC that those documents are needed to correctly calculate how much Biden should pay Roberts in support.
Biden, 49, is no longer contesting Roberts' claim of paternity after originally saying he never had sex with the 28-year-old woman.
"The defendant's conduct is willful and contemptuous," Lancaster wrote in a motion Monday asking a judge to hold Biden in contempt of court.
"The defendant continues to act as though he has no respect for this Court, its orders, the legal process in this state, or the needs of his child for support," Lancaster wrote. "This court should sanction the defendant as it deems appropriate and just."
Judge Holly Meyer, in an order made public Tuesday, said Biden must appear Jan. 29 in Independence County Circuit Court and "show cause, if any exists, as to why he should not be held in contempt for any of the alleged violations of this Court's orders."
Attorneys for Biden did not immediately respond to CNBC's request for comment.


cnbc--2020-01-22--Secretary of State Mike Pompeo to visit Ukraine next week, sources say

U.S. Secretary of State Mike Pompeo speaks at the U.S. State Department January 07 , 2020 in Washington , DC .
Ukrainian officials are preparing for Secretary of State Mike Pompeo 's visit next week , according to two sources informed by Kyiv about the trip , which is now scheduled for Jan. 30-31 .
Pompeo canceled a previously planned trip to Ukraine and four other nations slated for early January amid escalating tensions between the United States and Iran that led to protests and heightened security in the region .
The State Department declined to comment on Pompeo 's @ @ @ @ @ @ @ plan , Pompeo was scheduled to meet with Ukrainian President Volodymyr Zelenskiy — the highest-ranking U.S. official to do so since Zelenskiy and President Donald Trump met on the sidelines of the U.N. General Assembly .
During that meeting , which took place the day after House Democrats launched their impeachment inquiry centered on a July 25 phone call between the two leaders , Zelenskiy told reporters he felt no pressure from the United State to investigate the family of former Vice President Joe Biden .
`` We had , I think , @ @ @ @ @ @ @ .
We spoke about many things , '' Zelenskiy said .
`` So , I think , and you read [ the transcript ] , that nobody pushed .
Pushed me . ''
The trip 's timing is expected to come at the end of a whirlwind two weeks in Washington , where Trump 's impeachment trial has explored the relationship between the administration , its personnel and its decision to withhold congressionally approved military aid to Ukraine for several months .
In September , the Trump administration lifted a hold on nearly @ @ @ @ @ @ @ for weapons and missile defense systems , shortly after Congress learned of a whistleblower 's concern that Trump was conditioning the money on a corruption investigation into the Bidens .
`` It could be coincidence , '' White House advisor Kellyanne Conway told Fox News , in response to a question about that timing .
`` Why would n't it be ? ''
Congress authorized an additional $ 300 million in security assistance for Ukraine in its fiscal 2020 spending package .
Ukraine experts suggest Pompeo 's visit will seek to reaffirm continued @ @ @ @ @ @ @ scrutiny of U.S.-Ukraine ties on Capitol Hill and the absence of leadership at the U.S. embassy in Kyiv .
`` One thing Ukrainians want to know is when an American ambassador will be formally nominated , '' said Ed Chow , senior associate at the Center for Strategic and International Studies .
The temporary appointment of former ambassador Bill Taylor , a witness in the House impeachment hearings , expired in early 2020 without a permanent appointment announced .

U.S. Secretary of State Mike Pompeo speaks at the U.S. State Department January 07, 2020 in Washington, DC.
Ukrainian officials are preparing for Secretary of State Mike Pompeo's visit next week, according to two sources informed by Kyiv about the trip, which is now scheduled for Jan. 30-31.
Pompeo canceled a previously planned trip to Ukraine and four other nations slated for early January amid escalating tensions between the United States and Iran that led to protests and heightened security in the region.
The State Department declined to comment on Pompeo's upcoming Ukraine visit.
During the previous plan, Pompeo was scheduled to meet with Ukrainian President Volodymyr Zelenskiy — the highest-ranking U.S. official to do so since Zelenskiy and President Donald Trump met on the sidelines of the U.N. General Assembly. During that meeting, which took place the day after House Democrats launched their impeachment inquiry centered on a July 25 phone call between the two leaders, Zelenskiy told reporters he felt no pressure from the United State to investigate the family of former Vice President Joe Biden.
"We had, I think, good phone call. It was normal. We spoke about many things," Zelenskiy said. "So, I think, and you read [the transcript], that nobody pushed. Pushed me."
The trip's timing is expected to come at the end of a whirlwind two weeks in Washington, where Trump's impeachment trial has explored the relationship between the administration, its personnel and its decision to withhold congressionally approved military aid to Ukraine for several months.
In September, the Trump administration lifted a hold on nearly $400 million in aid to Ukraine for weapons and missile defense systems, shortly after Congress learned of a whistleblower's concern that Trump was conditioning the money on a corruption investigation into the Bidens.
"It could be coincidence," White House advisor Kellyanne Conway told Fox News, in response to a question about that timing. "Why wouldn't it be?"
Congress authorized an additional $300 million in security assistance for Ukraine in its fiscal 2020 spending package. Ukraine experts suggest Pompeo's visit will seek to reaffirm continued support from Washington, despite the close scrutiny of U.S.-Ukraine ties on Capitol Hill and the absence of leadership at the U.S. embassy in Kyiv.
"One thing Ukrainians want to know is when an American ambassador will be formally nominated," said Ed Chow, senior associate at the Center for Strategic and International Studies.
The temporary appointment of former ambassador Bill Taylor, a witness in the House impeachment hearings, expired in early 2020 without a permanent appointment announced.


cnbc--2020-01-22--Business leaders in Davos privately express concerns about China's coronavirus outbreak

DAVOS , Switzerland — Leaders of American businesses attending the World Economic Forum have privately expressed concerns about the coronavirus , which has killed more than a dozen people in China .
Several of these executives , who have investments in China , said on Wednesday that they are concerned about the virus spreading beyond China 's rural areas and into heavily populated cities , according to people with direct knowledge of the matter .
These people declined to be named because they did n't want to cause alarm .
The virus , which has sickened at least 440 people @ @ @ @ @ @ @ already spread into Beijing , Shanghai and Macau .
Beyond China , the Centers for Disease Control and Prevention recently confirmed one case of the virus making its way to the U.S .
Some business leaders raised these concerns directly with President Donald Trump during a breakfast Wednesday morning , according to an executive at the gathering who declined to be named because the event was private .
Trump brushed aside those concerns , according to the executive , echoing comments he made earlier in the day , during an interview with CNBC @ @ @ @ @ @ @ Squawk Box . ''
The president said in the interview that he trusted China 's President Xi Jinping 's handling of the virus and said the U.S. has it `` totally under control . ''
A White House spokesperson did not respond to a request for comment .
The discussions in Davos have focused , in part , on the impact the virus could have on the livelihoods of the citizens of China and people around the world if it turned into a pandemic , the people said .
The talks also covered @ @ @ @ @ @ @ the upcoming Chinese New Year celebrations and beyond .
The holiday is one of the busiest travel days in China .
Many companies , including big financial institutions J.P. Morgan , Citigroup , Morgan Stanley and Bank of America , have offices in China and employ thousands of people there .
While these American banks have yet to issue any warnings about the virus , a Europe-based financial institution has issued guidance to its staff as the virus spreads , according to a person at the bank participating in the World Economic Forum @ @ @ @ @ @ @ or disclose the name of the bank issuing the guidance , given the sensitivity of the matter .
`` We are advising staff to be aware of the situation , close monitoring is in place , and staff health and safety is our top priority , '' the bank executive said .
Some business leaders have said publicly that the spread of the virus could hurt stocks .
`` We 've got a curveball with this coronavirus .
I think that 's a big deal .
If you look at what happened in @ @ @ @ @ @ @ 2 % in GDP for China , half a percent for Southeast Asia , '' investor Paul Tudor Jones told CNBC 's `` Squawk Box '' from the World Economic Forum .
U.S. business executives at the conference have been hearing privately from their Chinese counterparts that the outbreak could become equivalent to that of SARS , or severe acute respiratory syndrome , which originated in China in 2002 .
That virus led to more than 700 deaths .
Some analysts have said the virus does not appear to be as lethal as @ @ @ @ @ @ @ raising a red flag about the coronavirus .
A medical industry executive , who declined to be named because their company sessions are private , said they had not started holding deliberations about it because they believe the virus is mostly contained in rural areas .
But Scott Gottlieb , the former commissioner of the U.S. Food and Drug Administration , told CNBC in a phone interview on Wednesday that the unknown aspects of the virus could create fear , especially if it turns into an epidemic .
`` It appears , based @ @ @ @ @ @ @ , that for most people it should only cause a mild or moderate illness , '' Gottlieb said .
`` But there 's a lot we do n't know , and even a mild illness , if it 's novel and becomes epidemic , can create a lot of fear and uncertainty . ''

DAVOS, Switzerland — Leaders of American businesses attending the World Economic Forum have privately expressed concerns about the coronavirus, which has killed more than a dozen people in China.
Several of these executives, who have investments in China, said on Wednesday that they are concerned about the virus spreading beyond China's rural areas and into heavily populated cities, according to people with direct knowledge of the matter. These people declined to be named because they didn't want to cause alarm.
The virus, which has sickened at least 440 people and killed 17 in China, has already spread into Beijing, Shanghai and Macau. Beyond China, the Centers for Disease Control and Prevention recently confirmed one case of the virus making its way to the U.S.
Some business leaders raised these concerns directly with President Donald Trump during a breakfast Wednesday morning, according to an executive at the gathering who declined to be named because the event was private.
Trump brushed aside those concerns, according to the executive, echoing comments he made earlier in the day, during an interview with CNBC's Joe Kernen that aired on "Squawk Box." The president said in the interview that he trusted China's President Xi Jinping's handling of the virus and said the U.S. has it "totally under control."
A White House spokesperson did not respond to a request for comment.
The discussions in Davos have focused, in part, on the impact the virus could have on the livelihoods of the citizens of China and people around the world if it turned into a pandemic, the people said. The talks also covered how leaders would manage their businesses amid the upcoming Chinese New Year celebrations and beyond. The holiday is one of the busiest travel days in China.
Many companies, including big financial institutions J.P. Morgan, Citigroup, Morgan Stanley and Bank of America, have offices in China and employ thousands of people there. While these American banks have yet to issue any warnings about the virus, a Europe-based financial institution has issued guidance to its staff as the virus spreads, according to a person at the bank participating in the World Economic Forum. This executive declined to be named or disclose the name of the bank issuing the guidance, given the sensitivity of the matter.
"We are advising staff to be aware of the situation, close monitoring is in place, and staff health and safety is our top priority," the bank executive said.
Some business leaders have said publicly that the spread of the virus could hurt stocks.
"We've got a curveball with this coronavirus. I think that's a big deal. If you look at what happened in 2003, estimates ranged 0.5% to 2% in GDP for China, half a percent for Southeast Asia," investor Paul Tudor Jones told CNBC's "Squawk Box" from the World Economic Forum.
U.S. business executives at the conference have been hearing privately from their Chinese counterparts that the outbreak could become equivalent to that of SARS, or severe acute respiratory syndrome, which originated in China in 2002. That virus led to more than 700 deaths. Some analysts have said the virus does not appear to be as lethal as SARS.
Not everyone in Davos is raising a red flag about the coronavirus. A medical industry executive, who declined to be named because their company sessions are private, said they had not started holding deliberations about it because they believe the virus is mostly contained in rural areas.
But Scott Gottlieb, the former commissioner of the U.S. Food and Drug Administration, told CNBC in a phone interview on Wednesday that the unknown aspects of the virus could create fear, especially if it turns into an epidemic.
"It appears, based on the limiting information we have now, that for most people it should only cause a mild or moderate illness," Gottlieb said. "But there's a lot we don't know, and even a mild illness, if it's novel and becomes epidemic, can create a lot of fear and uncertainty."


cnbc--2020-01-22--Biden says he will not cut Social Security as Sanders sharpens criticism

Democratic presidential candidate former Vice President Joe Biden poses for a photograph with an attendee during an event on January 21 , 2020 in Ames , Iowa .
With less than two weeks to go until the first-in-the-nation Iowa caucuses , candidates are making their final pitch to voters .
Former Vice President Joe Biden said Wednesday he would protect Social Security benefits if elected president , as he beats back a stream of criticism from 2020 primary rival Sen. Bernie Sanders .
`` No .
No .
No .
No , '' Biden told MSNBC 's `` Morning Joe @ @ @ @ @ @ @ Social Security if he wins the White House .
`` And we were n't talking about cutting them either then . ''
With less than two weeks before the Iowa caucuses , the first-in-the-nation voting contest , polling suggests Biden and Sanders have the best chances to win the Democratic presidential nomination in a 12-person field .
In recent weeks , Sanders has denounced Biden 's record more often — first over the former vice president 's 2002 Senate vote to authorize military force in Iraq , then for past comments saying he @ @ @ @ @ @ @ Sanders ' campaign released a video ad Tuesday night featuring Biden 's 1995 comments suggesting a willingness to put entitlement programs on the chopping block .
In the clip , Biden says that , `` When I argued if we should freeze federal spending , I meant Social Security , as well .
I meant Medicare and Medicaid . ''
It then cuts to a Sanders campaign rally , where the Vermont independent says , `` We are not going to cut Social Security .
We are going to expand benefits . ''
@ @ @ @ @ @ @ to comments from Biden — who has called during his career to keep budget deficits under control — saying during his 2008 presidential campaign that he would put Social Security and Medicare `` on the table . ''
Some lawmakers have increasingly called for fixing Social Security , which projects that its trust fund could run out by 2035 .
The disagreement touches on one of the core questions of the Democratic primary : whether voters support a candidate like Sanders who wants a vast expansion of the social safety net , or @ @ @ @ @ @ @ moving too quickly to boost benefits and about ballooning budget deficits .
Biden has enjoyed a consistent lead in polls among the oldest Democratic voters — the ones who receive Social Security benefits .
A CNN poll released Wednesday found 37 % of registered Democrats or Democratic-leaning independents above age 65 nationally back Biden .
No other candidate topped 11 % of support among that group .
Sanders had a 27 % to 24 % edge over Biden in the same poll among all Democrats and Democratic-leaning independents who responded .
The lead @ @ @ @ @ @ @ error .
On Wednesday , Biden contended Sanders and his allies have taken past comments on Social Security out of context .
Biden likened the criticism to the prospect of his campaign attacking Sanders for opposing some gun control legislation in the 1990s .
`` I mean , he 's made up for that .
He 's indicated that was past , '' Biden said of Sanders ' record on guns .
A Sanders campaign spokeswoman did not immediately respond to a request for comment on Biden bringing up Sanders ' gun control @ @ @ @ @ @ @ Social Security plan would not only make the program `` solvent for my grandchildren '' but also increase payments for very elderly Americans .
He aims to do so in part by making wealthy Americans pay more into the system .
Democrats have consistently used calls to protect Social Security and Medicare — two of the most popular U.S. government programs — to try to win over older voters in elections .
They did so in the 2018 midterms , arguing the GOP would try to chop down the programs to make up @ @ @ @ @ @ @ or more generated by the 2017 tax law .
President Donald Trump set himself apart in the 2016 Republican presidential primary by promising to shield the programs from cuts .
Since then , members of his administration have said they could try `` entitlement reform '' — which generally refers to proposals to roll back programs such as Social Security , Medicare , Medicaid or food stamps .
Asked by CNBC on Wednesday if entitlements would ever be `` on your plate , '' Trump responded , `` At some point they will @ @ @ @ @ @ @ which government programs he could target .

Democratic presidential candidate former Vice President Joe Biden poses for a photograph with an attendee during an event on January 21, 2020 in Ames, Iowa. With less than two weeks to go until the first-in-the-nation Iowa caucuses, candidates are making their final pitch to voters.
Former Vice President Joe Biden said Wednesday he would protect Social Security benefits if elected president, as he beats back a stream of criticism from 2020 primary rival Sen. Bernie Sanders.
"No. No. No. No," Biden told MSNBC's "Morning Joe" when asked if he would cut Social Security if he wins the White House. "And we weren't talking about cutting them either then."
With less than two weeks before the Iowa caucuses, the first-in-the-nation voting contest, polling suggests Biden and Sanders have the best chances to win the Democratic presidential nomination in a 12-person field. In recent weeks, Sanders has denounced Biden's record more often — first over the former vice president's 2002 Senate vote to authorize military force in Iraq, then for past comments saying he would consider reforms to Social Security.
Sanders' campaign released a video ad Tuesday night featuring Biden's 1995 comments suggesting a willingness to put entitlement programs on the chopping block. In the clip, Biden says that, "When I argued if we should freeze federal spending, I meant Social Security, as well. I meant Medicare and Medicaid."
It then cuts to a Sanders campaign rally, where the Vermont independent says, "We are not going to cut Social Security. We are going to expand benefits."
Bernie Sanders tweet
The senator's campaign has also pointed to comments from Biden — who has called during his career to keep budget deficits under control — saying during his 2008 presidential campaign that he would put Social Security and Medicare "on the table." Some lawmakers have increasingly called for fixing Social Security, which projects that its trust fund could run out by 2035.
The disagreement touches on one of the core questions of the Democratic primary: whether voters support a candidate like Sanders who wants a vast expansion of the social safety net, or a candidate like Biden who warns about moving too quickly to boost benefits and about ballooning budget deficits.
Biden has enjoyed a consistent lead in polls among the oldest Democratic voters — the ones who receive Social Security benefits. A CNN poll released Wednesday found 37% of registered Democrats or Democratic-leaning independents above age 65 nationally back Biden. No other candidate topped 11% of support among that group.
Sanders had a 27% to 24% edge over Biden in the same poll among all Democrats and Democratic-leaning independents who responded. The lead is within the survey's margin of error.
On Wednesday, Biden contended Sanders and his allies have taken past comments on Social Security out of context. Biden likened the criticism to the prospect of his campaign attacking Sanders for opposing some gun control legislation in the 1990s.
"I mean, he's made up for that. He's indicated that was past," Biden said of Sanders' record on guns.
A Sanders campaign spokeswoman did not immediately respond to a request for comment on Biden bringing up Sanders' gun control record.
Biden said his 2020 campaign Social Security plan would not only make the program "solvent for my grandchildren" but also increase payments for very elderly Americans. He aims to do so in part by making wealthy Americans pay more into the system.
Democrats have consistently used calls to protect Social Security and Medicare — two of the most popular U.S. government programs — to try to win over older voters in elections. They did so in the 2018 midterms, arguing the GOP would try to chop down the programs to make up for budget deficits of $1.5 trillion or more generated by the 2017 tax law.
President Donald Trump set himself apart in the 2016 Republican presidential primary by promising to shield the programs from cuts. Since then, members of his administration have said they could try "entitlement reform" — which generally refers to proposals to roll back programs such as Social Security, Medicare, Medicaid or food stamps.
Asked by CNBC on Wednesday if entitlements would ever be "on your plate," Trump responded, "At some point they will be." He did not specify which government programs he could target.
Subscribe to CNBC on YouTube.