William M. Daley Quotes
When a state offers your company an attractive package of incentives to relocate, you have to look at it, and if it significantly boosts your bottom line, you have to take it or answer to your investors.
Daley, William M. "The Reality of Corporate Relocation." Chicago Tribune, 15 Aug. 2014.
His father Cornelius, one of the great, creative industrialists of America, was not at all of the same mindset and saw corporations and the Railroads as having an important role in America with substantial obligations to the society which enabled the economic development and supported the railroads. He described his son as a “blockhead”. William goes down in American history as the arrogant industrialist and capitalist whose wealth was produced by his talent of being born to the right father who built the great empire.
Some regard this as an example of unintended consequences. Others, more cynical, believe that this is exactly what was intended and was the price that had to be paid to the finance industry in order to persade them to not have their formidable army of lobbyists block the legislation that created the subsidy.
Those greedy airplane, bus, and train operators who do not follow all the safety rules and make the investments in safety undercut the prices of the responsible operators that do. Therefore she placed great emphasis on getting the bad ones out of business. However Congress would only grant limited powers and limited budget for inspection and regulation to the Federal agencies responsible.
This quotation illustrates how the super rich can actually profit from recessions and market crashes. As long as they are rich enough not to have to sell anything at the depressed prices, they have the operational advantages that Harriman articulates plus they can usually buy more assets cheaply. The super rich generally have been able to do very well in economic crashes while the rest of society usually suffers.
When Congress passed the laws giving tax relief to corporations, the purpose was to tax only the profits that were made by United States operations. Congress and the President never dreamed that American corporations would be so greedy and unpatriotic that they would actually move the headquarters of an American Corporation and turn it into a foreign corporation in a country with little or no corporate taxes, and the set up their accounting system so that most of the money would be “made” by the headquarters and not by the operating companies in the U. S. or other countries that had corporate taxes.
The Empress at that time had never interacted with Westerners as Chinese culture regarded them as barbarians and it would be an insult to the Empress to even be in their presence. All she knew of the British was what her nobles had reported to her. A British army, under General “Chinese” Charles Gordon had been assigned by London to aid the Chinese Government to suppress the Taiping Rebellion, which it did. The Empress began to see for herself some of the behavior of the British—see {641821} and was developing and independent view of the foreign barbarians. After Gordon was successful in defeating the rebels, the Empress ordered that he be rewarded with 10,000 silver Taels—a small fortune. Her commanding general who had offered the reward had to report that Gordon refused stating that he was not a mercenary but a general commanding British Forces in service to Queen Victoria. Cixi was not only impressed by Gordon’s integrity and loyalty to his country, but was beginning to learn that the “facts” about the foreigners had not been reported accurately.
William Michael Daley is an American lawyer, politician and former banker. He served as White House Chief of Staff to President Barack Obama, from January 2011 to January 2012. He also served as U.S. Secretary of Commerce, from 1997 to 2000, under President Bill Clinton. He has also served on the executive committee of JPMorgan Chase & Co. Daley was a candidate for Governor of Illinois in the 2014 gubernatorial election, until dropping out of the race on September 16, 2013. He ran in the 2019 Chicago mayoral election but came in third in the first-round voting, and did not advance to the runoff. He served as the Vice Chairman of BNY Mellon from June through October 2019. Since November 13, 2019, Daley has served as the Vice Chairman of Public Affairs for Wells Fargo.
