Hillary Clinton

Tommy Lee Hosts The Clintons

Where did the Clintons go after it became clear they wouldn’t be headed to the White House next year? To the Hamptons, of course. Last week the Clintons too up residence in the bungalow of private equity titan Thomas H. Lee. Chelsea is said to have done a bit of shopping at J.Crew and A Little of What You Fancy.
Exotic Clinton Getaway in East Hampton [Daily Intel]

  • 06 Jun 2007 at 3:04 PM
  • Bancroft

Is Hillary Helping Rupert Buy Dow Jones?

hillaryclintonandrupertmurdoch.jpgRupert Murdoch has an unlikely—and probably unwitting—ally in his quest to acquire Dow Jones & Company: Democratic presidential front-runner Hillary Clinton. Last month Hillary spelled out some of her positions on taxes and economics, including a plan to increase capital gains taxes in a way that might penalize the family that controls Dow Jones if they held off selling now.
The Bancroft family, which owns around 16.4 million supervoting Class B shares that allow it to control Dow Jones, would face a large capital gains tax bill if they sold their shares for cash instead of exchanging them for shares in another company. But many political observers expect the capital gains tax rate—currently 15%—to go up if a Democratic candidate is elected president, meaning that the Bancrofts might face an even larger tax bill if they sold their shares of Dow Jones in the future. They would also face a higher tax bill if they exchanged their Dow Jones stock for stock in another company and sold those shares later. Selling to Murdoch now might be the last opportunity the family has to avoid higher taxes.
Clinton has promised to raise capital gains taxes, and other democratic presidential candidates have followed suit. It’s highly improbable that Clinton’s tax policies are intended to aid Murdoch in his bid for Dow Jones but there’s no escaping the fact that objectively-speaking, as the Communists used to say, Clinton is working for Murdoch’s interests.
This wouldn’t be the first time that Murdoch and Clinton have found themselves on the same side. Despite his reputation as a political conservative, Murdoch became a supporter of Clinton while she was a US Senator, even hosting a fund-raiser for her.