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  1. #1
    Super Moderator Newmexican's Avatar
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    May 2005
    Heart of Dixie

    At Davos, Eric Cantor Assails Trump For His America-First Trade Policy

    Confirmed! Cantor is NOT for the American people.
    At Davos, Eric Cantor Assails Trump For His America-First Trade Policy

    AP Photo/J. Scott Applewhite

    21 Jan 2016Washington D.C.

    Former Majority Leader Eric Cantor, whose historic ejection from Congress was fueled by a populist uprising in Virginia’s 7th Congressional District, traveled to the world’s most elite economic forum to bash the GOP frontrunner’s America-first trade policy.

    Bloomberg reports that at Davos:

    The prospect of Trump in the White House is ratcheting up anxiety among the 2,500 business and political leaders gathered at the Swiss ski resort for the annual World Economic Forum.

    “Unfortunately I do think that if there were to be a Trump administration the casualty would likely be trade,” said Eric Cantor, a former Republican House Majority Leader and now vice chairman of Moelis & Company. “That’s a very serious prospect for the world.”

    The significance of Cantor delivering this message at the World Economic Forum is inescapable. Donald Trump has campaigned against both Obamatrade and the broader ideology of trade globalism that is being pushed by other GOP contenders.

    Trump said in September that the American people:

    [A]re tired of being ripped off by every single country that does business with us. Whether it’s China, Japan, Mexico, Vietnam—which is in there big and heavy right now—Japan with the cars… two weeks ago I was in Los Angeles. I saw the biggest ships you have ever seen with cars pouring off from Japan, into Los Angeles. Just pouring off these ships… the ships are loaded up with cars, thousands of cars and they are just pouring off. And I say, isn’t that a shame, it’s so one-sided.

    Reports confirm Trump’s concerns about Trans-Pacific Partnership agreement (TPP) being a one-side trade deal.

    The Wall Street Journal writes that TPP– which Sen. Rubio has said would be the “second pillar” of a President Rubio three-pillar foreign policy strategy– would harm the U.S. automobile industry by dramatically favoring foreign imports over American-made exports.

    According to a study by Peter Petri, a professor of international finance at Brandeis University, under the TPP, the U.S. “auto sector is set to see a tangible impact. In the transportation sector, led by cars, the TPP could boost imports by an extra $30.8 billion by 2025, compared with an exports gain of $7.8 billion,” the Wall Street Journal reports.

    While the Japanese auto industry has “hailed” the TPP agreement, American automakers including Ford—recognizing that it would handicap domestic automobile production— have come out against it.

    Trump has also made his pledged to crack down on foreign currency manipulation a signature of his campaign. By contrast, both Sen. Marco Rubio (R-FL) andSen. Ted Cruz (R-TX) voted down an amendment spearheaded by Sen. Rob Portman (R-OH) to crack down on the illicit trade practice.

    A 2014 report from the Economic Policy Institute notes that eliminating currency manipulation could create 2.3 to 5.8 million jobs. The report states that initiating “policies that would make currency manipulation costly and/or futile… [would] create jobs in every state and in most or all congressional districts. They would boost GDP, boost jobs and reduce unemployment, and actually reduce the federal deficit by spurring economic growth—all without direct budget costs. No other policies could achieve this economic trifecta.”

    Although Cantor — who many Washington insiders presumed would be a future Speaker of the House– was unceremoniously dispatched from Congress, the man who took over the Speaker’s chair,Rep. Paul Ryan (R-WI)
    , is not only Cantor’s ideological soul mate, but is the Party’s single most aggressive promoter of trade globalism and open border immigration policies. If Cantor’s political faith is globalism, then one could analogize that Paul Ryan is that faith’s priest.

    As a result of Ryan’s efforts, Congress gave Obama fast track trade authority, helping to ensure the passage not only of the Trans-Pacific Partnership agreement, but all subsequent trade pacts, which are now liberated from the Senate filibuster, amendment process, and constitutional treaty vote. Thus, it is very likely that the outcome of the GOP primary contest will determine whether or not America is permanently bound under the Trans-Pacific Partnership agreement and the multinational governing commission it establishes.

    Trump’s position on the critical issue of trade may help to explain his populist appeal. As President of the Steel Workers Union, Leo Gerard recently wrote in a piece outlining hisopposition to the TPP:

    Americans who once earned family-supporting wages working in factories, foundries and mills across this country began destroying themselves at a shocking rate five years after implementation of the North American Free Trade Agreement (NAFTA)… Unemployed, desperate and despairing, these once-middle-class workers are killing themselves at unconscionable rates with guns, heroin and alcohol-induced cirrhosis… The cause of the self-slaughter, the researchers suggested, is financial strain. Bread winners couldn’t pay their bills and couldn’t foresee a future when they could. That is because jobs in manufacturing and construction – jobs that had provided middle-class incomes for workers without college degrees for decades – disappeared.

    The negative impact of globalist trade deals has also been felt in the African American community. Last year, AFL-CIO and United Steelworkers released an ad entitled “American Refugee” which features an African American steel plant worker in Baltimore who was “among 2,100 workers laid off when the plant closed in August 2012.” In the ad, the worker, staring straight in the camera, says, “the person you are looking at right now considers himself a refugee of our failed trade policies. President Obama, we welcome you to come to the site of what failed trade policies have brought– the devastation of this facility. Explain to us how we benefit from TPP. We don’t believe that we do.”

    The effects on manufacturing losses on the domestic job market would be compounded by automation.
    As Business Insider reports, citing a recent report from Davos entitled “The Future of Jobs”: “Robots, automation and AI will replace 5 million human jobs by 2020.” Business Insider explains that automation “is transforming the labour markets beyond all recognition from decades ago, it will lead to a net loss of over 5 million jobs in 15 major developed and emerging economies by 2020.”

  2. #2
    Super Moderator Newmexican's Avatar
    Join Date
    May 2005
    Heart of Dixie
    A little bit about Molis & Company

    Early years (2007-2012)[edit]

    Moelis was founded in July 2007 shortly before the financial crisis of 2007-08 by Ken Moelis and partners including Navid Mahmoodzadegan and Jeffrey Raich.[10]The firm initially opened in New York and Los Angeles and immediately began advising clients on a number of large and complex transactions. These mandates led the firm to be a top 10 ranked M&A advisor in the U.S. in its first full year of operations.[11]
    In July 2008, Moelis opened its restructuring practice by hiring the co-heads of Jefferies' restructuring, as the market for turnaround and corporate-restructuring advice entered a new boom.[12] Matthew Prest, the restructuring head of European corporate finance firm Close Brothers, soon followed with his team to join Moelis in London.[13][14][15]
    In June 2009 Mark Aedy joined Moelis as Head of EMEA Investment Banking based in the London office, having most recently been Head of EMEA Corporate and Investment Banking at Bank of America Merrill Lynch and previously Head of Investment Banking for EMEA at Merrill Lynch.[16]
    In August 2009 Moelis established its presence in Australia with the opening of an office in Sydney, led by a team defecting from JP Morgan.[17] In March 2010, Andrew Pridham was appointed Head of Investment Banking for Australia, having been most recently Executive Chairman of Investment Banking at JP Morgan Australia.[18]
    The firm expanded with a Dubai office in January 2011, in order to more effectively advise clients in the MENA region.[19] The firm also expanded into Asia by opening a Hong Kong office.[20]
    In June 2011, the firm announced the formation of its Global Advisory Board with the appointment of five members with global financial, government and economic experience who provide senior counsel and strategic advice on industry issues particularly across international financial markets.[21] The current Advisory Chairman is Lord Charles Allen.[10]
    In January 2012, Moelis announced a strategic alliance agreement with the second largest Japanese bank, SMBC and its subsidiary SMBC Nikko; SMBC also invested approximately $93 million in Moelis & Company[22]
    Recent (2013-present)[edit]

    For 2013, Moelis entered India's top 10 M&A league tables with 6% market share, overtaking established players such as Goldman Sachs and Rothschild in the first full year of its operations.[23] The Indian office is headed by Manisha Girotra.
    In March 2014, the firm expanded into South America with the opening of its office in Săo Paulo, Brazil.[24] Soon after, Moelis advised state oil giant Petrobras on $127.0 billion in capital markets and debt markets strategies.[25]
    In April 2014, the firm completed its initial public offering and began trading on the New York Stock Exchange.[26] Employees maintain ownership of the majority of the company.[8]
    In June 2014, Moelis established a private funds advisory business and hired four executives to provide capital raising, secondary and other independent advisory services to private fund sponsors and limited partners.[27]
    In February 2015, the firm opened its Washington DC office, following the hire of Eric Cantor, former House Majority Leader, in September 2014.[28] It was reported in November 2015 that Cantor had helped the firm land its advisory role on Pfizer's tax-inversion with Allergan, the largest healthcare deal in history and the largest deal of 2015.[29]

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