The Thursday wrap
Inquiring minds want to know if Pittsburgh's iconic H.J. Heinz Co. could be the next corporation to flee the United States for a foreign country to cut its tax bite. After all, the same billionaire, Warren Buffett, who teamed up with 3G Capital of Brazil to help send Burger King packing to Canada in a tax-inversion merger deal with Tim Hortons helped 3G acquire Heinz last year. All together now — “An-tih-sih-pay-yay-shun.” ... Mr. Buffett, by the way, had been what The Wall Street Journal referred to as President Obama's “business front man” for years. And the president has labeled tax inversions as nothing less than unpatriotic. Will the president of the United States soon be calling out the Oracle of Omaha for being “un-American”? We simply can't wait for the NSA to release a transcript of the bugged telephone conversation, can you? ... The New York Times reports that the president will bypass Congress and “forge a sweeping international climate change agreement to compel nations” to cut their carbon emissions. They're calling it a “politically binding” deal to “name and shame” violators instead of a “treaty,” the latter of which would stand no chance to be approved by the U.S. Senate. As the Obama administration's philosophy long has been, if you can't get what you want, perpetrate a stunt. Perhaps the president next will take to the bully pulpit in a smokestack costume.