Inversions: Obama Warns He May Use Exec Action To Ban Tax Dodge Technique
Tax inversions are 'shortsighted': Labor Secretary (CNBC)
U.S. Secretary of Labor Thomas Perez says he believes corporate inversions are "unfair and shortsighted."
Asked by CNBC whether the practice of American companies incorporating in foreign countries to take advantage of lower corporate tax rates could contribute to job losses, the secretary said: "We need to be focused in corporate America on the long term," and not short-term gain for shareholders.
Citing a recent conversation with a Fortune 50 CEO, Perez recalled the story of an outspoken shareholder who told the CEO, "I'd rather be rich than right."