“It was with some trepidation that Apple investors tuned in to C-Span.org Tuesday morning to watch Cook’s appearance before the Senate’s Permanent Subcommittee on Investigations, which had conducted a detailed probe of Apple’s offshore tax havens,” Philip Elmer-DeWitt reports for Fortune. “But those nervous Apple investors needn’t have worried. Cook’s testimony was calm and precise, and when it was over, nobody had laid a glove on him. The senators, for their part, were mostly respectful — and on occasion fawning.”
“Claire McCaskill (Dem., Mo.) couldn’t say often enough how much she loved Apple. Ron Johnson (Rep., Wisc.) praised the company’s tax minimization strategies as shareholder friendly. Rob Portman (Rep., Ohio) only wanted to talk about his tax reform proposals. Rand Paul (Rep., Ken.) thought the committee owed Apple an apology. John McCain (Rep., Ariz.), after a bout of tax dodging rhetoric, wanted to know why his iPhone was constantly updating its apps,” P.E.D. reports. “Even Levin was having a hard time getting up a head of righteous steam. Working from staff-prepared notes (and whispered instructions) on material he didn’t seem to have mastered fully, he was left, at the end, with no choice but to filibuster.”
Read more in the full article here.
MacDailyNews Take: Yes, it did go rather swimmingly. Mission accomplished, Tim & Co.!
Senator Rand Paul: Senate committee ‘should apologize to Apple for bullying one of America’s greatest success stories’ (with video) – May 21, 2013
Ireland: We have no special tax rate deal with Apple – May 21, 2013
Apple prepares for Washington onslaught: CEO Tim Cook isn’t taking any chances with senators looking to grandstand – May 21, 2013
Watch Apple CEO Tim Cook’s live testimony before U.S. Senate, starting at 9:30am EDT – May 21, 2013
U.S. Senate investigation found no evidence that Apple did anything illegal in avoiding taxes – May 20, 2013
Apple’s U.S. tax fallout set to have global impact – May 20, 2013
Hagens Berman investigating Apple Inc., others regarding tax-avoidance schemes; seeks whistleblower information – May 20, 2013
Grandstanding U.S. Senate panel expected to castigate Apple CEO Tim Cook for leading U.S.’s largest corporate income taxpayer – May 20, 2013
Apple publishes full testimony to be given before the U.S. Senate Permanent Subcommittee – May 20, 2013
Apple CEO Tim Cook to propose ‘dramatic simplification’ of U.S. corporate tax laws – May 18, 2013
Apple CEO Tim Cook to propose U.S. tax reform for offshore cash – May 17, 2013
Apple CEO Tim Cook goes on offense in Washington D.C. over $100 billion offshore cache – May 16, 2013