Return to Transcripts main page
Quest Means Business
Dow Closes Almost 1 Percent Higher; Ford CEO: Trump Is Wrong About U.S. Jobs; Clinton Takes Questions in North Carolina After Returning to Trail; Eighth Anniversary of Financial Crisis; Warren Wants Financial Crisis Prosecutions; Jim Yong Kim Only Nominee for World Bank President; Trump Jr.; Trump Refuses to Release Tax Returns; LinkedIn Co-Founder Challenges Trump to Release Taxes. Aired 4-5p ET
Aired September 15, 2016 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
(SIMULCAST OF CLINTON REMARKS)
[16:13:41] RICHARD QUEST, CNN ANCHOR: Good evening, I'm Richard Quest in New York. You have been watching our coverage of Hillary Clinton's return
to the campaign trail and the analysis. Roughly 13 minutes ago the Dow Jones Industrial average closed and that is how it finished. We want to
show you that of course, because obviously, down on Monday, up on Tuesday, middling on Wednesday, and now a strong session, a very strong session at 1
percent on the Thursday session. We'll talk more about the Dow and the factors that moved the market in New York in just a minute.
Our top story though to bring to your attention, the chief executive of Ford has fired back after Donald Trump called his company a disgrace. Ford
announced plans to move production of some models to Mexico. Mark Fields spoke exclusively to CNN and were going to hear from him in just a moment.
First though, this is what Trump threatened if Ford does move those jobs to Mexico.
(BEGIN VIDEO CLIP)
DONALD TRUMP, U.S. REPUBLICAN PRESIDENTIAL CANDIDATE: To think that Ford is moving its small car division is a disgrace. It's disgraceful. It is
disgraceful that our politicians allow them to get away with it. It really is.
(END VIDEO CLIP)
[16:15:06] QUEST: Now this is the fourth plant in Wayne, Michigan. It produces the C-Max and the Focus models. And it's those models and the
production of those models from Wayne, Michigan, that the plane is to move to Mexico. In return, the quid pro quo is that larger and more profitable
models will move into Wayne in Michigan. So net, net, the number of U.S. employees will stay the same. However, it will add 2800 new jobs to
Mexico, which currently is just nearly 9,000 and will bring the total to 11,500.
Donald Trump threatened Ford with big tariffs if he becomes president. He said he would impose a tariff of 35 percent on Ford cars as they enter the
United States. Incidentally, such a tariff would of course be completely against the principals and the rules under the North American Free-Trade
Agreement and the NAFTA. But Donald Trump has already said that he plans to renegotiate or abrogate NAFTA. Ford's Chief Executive, Mark Fields
spoke exclusively to CNN a short time ago. He told Poppy Harlow that Trump's claim that American jobs will disappear is just plain wrong.
(BEGIN VIDEOTAPE)
MARK FIELDS, CEO, FORD MOTOR COMPANY: It's really unfortunate when politics get in the way of the facts, and the facts are Ford's investment
in the U.S., and the commitment to American jobs has never been stronger. We have created more than 28,000 jobs in the U.S. in the last five years.
We've invested more than $12 billion. We produce more vehicles here in the U.S. than any other automaker by far, and employ more hourly workers here
in our plants, more than any automaker by far. So we are very committed here and those are the facts.
POPPY HARLOW, CNN ANCHOR AND CORRESPONDENT: So it is not true Ford will be "Firing all of its employees in the United States." Will Ford cut any U.S.
jobs as a result of this move? Any single one?
FIELDS: Absolutely not, zero. And what we announced is that we'll be moving our Focus out of Michigan so we can compete more financially in that
particular segment. But at the same time, and that's an agreement we have with the UAW, and what we'll be doing is we'll be replacing those products
with two very exciting new products. So not one job will be lost. And most of our investment is here in the U.S. and that is the way it will
continue to be.
HARLOW: So Mr. Trump is wrong, is that correct, Mark?
FIELDS: That is correct.
HARLOW: OK. Here is the concern. Because when you are opening this $1.6 billion plant in Mexico, you will be creating new jobs in Mexico. About
2800 new jobs. So the question is why are you creating those jobs in Mexico and not in the United States?
FIELDS: First off, we create jobs in many of the places that we do business. As I said earlier we've created over 28,000 jobs here in the
U.S. and were going to be creating or retaining another 8500 or where the next three or four years here in the U.S. And we're a global company. And
we produce in many different places. And this is around growing our company globally, of which by the way, all of the profitability for those
global operations, come back to the U.S. where we then can decide where do we invest that going forward. And as I mentioned, a majority of that
investment is done here in the United States.
HARLOW: So let's talk about that. Because you've said that to me before, Mark. You've said we are a global company. We know you make your cars all
over the world, you sell your cars all over the world, but ford has a real significance to the history of the United States and manufacturing in this
country. Just think back to the model T. In this day in age, in 2016, should people think about Ford as a U.S. company? Is Ford sill a U.S.
company? And do you see a responsibility to keep a certain amount of jobs in the United States? Or is it about global competitiveness in 2016?
FIELDS: Well, it is about both. It is about global competitiveness in the day and age we are, because clearly as a company, we have to be
competitive. Because that way we earn a good return, we can reinvest in our business, and keep growing jobs. At the same point we feel very
strongly that it's important for us to be strong in our home market. And we have a very strong market share here, as I mentioned, as I mentioned.
We employ more hourly workers than any other automaker. The majority of our investments for R&D are done here in the U.S. Yes, it's extremely
important for us to be strong in our home market and we are.
[16:20:02] HARLOW: Is there anything that the next president could do that would make you say all right, fine, those jobs -- we're not make this
investment in Mexico, we're not going to build those cars there?
FIELDS: Well, as I said, we invest most of our money in the U.S. from an R&D and now a manufacturing standpoint in North America. But clearly,
looking at the tax code, simplifying that, regulatory certainty is always very beneficial. Also a level playing field when it comes to trade
agreements. And those we think will continue to be very important as we look to do our part to drive economic development here in the U.S.
(END VIDEOTAPE)
QUEST: Mark Fields, talking exclusively to Poppy Harlow on that issue.
HARLOW: I mean, you're absolutely right. I think what people should know is that up until now Donald Trump has continued to attack Ford Motor
Company over the last year. Mark Fields has never come out publicly like this on the same day to fire back. And that changed today. So I think you
just see by his action. And I asked him, "Is this personal Mark? Why are you speaking out now?" And he said to me essentially, Richard, "I've
always been putting the facts out there." He didn't say, yes, this is personal. Yes, this is why I'm doing it now. But I think it's clear
through his actions. The fact that he came out wanting to do this exclusive with CNN and get on the air live to rebut these claims that it
certainly is personal to the company.
QUEST: We're going to Secretary Clinton. Forgive me Poppy.
HILLARY CLINTON, U.S. DEMOCRATIC PRESIDENTIAL CANDIDATE: I wanted to give a positive personal speech about my vision for the future of our country
and why I so strongly believe we are actually stronger together. Because I want to give Americans something to vote for, not just against.
With all of the noise and distraction, it's important to focus on what really matters and the real choice in this election. This is about the
kind of country we want to be. Whether will make the economy work for everyone and not just those at the top. Whether we will bring people
together or pit Americans against each other. Whether we'll work with our allies to keep us safe, or put a loose cannon in charge who would risk
everything.
I'm going to close my campaign focused close on opportunities for kids and fairness for families, that's been the cause of my life. It will be the
passion of my presidency. We're offering ideas, not insults. Plans that will make a real difference in people's lives. Not prejudice and paranoia.
And as you know, my opponent is running a very different kind of campaign.
His latest target is a pastor in Flint, Michigan. Who respectfully asked him not to use her pulpit for political attacks. He called her a nervous
mess. That is not only insulting, it is dead wrong. Reverend Faith Green Timmons is not a nervous mess. She is a rock for her community in trying
times. She deserves better than that, and Flint deserves better. In fact, so does America.
So I'm going to keep working as hard as I can to lift up our country and not tear it apart. I honestly believe there is so much more that unites us
than divides us. And I believe with all of my heart, the American dream is big enough for everyone to share in the promise. So I'm determined to be a
president for Democrats, Republicans and independents for all American. To really roll up our sleeves, solve our problems and make positive
differences in people's lives. So with that I'd be happy to answer questions.
UNIDENTIFIED REPORTER: When you were at home reflecting over these last three days, I wonder is there any way you (INAUDIBLE) -- swing states. Is
there anything you should be doing --?
CLINTON: See, I have always said that this was going to be a tight race. I've said it from the very beginning whether I was up or down, it didn't
matter.
[16:25:00] I think those are the kinds of presidential elections that we have in America at this point in our history. I'm very proud of the
campaign that we have put together. I feel like we are in a strong position going into these last weeks. What matters is who registers to
vote, and who is motivated and mobilized to turn out to vote. And I'm going to keep doing everything I can to deliver my message about what is at
stake in this election, and my campaign is going to continue to work hard every day to turn out every voter we possibly can. And that's our goal.
And that's our strategy.
UNIDENTIFIED REPORTER: The agreement that John Kerry and Sergey Lavrov negotiated with the Syrian violence is less than a week old. And reports
odd of Aleppo today already indicate that humanitarian assistance is having trouble reaching the city. I was wondering if you think the agreement can
hold and if not, what should the next steps for the United States be?
CLINTON: This has been such a terrible conflict and the humanitarian cost is incalculable. I really applaud Secretary Kerry's persistent effort to
try to reach some kind of agreement with the Russians in order to create a period of cessation of hostilities in order to get humanitarian assistance
into Aleppo and other places within Syria. I think whether or not it works is up to the Russians. It is up to whether or not Vladimir Putin decides
that it's time to do what the Russians can do to bring this conflict into a period where there can be the beginning of political discussions. A hoped
for protective zone for people who are under relentless assault from the air. Any commitment to going after the terrorist groups that pose a threat
to everyone.
So I'm going to watch this closely. But at the end of it it's going to be determined by whether or not the Russians decide it is in their interest to
pursue this agreement.
UNIDENTIFIED REPORTER: It appears that your running mate, Tim Kaine, may not have been aware of your pneumonia on Friday. I'm wondering when you
informed him? And if you didn't inform him on Friday, what does that say about what your relationship would be like with him in the White House?
How he would know he would be on a minute to minute development in your administration?
CLINTON: My senior staff knew, and information was provided to a number of people and look -- this was an ailment that many people just power through
and that's what I thought I would do as well. I didn't want to stop. I didn't want to quit campaigning. I certainly didn't want to miss the 9/11
memorial as a Senator at that time, I consider it a sacred moment. And I was determined to get there. It didn't work out. So I got the antibiotics
up and going, got the rest I need, and we're going on from there.
UNIDENTIFIED REPORTER: Look, in terms of Tim Kaine, how often you talk -- you see the relationship (INAUDIBLE) --
CLINTON: No, I Communicated with Tim I talked to him again last night.
UNIDENTIFIED REPORTER: [OFF MIKE]
CLINTON: We communicated. We've communicated, but I'm not going to go into our personal conversations. And I feel very comfortable and confident
about our relationship and I really look forward to working with him closely.
[16:30:00] UNIDENTIFIED REPORTER: [OFF MIKE]
CLINTON: You know, my campaign has said that they could have been faster, and I agree with that. I certainly expect them to be as focused and quick
as possible. But I have to say that from my perspective, I thought I was going to be fine, and I thought there wasn't really any reason to make a
big fuss about it. So I should have taken time off earlier. I didn't, now I have, and I'm back on the campaign trail.
UNIDENTIFIED REPORTER: [OFF MIKE]
CLINTON: I think it is important to be constantly reaching out, listening to, learning from leaders. And I was pleased to be able to find the time
to meet with several of them, which I intend to do. To hear firsthand, their perspective about what they see happening in the world today. To
answer their questions from what I think is happening, whether it is in Syria or anywhere else.
There is a lot going on in the world, and I have a long standing set of relationships that go back not only to Secretary of State and Senator, but
back to first lady. And I think it is important to attend to those relationships and I won't be able to have as many meetings because of the
press of the campaign, as I have had in prior years. But I'm looking forward to the ones we are scheduling.
Thank you all very much.
QUEST: So there we have Hillary Clinton answering questions. The first time she gave a speech this afternoon, then she took some questions, only
about half a dozen questions or so. She says that this election would be about who has the strongest position, and then which party managed to get
out to register and get their vote and turnout vote on November the 8th.
There were several questions asked about her pneumonia. Now, first of all about what did she tell Tim Kaine, her vice presidential candidate. She
was very vague about that. And certainly didn't answer the question of how that would have been affected a relationship in the White House. And then
sever other reporters went back for another go on this question of her pneumonia. What did her staff know? Why didn't her staff speak earlier?
What did she tell people? The questions of transparency.
On each occasion, Secretary Clinton gave the barest of answers, always circumvented by the statement that she thought it would pass, it didn't,
she took the time off, she is taking the antibiotics, and now move on. She's clearly doing the very best she can or tray this as being no big
deal.
We will continue QUEST MEANS BUSINESS. What a very busy day. Donald Trump on the economy, Hillary Clinton back on the campaign trail, the Dow Jones
Industrials roaring up by triple digits and we're live in New York.
(COMMERCIAL BREAK)
[16:35:52] QUEST: Today marks the eighth anniversary of the beginning of the financial crises. Now, you can arguably say the crisis began back in
2007 when the first breakage points came through. But really eight years ago on that day, the Dow Jones fell 504 points as the mortgage crisis came
to a head. Wall Street today finished up 177 points. It was chaos in 2008 as Lehman Brothers declared bankruptcy. That followed a weekend when the
U.S. government refused to bail out the investment bank. It was the first of many dominoes to fall as the world then followed into deep recession.
Here is how CNN reported the fateful events. (BEGIN VIDEO CLIP)
UNIDENTIFIED CORRESPONDENT: This is absolutely stunning. Wall Street has seen very, very few days like this.
WOLF BLITZER, CNN ANCHOR: The worst stock market nose dive in more than seven years. Since 9/11, this has been the worst day. Wall Street in
meltdown after one big investment bank goes bust, and another one is bought out.
(END VIDEO CLIP)
QUEST: Now, U.S. Senator Elizabeth Warren is using the anniversary -- now they're using the anniversary to push for prosecution and potential prison
time for those responsible for the financial crisis. In 2011, a government commission recommended possible criminal charges against two dozen
individuals and corporations. However, the United States Justice Department did not prosecute anyone. Now, Warren is calling in action
baffling and outrageous, and she written that the "Failure requires explanation." Companies mentioned in the report include, Fannie Mae,
Citigroup, and UBS.
Paul La Monica joins me. Paul, you and I both remember it. It's our recent history. We can argue about whether Bear Stearns started the crises
-- there's a variety of one's -- but Lehman is generally believed to be the moment when things turned nasty. With hindsight now, how do you view
things.
PAUL R. LA MONICA, CNNMONEY CORRESPONDENT: It is amazing that the market has rebounded to the extent that it has, given how awful that crisis was,
and a lot of financial firms are, in theory, healthier than they were now. But obviously, a lot of average Americans don't feel as if the economy has
improved much in the past eight years. And there is anger and resentment about the fact that no significant head of a major U.S. financial
institution has paid the price with a trial and possible jail time. And that is what Senator Elizabeth Warren is very miffed about as well.
QUEST: Eight years on, I suspect, firstly the statute of limitations may be coming around. But more importantly, it would be very difficult now to
prosecute somebody for events that happened ten years ago. Because that's when they were obviously doing the deeds that led up to the financial
crisis.
LA MONICA: Agreed. I don't think that there is any serious consideration to the thought that we would all of a sudden trot out the most egregious
examples of the greed and malfeasance that led to 2008, to now stand trial for that. That's not going to happen, but Elizabeth Warren is clearly
opportunistically trying to make a point. This is an election cycle after all. Trying to note that there are still many people on Wall Street that
haven't exactly changed the way their behavior, in the past couple years. I think that is the concern with markets coming back to highs even though
they've taken a dip lately. Today notwithstanding.
QUEST: Now, Paul, we have been looking at the economic growth numbers. As a result of Donald Trump saying that he would have 4 percent, 3.5 percent
in his report, but he says 4 percent economic growth. The last time the U.S. had 4 percent economic growth was in 2000. Now, since the great
recession -- in fact you can see here -- you get up to about 3.5 percent in 2004. But since then and since the great recession, there has never been
3.5 or 4 percent growth. So the question of course, it begs the question whether that level of growth is attainable in the post-recession world?
[16:40:00] LA MONICA: It is a fantastic question. I think a lot of people, despite what Donald Trump said today are skeptical of that claim.
I don't think that many feel that Hillary Clinton could get the economy humming at that level, either. There is still a lot of excess being worked
out of the financial system because of 2008 and all of the sins that led to that which were years in the making. I think the best hope right now, and
we could get it from president Trump or Clinton, is more spending on infrastructure, something New Deal-esque that maybe juices growth a little
bit but I think the best that the U.S. might be able to hope for in the near future is maybe 2 percent or 2.5 percent. It's not great, but it's
better than what Europe is going through right now.
QUEST: That is not fair. You don't beat up on the weakling.
LA MONICA: I'm not, I'm saying we should feel fortunate. Because it is a heck of lot worse in many parts of your neck of the woods or former neck of
the woods.
QUEST: Embarrassing, poor Europe. OK, thank you very much. Thank you for joining me in New York. The current president of the World Bank is
virtually guaranteed a second term. The World Bank has announced that Jim Yong Kim is the only candidate to be nominated. He has been president
since 2012, nominated by the United States the first and second time.
And whilst he's been praised for using bank resources to address such issues as the refugee crisis, he's also been criticized for his handling of
internal organizational decisions, the restructuring of the bank, if you will. Joining me now is Ian Solomon, former director of the World Bank.
You have seen the criticisms of the president. And that he has shifted it from a lending institution to, if you like, health care developmental
institution, which is not what the World Bank is structurally and systemically about. Why is that an unfair criticism?
IAN SOLOMON, FORMER DIRECTOR, WORLD BANK: It's unfair because it's what the shareholders have been asking for and are happy with. The real
question is that the bank is a critically important institution in the world. As it shifts towards climate change, the refugee crisis, the
pandemic emergencies like Ebola, it's responding to the needs of our changing world and our changing economy.
QUEST: But it's a lending institution.
SOLOMON: And it still lends.
QUEST: Well, there are some, of course, you know the argument that others are saying they're looking elsewhere to borrow as against the bank. That
the bank's lending systems and structures are not as favorable as they used to be and the bank itself seems to have changed its purpose.
SOLOMON: Lending at the World Bank, demand for loans at the World Bank is up, the bank is turning away people who want to borrow, countries that want
to borrow and saying we need more capital if we're going to continue to lend. Some borrowers will go other places and that's a good thing. The
World Bank is not meant to serve all countries of the world. But the bank remains critically relevant for countries that find bank expertise, the
bank capital, the bank knowledge, experience, and networks, to be valuable.
QUEST: President Kim, he has come in for a lot of criticism. The staff association wrote a letter basically saying his organizational changes have
been a disaster, and his top management has failed, and besides their allegation that he shifted the purpose. From your understanding, it is
always difficult to turn a major institution around, but he seems to have had enormous difficulty doing this at the bank?
SOLOMON: It a very challenging institution to manage. Certainly if you want to change the status quo, you will have people who are unhappy about
that. I have many dear friends at the bank, some are very unhappy, some are very happy. What is really important to look at is what does the bank
actually do. And the debate we should have now is not, "oh, what a shame, there's no horse race." The debate should be what is the bank doing on
poverty alleviation. Last year the bank announced for the first time we'll have extreme poverty below 10 percent in the world population.
QUEST: OK, but you say that it's not important to have the horse race but that --
SOLOMON: I love competition, I would very much like there to be a debate.
QUEST: And arguably, the fact that no other candidate anywhere in the world is standing for this particular position, he gets basically elected
unopposed, that's a disgrace.
SOLOMON: I think it would be helpful for another candidate to put forth another candidate and to have a debate. But the truth of the matter is
that many shareholders are very happy with direction has taken, with the work Jim Kim as done. It's not just the U.S. that nominated him, but also
France, the U.K., Germany, Brazil, China, India, Indonesia, Korea, Kenya, Rwanda, a great number of countries have come forth publicly to say we want
this guy to have another term.
[16:45:00] Many countries African countries actually nominated him, too. His only nomination did not come from the U.S. He was nominated by other
countries as well. I agree with you. Having a real debate, this is an important institution. We should be talking about its mission in the world
and what it has accomplished. But we need a real candidate to do it.
QUEST: And the real battle of course, must my postscript on this happens in five years' time, because now the Europeans have got the fund, the
Americans have the bank. And it's when Christine Lagarde and Kim come up next time, the real battle.
SOLOMON: Hope for a great debate then.
QUEST: We'll be back to square one with the arguments, but you will hopefully be around to come back and talk to us. Thank you.
Donald Trump Jr. says his father should not release his tax return because it's too complex. We'll explain if it's not too complicated for you to
understand, after the break.
(COMMERCIAL BREAK)
QUEST: Donald Trump's son says his father should not release his tax returns this close to the election because they are in his words, "Too
complicated." Donald Trump Jr. told the Pennsylvania newspaper, and this is the quote. "Because he's got a 12,000 tax return that would create
financial auditors out of every person in the country, asking questions that would detract from his main message."
Jim Acosta is in Miami, Jim, this is a new one isn't it? We won't release the forms because people won't understand them, and if they ask too many
questions, well, that will distract.
JIM ACOSTA, CNN SENIOR WHITE HOUSE CORRESPONDENT: Right, they don't want a distraction 54 days before the election. But they have been saying the
reason that Donald Trump is not releasing his tax returns is because he is under an audit. And that once he is out from under that audit he will go
ahead and release the tax returns.
But there has always been a problem with that explanation, Richard, and that is that Donald Trump's own tax attorney issued a letter saying his
returns from 2002 to 2008 are no longer under an audit and therefore can be released. But Trump is refusing to release those tax returns.
At this point, he stands to buck a tradition that goes back all the way to Richard Nixon. Presidential candidates in this country have always
released their tax returns in some way, shape or form. Nixon did it even when he was under audit. And so the comparison is not a good one for
Donald Trump, but he is insisting that he is going to stay with position until he decides otherwise. And today his son basically said, well, we
just don't want a bad story out there.
QUEST: But Jim, briefly is there any evidence from the polls that you're looking at that the American people actually care about this? Or is it
just the sort of thing that journalists like you and me get hot under the color about?
ACOSTA: There are some new poll numbers that show that a majority of Americans believe that Donald Trump should release his tax returns.
Obviously, we in the media always err on the side of more disclosure.
[16:50:00] Donald Trump did disclose some more medical information today.
He put out a letter from his doctor talking about his health condition, which is apparently overall in good shape. But in terms of his tax returns
that is what everybody wants to see in this country and around the world, because it is going to show us, does Donald Trump have dealings overseas
that he might have to explain. The whole Russia question. This is something the Democrats bring up time and again. And what exactly does he
pay in taxes?
What percentage of his income, I asked him one time, do you pay anything in federal taxes and he said, yes. But we have not been able to quantify
that. That was a problem for Mitt Romney you will recall, Richard, four years ago, and Donald Trump at this point is just refusing to reveal to the
American people where any of the numbers are at this point.
QUEST: Based on that and just listening to what you say. Is there something smelly in those numbers? Whether it is the amount of tax he
pays, whether it is the deductions he takes, or whether or not he is not as philanthropic as he claims, his ability to brazen it out is what is
fascinating.
ACOSTA: I think it is fascinating, one of his key supporters, and Iowa congressman
Steve King said on CNN earlier today that one of the reasons why Donald Trump is doing that is because it would just be a bad story at this point
in the campaign. And that this congressman believes he should have done this back in March or April. And the Trump campaign has put itself and
Donald Trump has put himself in a bad position here.
Because at this point, a huge revelation in those tax returns would potentially damage him at a very critical time. You'll note, Richard, in
all these new polls that have come out, Trump has pulled even nationally and pulled ahead in some key battleground states. This is not the time to
show anything in his tax returns that would put him in bad light.
Now the other question is net worth. There have been questions raised about his total net worth and if his tax returns fight against this
narrative that he's this spectacularly successful businessman, a billionaire many times over. If the tax returns don't reflect that, that
could also potentially hurt and damage his image domestically.
QUEST: Jim Acosta, thank you.
The co-founder of LinkedIn is offering to donate $5 million to a veteran's charity nonetheless if Trump releases his tax returns. Reid Hoffman told
CNN's Erin Burnett why it is so crucial for the information to be released.
(BEGIN VIDEO CLIP)
REID HOFFMAN, CO-FOUNDER, LINKEDIN: I'm a great believer in American democracy, and I think it's really important that everyone is informed
about all kinds of important things about a person who hopes to lead them. It's questions about whether there have actually been philanthropic
contributions and what have those been like.
It is a question of whether or not there have been conflicts of interest, and I think of the things about income tax returns, which have been great
in the history which nearly every modern presidential candidate has done, is to actually show you what the person is actually like. The income tax
doesn't lie.
ERIN BURNETT, CNN HOST: So you're looking at it for a window into what sort of a person he is. And by I guess you're meaning things like
philanthropy and charity?
HOFFMAN: Philanthropy and charity is one. Also the question is, is there any conflicts of interest. What will be the kind of character of the
nature of the intersection of his business interests and what he might be trying to accomplish with public office, for himself versus the country.
All of those questions are much easier for everyone to evaluate and weigh if they just see the income tax returns. Just, as for example, as Hillary
released.
BURNETT: You're in a sense taking a page out of Donald Trump's own play book. In 2012, he made a similar offer, here he is.
(BEGIN VIDEO CLIP)
DONALD TRUMP, U.S. REPUBLICAN PRESIDENTIAL CANDIDATE: I have a deal for the president, the deal that I don't believe he can refuse. And I hope he
doesn't. If Barack Obama opens up and gives his college records and applications, and if he gives his passport applications and records, I will
give, to a charity of his choice, anything he wants, a check, immediately, for $5 million.
(END VIDEO CLIP)
BALDWIN: Now, Trump of course eventually pulled that offer. You said the $5 million you put on the table would go to veteran's groups, which Trump
says is a cause very near and dear to his heart. If Trump doesn't take you up on your initial offer what do you next?
HOFFMAN: We'll figure that out, but I think one of the things that is important is, you know, as Trump himself said, to make him a very easy
deal. All he has to do is reveal some papers. Not only will that be the right thing for democracy, and right thing for showing what his actual
character is like, but it will also be a great thing for veterans' groups.
[16:55:00] We plan to stay on that to try to make both outcomes happen.
(END VIDEO CLIP)
QUEST: One final thought, don't forget to sign up for our newsletter. The question, of course, on my Profitable Moment tonight I am discussing is how
Donald Trump aims to get to 4 percent economic growth. That is what he said in his speech today. His plan talks of 3.5 percent economic growth
which is about 75 percent higher than current forecasts are for the next four years.
At CNNMONEY.com/quest the newsletter arrives now, after the New York market has closed, and well before Asia begins. We'll have a profitable moment
after the break. Where is the bell?
(COMMERCIAL BREAK)
QUEST: Tonight's profitable movement. Donald Trump's economic plan is predicated on 3.5 percent economic growth. Today the candidate said he was
looking for 4 percent economic growth over the tenure of his presidency. The only problem is the U.S. rarely gets 4 percent economic growth.
And certainly has not had it since the year 2000. In fact, in the last 36 years, it has only had it a quarter of the time. Nine years when growth
reached that level. So you've got to ask how does Mr. Trump hope to get 3.5 percent or indeed 4 percent growth? The truth is it's not going to be
easy.
Particularly with a plan that many say is suspect where the economics are dodgy. To be sure the tax plan he presented today was certainly better
thought through and better costed than before, but traditional economics says it will still leave a massive hole in the U.S. budget deficit.
That is QUEST MEANS BUSINESS. for tonight, I'm Richard Quest in New York. Whatever you're up to at the hour's end, hope it is profitable.
END
