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Friday, August 31, 2012

Corporations Gaining Control of the World's Countries Resources and Wealth, Including the U S

     It has been said by many (myself included) that all of the conflict in the middle east are to gain control of those countries' oil resources. And right now western oil countries have control of Iraq'a oil and are now trying to get control of Iran's oil. All of this is possible only through the use of the American military. It amounts to our children being sent to wars in foreign lands for the sake of profits for corporations. And in those countries where there is no oil "per se", there is a government to be set and propped up and an economy to build that can be taken advantage of. Whatever resources those countries possess will taken over by corporations. In Canada the oil corporations are taking their tar oil sands and shipping it all the way south through the United States to be sold to China and whoever else on the open market, Keeping the price of gasoline up in North America. The reason; they can command more for it on the open market. Does that sound like a corporation that cares, even the least little bit, about either Canada Or America? I don't think so!
    
      Even in America the corporations are stealing our resources. They've already taken our manufacturing base and shipped it overseas, and now they sell us the same merchandise at prices inflated at hundreds and even thousands of  %. They put tens of thousands out of work, take their health care benefits and pensions, so that they can pay their CEO"s and board of directors(8-15 people) $15-20 million each. Does that sound like a USA loving, patriotic country? I don't think so!

     First it was the Exxon Valdez oil spill in Alaska over 20 years ago and more recently it was the oil spill in the Gulf of Mexico which are both still feeling the effects of these disasters. And now the Obama administration is giving the go ahead to allow drilling in the arctic circle and to allow the Keystone Pipeline throgh territory wherr th edrinking water for many states is put at risk. Either of these projects will, not could, cause disasters of monumental proportions. The oil companies there's virtually no chance anything could go wrong. That's what they said about the Exxon Valdez and the Deepwater Horizon drilling platform and look what happened. But a drilling catastrophe in the brittle, frozen waters of the arctic would have no solution. And what solution would there be for all those chemicals from the tar oil sands leaking into the drinking water aquifers of four or five states, or even more? Where would that much extra drinking water come from? It would be an unspeakable disaster!
 And for all of this, the oil companies are using an instrument that was thought up decades ago called "imminent domain", which was meant to promote something for the greater good of the country, or state , or region or city. But now, we have corporations using this tool for their own good. This was not meant to be a tool used by corporations. It was meant to be used by governments and municipalities.
      
      How is it that corporations can just confiscate an indivdual's property? That is not supposed to happen in America! They have been allowed to take people's property and it is not for anyone's good other than the oil corporations. They will not lower gas prices. After all the trouble to our country this product that is so dangerous to our environment, ecology and yes, economy, too, will not even be sold in the U S. It will most likely be sold to China, the country that is our chief rival in the entire world. And the worst part of the whole thing is, nobody in government is saying anything, republican or democrat. It shows you the extent to which corporations control the government of the United States of america. If something is not done soon, t's just a matter of time until they have full control of our government.

Republicans Playing Politics With the Farm Bill

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Agriculture

Time is Running Out for Farmers and a New Farm Bill

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The Farm Bill programs is due to expire September 30. Farmers across the countryside are demanding action from lawmakers. With Congress deeply divided and the election year politics looming, it appears unlikely that a bill passage will take place by September 30th. "We are pushing Congress to get it done in September," said Dana Peterson, chief executive officer of the National Association of Wheat Growers. "But the likelihood of that is pretty slim. The likelihood before the election (in November) is pretty slim."
Read it at Reuters
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Thursday, August 30, 2012

Anonymous Is Speaking To You.

America Is Not Broke, But It Is Being Robbed!



America is Being Robbed

The worst of the 1% are stockpiling more cash than the Pharoahs ever dreamed of, while Americans suffer and politicians tell us that America is "broke."

Enough is enough. America isn't broke -- we're being robbed. Over the next six months, we'll be calling out those who are robbing America and proving that we can Rebuild the American Dream

The first step in fighting back is to commit to each other that we won't buy the myth, and we won't sit silent while today's robber barons set the terms of the debate.

Add your name to those of other Rebuilders now.

33,598 signatures and counting! Will you add your name?

Wednesday, August 29, 2012

Why Didn't Eric Holder Prosecute Goldman Sachs

 
 

Matt Taibbi, Eliot Spitzer Discuss Eric Holder's Failure

POSTED:
Got a chance to talk with Eliot Spitzer last night about Eric Holder's decision not to prosecute Goldman Sachs for the offenses laid out in the Levin report.

I was trying not to be too obvious in making the point that Spitzer is an example of the kind of guy you would want looking at that Goldman case. Not only did I not want to look like a suck-up, but I wasn't sure how, "As you know, Eliot, a prosecutor is supposed to be kind of a dick!" would go over. Because I would have meant it in the most complimentary way possible. And it has nothing to do with politics. If you read James Stewart's Den of Thieves you can see that Rudy Giuliani had some of the same key qualities. A good prosecutor should look down the barrel of a bunch of millionaire lawyers at Davis Polk or White and Case and feel turned on by the challenge of combat. Making a deal with any devil should burn him at the core, keep him awake at night.
But that's exactly who Eric Holder and Lanny Breuer haven't been, exactly who Bob Khuzami at the SEC hasn't been. Instead of being fighters, they've been dealmakers and plea-bargainers. They've dealt out every major financial scandal, from Abacus to the Muni-bid-rigging cases (they prosecuted a few low-level guys at GE but let the big players at the big banks skate) to the Citigroup fraud settlement that was so bad a judge threw it back at the govenment's face. In that latter case, amazingly, the govenment is now fighting not for its constituents, but for its right to give out crappy deals to repeat-offender banks without judicial review.


Read more: http://www.rollingstone.com/politics/blogs/taibblog/matt-taibbi-eliot-spitzer-discuss-eric-holders-failure-20120822#ixzz24ynVfqf8

Rick Santorum Tells White People They're "Government Dependent", Too

Federal Court Finds Texas' Republicans Redistricting Plan Violates Minorities Voting Rights

Federal Court Finds Texas' Redistricting Plan Violates Minorities Voting Rights

The GOP's New "Dog Whistle Politics" Attacking Working Poor White People

Republicans Playing Politics With Farm Bill

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Agriculture

Time is Running Out for Farmers and a New Farm Bill

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The Farm Bill programs is due to expire September 30. Farmers across the countryside are demanding action from lawmakers. With Congress deeply divided and the election year politics looming, it appears unlikely that a bill passage will take place by September 30th. "We are pushing Congress to get it done in September," said Dana Peterson, chief executive officer of the National Association of Wheat Growers. "But the likelihood of that is pretty slim. The likelihood before the election (in November) is pretty slim."
Read it at Reuters
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What the Tea Party Really Stands For!

Tuesday, August 28, 2012

BAIN Owned Outback Steak House Workers Protest Low Wages In Tampa



Hundreds Protest Bain-Owned Corporation in Tampa Over Low Wages | The Nation

George Zornick

George Zornick

Action and dysfunction in the Beltway swamp. E-mail tips to george@thenation.com.
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Hundreds Protest Bain-Owned Corporation in Tampa Over Low Wages

Far away from the glistening convention center in downtown Tampa Bay on Monday, there was a battle over the minimum wage as throngs of workers and progressive activists marched in driving rain outside the corporate headquarters of Bloomin’ Brands, a mega-restaurant chain owned by Bain Capital.

Nearly 200 protesters arrived at a corporate park about five miles from the convention site in the late-afternoon—only to find a massive police presence that included two helicopters circling overhead. Police and private security officers asserted that Bloomin’ Brands did not want anyone on the property and even tried to remove reporters from a public sidewalk before relenting.
When the protesters arrived, the marched in circles chanting “How many millions do you need? We've got hungry mouths to feed!” and holding up homemade signs against the soaking rain, as a perimeter of police watched. Bloomin’ Brands is the Tampa-based owner of Outback Steakhouse, Carraba’s Italian Grill, Bonefish Grill, Fleming’s Steakhouse, and other restaurant chains, and is valued at $1.29 billion. (Bain Capital stands to earn a 88 percent return on its investment in Bloomin’ Brands, which it purchased in 2007).
Those restaurants frequently only pay the minimum wage, both for tipped and non-tipped workers. In Florida and Arizona, Bloomin’ Brands actually helped lead an effort to lower the prevailing state wages for tipped workers to the federal minimum of $2.13. This didn’t sit well with the minimum wage-earners at the protest. Susana Martinez, of Boston, MA, recently quit her job at Dunkin’ Donuts where she was paid the minimum wage for one year, before receiving only a 50-cent hourly raise. “It just doesn’t cut it, for myself or even for the house. We’re still struggling,” she said. “We pay market rent, and it’s not helpful. And I do a whole lot for the money that I get. I train people in my job.”
Though Mitt Romney was not a part of Bain Capital when it acquired Bloomin’ Brands, Martinez said she felt he is part of the same corporate philosophy. “I see the jobs he’s trying to create and now he’s trying to become president. I just don’t think that he’s going to do a good job,” she said. “He doesn’t know what it’s like to live a lifestyle where like you’ve got to feed your family and you’ve got to live paycheck to paycheck, and he doesn’t understand that.”
Others at the protest had better-paying jobs, but traveled to Tampa Bay with the help of community organizers to lend support to the effort. “I’m retired, and thank god I had a good pension, and my wife has a good job. That’s what I want for my kids and grandkids,” said John Dougherty of Latrobe, PA. “I was blessed. My generation was blessed. But if you make 7 and a quarter an hour, you make a little over $15,000 a year. How can you live on that?”
After about 30 minutes, the protesters loaded back into buses and headed seven miles away to protest a dinner for the Republican Governors Association. A helicopter overhead tracked them the entire way.

BAIN Capital Allegedly Specialized In Illegal Tax Strategies For Domestic and International Corporations

Truthout

Documents Show Details on Romney Family Trusts

Saturday, 25 August 2012 11:39 By Nicholas Confessore and Julie Creswell, The New York Times News Service | Report
Hundreds of pages of confidential internal documents from the private equity firm Bain Capital published online Thursday provided new details on investments held by the Romney family’s trusts, as well as aggressive strategies that Bain appears to have used to minimize its investors’ and partners’ tax liabilities.
The documents include annual financial statements and investor letters circulated to limited partners in more than 20 Bain and related funds where Mitt Romney’s financial advisers have at times invested large parts of his personal fortune, estimated at more than $250 million.
As part of his retirement agreement with Bain, Mr. Romney has remained a passive investor in the company’s ventures and continues to receive a share of the firm’s investment profits on some deals undertaken after his departure.
The documents, obtained and published by Gawker.com, do not specify the stakes held in the funds by the Romney family trusts or by other investors. But they highlight the range and complexity of Mr. Romney’s investments at a time when those very qualities have been the subject of the Obama campaign’s main attacks against him, including demands that Mr. Romney release his tax returns to clear up any suggestion that he might be benefiting financially from legal loopholes or tax shelters.
Many documents disclose information that, while routinely provided to Bain’s investors, is not typically disclosed to the public: the dollar value of Bain investments in specific companies, fees charged by Bain and other investment managers, and the value of different Bain funds in some years.
The documents also reveal that Bain held stakes in highly complex Wall Street financial instruments, including equity swaps, credit default swaps and collateralized loan obligations.
“The unauthorized disclosure of a number of confidential fund financial statements is unfortunate,” said Alex Stanton, a Bain spokesman. “Our fund financials are routinely prepared by auditors and demonstrate a commitment to transparency with our investors and regulators, and compliance with all laws.”
Mr. Romney said last week that he had paid an effective federal tax rate of at least 13 percent over the past decade, but he declined — as he has over months of speculation and attacks — to release returns before 2010.
“My view is I’ve paid all the taxes required by law,” Mr. Romney said.
Bain private equity funds in which the Romney family’s trusts are invested appear to have used an aggressive tax approach, which some tax lawyers believe is not legal, to save Bain partners more than $200 million in income taxes and more than $20 million in Medicare taxes.
Annual reports for four Bain Capital funds indicate that the funds converted $1.05 billion in accumulated fees that otherwise would have been ordinary income for Bain partners into capital gains, which are taxed at a much lower rate.
Although some tax experts have criticized the approach, the Internal Revenue Service is not known to have challenged any such arrangements.
In a blog post Thursday, Victor Fleischer, a law professor at the University of Colorado, said that there was some disagreement among lawyers, but that he believed: “If challenged in court, Bain would lose. The Bain partners, in my opinion, misreported their income if they reported these converted fees as capital gain instead of ordinary income.”
A typical private equity or hedge fund pays its managers in part with a management fee based on the size of the fund, and in part with a share of the profits earned by the fund. Those profits are considered “carried interest” and taxed at capital gains rates, which in recent years have been 15 percent, assuming that the underlying investment profits qualified for that treatment.
The tax strategy Bain appears to have used is intended to convert the remaining management fee — the part not based on investment profits — into capital gains. Mr. Romney appears to benefit from the carried interest structure in these funds, but it is not clear from the documents made public whether he also benefits from the fee waiver. The Romney campaign declined to comment.
In an article that appeared in the journal Tax Notes in 2009, Gregg D. Polsky, a tax law professor at the University of North Carolina School of Law, called the tax strategy “extremely aggressive” and said it was “subject to serious challenge by the I.R.S.”
Details in the documents suggest that Bain funds in which Mr. Romney’s fortune is invested also used a variety of legal mechanisms to help some investors avoid significant taxes.
A 2009 document concerning Bain Capital Asia, one of the firm’s overseas private equity funds, for example, refers to three “blocker” corporations used to invest in D&M Holdings, a Japanese electronics company.
Blocker corporations, typically set up in tax havens like the Cayman Islands, can help investors avoid a levy known as the unrelated business income tax, which was created to prevent nonprofit groups from undertaking profit-making ventures that compete with taxpaying companies.
The documents also showed that some of the funds owned equity swaps, which have been used to avoid taxes that would otherwise be owed on dividends paid by American companies to foreign-based investors, like funds based in the Caymans.
The major purpose of such “swaps,” a Senate committee report stated in 2008, “is to enable non-U.S. persons to dodge payment of U.S. taxes on U.S. stock dividends.” Congress later adopted a provision intended to prevent that tactic. Parts of that provision took effect in 2010 and other parts this year. It is not clear how effective the provision will be, and final I.R.S. regulations have yet to be released.
Before enactment of that provision, if a Cayman Islands hedge fund owned an American stock that paid dividends, a tax would normally be withheld when the dividend was paid. Under the swap arrangement, the shares were “owned” by an American company, typically a bank or brokerage firm, which was exempt from withholding taxes.
The hedge fund entered into a “total return swap,” in which the bank agreed to transfer all the financial benefits of owning the stock to the hedge fund, including the dividend payment. The hedge fund pays an interest rate that, in effect, pays the bank for the tax benefit of avoiding the withholding tax.
The 2009 financial statements of Absolute Return Capital Partners LP, a fund that maintains Cayman Island subsidiaries, reported $17.7 million in realized and unrealized profits from “equity contracts.” It was not clear if all of those profits related to total return swaps, but it is likely that at least some of them did.
That tactic is also used to avoid taxes in some other countries and to avoid restrictions on share ownership by noncitizens of some countries. In its 2010 annual report, released by Gawker, Viking Global Strategies, a hedge fund, reported using such swaps in Europe, Asia and Latin America. Romney family trusts have indirect stakes in that fund through a Goldman Sachs fund.
Like many other private equity and hedge funds, Bain and its affiliates operate several offshore funds that are domiciled in the Caymans for a variety of tax and regulatory reasons. For the most part, these Cayman-based funds are completely routine and legal, tax experts say.
This article, "Documents Show Details on Romney Family Trusts," originally appears at the New York Times News Service.
© 2012 The New York Times Company Truthout has licensed this content. It may not be reproduced by any other source and is not covered by our Creative Commons license.

Monday, August 27, 2012

Independent Mayor Endorses Elizabeth Warren in Massachusetts

Roger Lau, ElizabethWarren.com
Schedule cleanup
To James Francis
From:Roger Lau, ElizabethWarren.com (info@elizabethwarren.com)
Sent:Sat 8/25/12 11:52 AM
To: James Francis (jnluv50@hotmail.com)

Elizabeth Warren for Massachusetts
James --
On Thursday, Elizabeth received the endorsement of Lowell Mayor Patrick Murphy.
Mayor Murphy is an independent who cares deeply about the future of his city and Massachusetts. Watch his endorsement and share it with your friends on Facebook and Twitter:
Click here to watch the video of Mayor Patrick Murphy's endorsement.
The mayor and Elizabeth were at Ramalho's West End Gym -- the Lowell boxing gym where Mayor Murphy learned to fight, and the same gym made famous by Micky Ward and the movie The Fighter.

Elizabeth told Mayor Murphy and the gym's owner Art Ramalho, "I've never been in the ring, but I'm a fighter, too."

Elizabeth's in the biggest fight of her life right now -- and she's going to win because she has you and people like Mayor Murphy in her corner.

Thanks,

Roger Lau
Political Director
Elizabeth for MA

Money From Superrich Tax Dodgers Could Pay Off The Deficit


Paul Buchheit
Published: Monday 27 August 2012
“The IRS estimates that 17 percent of taxes owed were not paid, leaving an underpayment of $450 billion.”

Add It Up: Taxes Avoided by the Rich Could Pay Off the Deficit

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Conservatives force the deficit issue, ignoring job creation, and insisting that tax increases on the rich wouldn't generate enough revenue to balance the budget. They're way off. But it takes a little arithmetic to put it all together. In the following analysis, data has been taken from a variety of sources, some of which may overlap or slightly disagree, but all of which lead to the conclusion that withheld revenue, not excessive spending, is the problem.
1. Individual and small business tax avoidance costs us $450 billion.
The IRS estimates that 17 percent of taxes owed were not paid, leaving an underpayment of $450 billion. In way of confirmation, an independent review of IRS data reveals that the richest 10 percent of Americans paid less than 19% on $3.8 trillion of income in 2006, nearly $450 billion short of a more legitimate 30% tax rate. It has also been estimated that two-thirds of the annual $1.3 trillion in "tax expenditures" (tax subsidies from special deductions, exemptions, exclusions, credits, capital gains, and loopholes) goes to the top quintile of taxpayers. Based on IRS apportionments, this calculates out to more than $450 billion for the richest 10 percent of Americans.
2. Corporate tax avoidance is between $250 billion and $500 billion.
There are numerous examples of tax avoidance by the big companies, but the most outrageous fact may be that corporations decided to drastically cut their tax rates after the start of the recession. After paying an average of 22.5% from 1987 to 2008, they've paid an annual rate of 10% since. This represents a sudden $250 billion annual loss in taxes. Worse yet, it's a $500 billion shortfall from the 35% statutory corporate tax rate.
3. Tax haven losses range from $337 billion to $500 billion.
The Tax Justice Network estimated in 2011 that $337 billion is lost to the U.S. every year in tax haven abuse. It's probably more. A recent report placed total hidden offshore assets at somewhere between $21 trillion and $32 trillion. Using the lesser $21 trillion figure, and considering that about 40% of the world's Ultra High Net Worth Individuals are Americans, and factoring in an annual 6% stock market gain based on historical records, the tax loss comes to $500 billion.
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4. That's enough to pay off a trillion dollar deficit. Reasonable tax changes could pay it off a second time:
(a) A non-regressive payroll tax could produce $150 billion in revenue.
Get ready for some math. The richest 10% made about $3.84 trillion in 2006. A $110,000 salary, which is roughly the cutoff point for payroll tax deductions, is also the approximate minimum income for the richest 10%. A 6.2% tax paid on $1.43 trillion ($110,000 times 13 million payees) is about $90 billion. The lost taxes on the remaining $2.41 trillion come to about $150 billion.
(b) A minimal estate tax brings in another $100 billion.
The 2009 estate tax, designed to impact only the tiny percentage of Americans with multi-million dollar estates that have never been taxed, returns about $100 billion per year.
(c) A financial transaction tax (FTT): up to $500 billion.
The Bank for International Settlements reported in 2008 that annual trading in derivatives had surpassed $1.14 quadrillion (a thousand trillion dollars!). The Chicago Mercantile Exchange handles about 3 billion annual contracts worth well over 1 quadrillion dollars. One-tenth of one percent of a quadrillion dollars could pay off the deficit on its own.
More conservative estimates by the Center for Economic and Policy Research and the Chicago Political Economy Group suggest FTT revenues of a half-trillion dollars annually.
Add it all up, and we've paid off the deficit, almost twice. More importantly, the avoided taxes and a few other sensible taxes could provide sufficient revenue for job stimulus without cutting the hard-earned benefits of middle-class Americans.