From Wall Street Journal:
U.S. companies are booking higher profits than ever. But the number crunchers in Washington are puzzling over a phenomenon that has just come into view: Corporate tax receipts as a share of profits are at their lowest level in at least 40 years.
Total corporate federal taxes paid fell to 12.1% of profits earned from activities within the U.S. in fiscal 2011, which ended Sept. 30, according to the Congressional Budget Office. That's the lowest level since at least 1972. And well below the 25.6% companies paid on average from 1987 to 2008.
LINK
And the fat cats keep wondering what all the excitement is about. Occupy this!
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Showing posts with label corporation. Show all posts
Showing posts with label corporation. Show all posts
Friday 3 February 2012
Thursday 2 February 2012
Wednesday 23 September 2009
The wheels of justice
Recently, I noticed a deposit made into my RRSP (401-K for American readers) account. There was a notation that this was the proceeds of the class-action law suit against Nortel Networks. For those of you not familiar with the case, senior executives at the (former) behemoth communications company conspired to perpetrate accounting fraud that resulted in perhaps millions of investors losing almost one third of a trillion dollars. Criminal charges against those principles are still in the courts.
Hundreds of thousands of people, myself included, had their life savings wiped out. Right now, you might be thinking "Good for you--you got your money back". Let me give you a clue as to how much of my money I actually got back--I did not break out the champagne when I saw the amount of the deposit. In fact, I'm not sure that it could buy a bottle of Dom Perignon. I chuckled--it was so laughable. I lost almost $400,000 and a successful law suit netted me $199. That's right. There's no missing zeros--one hundred and ninety nine dollars. What I would really like to know is how many tens of millions of dollars the lawyers got for getting me my $199.
The kicker to all this is how much more money lawyers stand to make by defending the thieves and cheats behind all this misery. I'd be willing to bet my $199 that most if not all the guilty will get off with a slap on the wrist if not outright. It's no wonder that things never change. There is no justice.
Hundreds of thousands of people, myself included, had their life savings wiped out. Right now, you might be thinking "Good for you--you got your money back". Let me give you a clue as to how much of my money I actually got back--I did not break out the champagne when I saw the amount of the deposit. In fact, I'm not sure that it could buy a bottle of Dom Perignon. I chuckled--it was so laughable. I lost almost $400,000 and a successful law suit netted me $199. That's right. There's no missing zeros--one hundred and ninety nine dollars. What I would really like to know is how many tens of millions of dollars the lawyers got for getting me my $199.
The kicker to all this is how much more money lawyers stand to make by defending the thieves and cheats behind all this misery. I'd be willing to bet my $199 that most if not all the guilty will get off with a slap on the wrist if not outright. It's no wonder that things never change. There is no justice.
Sunday 9 August 2009
The Corporation
It's been a while since I posted and a lot longer still since the documentary "The Corporation" aired. I watched it for a second time this evening and think it is well worth watching for anyone at all interested in understanding what constitutes and permeates a large part of today's world. It may have a profound effect on your worldview and even if not, you will certainly learn something and gain an appreciation of a topic not often discussed at length. It is also sprinkled with light-hearted spots to keep your interest.
It has won several awards and was hailed by most critics as a very well done piece whether one agrees or not with it's somewhat partisan view. You can download it here. Please post your comments.
Note: If, after downloading, you have difficulties viewing it, you may want to try downloading codecs from here.
It has won several awards and was hailed by most critics as a very well done piece whether one agrees or not with it's somewhat partisan view. You can download it here. Please post your comments.
Note: If, after downloading, you have difficulties viewing it, you may want to try downloading codecs from here.
Friday 14 November 2008
The psychosis of corporations
For anyone who still had a modicum of respect for the institution of corporations, guess what Goldman Sachs and Morgan Stanley are doing with the $10 billion of American taxpayer bail-out money. What else? They are giving out $12 billion in year-end bonuses, mostly to executives, of course, who have done a fine job taking them to the brink of bankruptcy. Oy.
Their reasons for the bonuses are further testament to the depth of their mental malady. According to them, the purpose of the bonuses is to retain "the talent". The same "talent" that nearly put the company under. The powers that be are so clueless that they don't know that if "the talent" leaves over being disgruntled over a lack of a bonus this year, that 1) they are spared the expense of a possible severance package should they need to cull the herd and 2) that this is an employer's market where they can re-hire better talent and for less compensation. Duh.
Their reasons for the bonuses are further testament to the depth of their mental malady. According to them, the purpose of the bonuses is to retain "the talent". The same "talent" that nearly put the company under. The powers that be are so clueless that they don't know that if "the talent" leaves over being disgruntled over a lack of a bonus this year, that 1) they are spared the expense of a possible severance package should they need to cull the herd and 2) that this is an employer's market where they can re-hire better talent and for less compensation. Duh.
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