Posts Tagged ‘wealth’
Posted by Warm Southern Breeze on Friday, September 28, 2012
By: Paul Solman
US Republican presidential candidate Mitt Romney speaks at a town hall meeting at Central High School in Grand Junction, Colorado, on July 10, 2012, where he said he has ‘nothing hidden’ in his taxes. Photo by: Nicholas Kamm/AFP/Getty Images
It’s hard enough to figure out my own taxes every year without having to worry about Mitt Romney’s. But because the issue of Romney’s taxes has come to loom so large, I thought I’d better get some professional advice. So I sought out a friend, estate planning lawyer Matthew Berlin, who has modest clients like me as well as the high and well-heeled, some of them with assets abroad. I asked him if we now knew all we need to know, at least with respect to the tax returns Mitt Romney has disclosed publicly.
No, said Matthew. There are a host of questions that any inquiring tax attorney or journalist might ask. Without them, a true picture of Romney’s finances would be impossible. So I asked Matthew if he wouldn’t share the questions with us. Here they are: Read the rest of this entry »
Posted in - Politics... that "dirty" little "game" that first begins in the home. | Tagged: Colorado, dodger, GOP, income, income taxes, Internal Revenue Service, IRS, IRS tax forms, Mitt Romney, off shoring, politician, religion, Republican, Romney, tax, tax haven, taxes, United States, wealth | Leave a Comment »
Posted by Warm Southern Breeze on Tuesday, September 11, 2012
United States Internal Revenue Service, Criminal Investigation Special Agent badge
To know the truth is good, even though what may be revealed might not be good.
The über-wealthy & super-rich can run, but they cannot hide.
If anything, this perfectly illustrates the need for strong regulation.
By STEPHEN OHLEMACHER
— Sep. 11 10:58 AM EDT
WASHINGTON (AP) — Lawyers for a whistleblower say the Internal Revenue Service has awarded their client $104 million for providing information about overseas tax cheats — the largest amount ever awarded by the agency.
Ex-Swiss banker Bradley Birkenfeld is credited with exposing widespread tax evasion at Swiss bank UBS AG. Birkenfeld himself Read the rest of this entry »
Posted in - Even MORE Uncategorized!, - Read 'em and weep: The Daily News | Tagged: Banking in Switzerland, Brad Birkenfeld, crime, GOP, Internal Revenue Service, Mitt Romney, news, Republican, tax, Tax avoidance and tax evasion, tax cheat, UBS, United States, wealth, Whistleblower | Leave a Comment »
Posted by Warm Southern Breeze on Monday, September 10, 2012
WSJ chides Romney for too few policy details
The WSJ editorial page weighs in on Mitt Romney‘s Obamacare response on Meet the Press, and the subsequent clean-up:
When Mitt Romney ventures into health care, political trouble usually follows. So it went this weekend, as the GOP standard-bearer made his own policy sound worse than it is.
On NBC’s “Meet the Press,” the Republican was asked what he would do about people with pre-existing medical conditions who would supposedly “no longer be guaranteed health care” if he repeals the Affordable Care Act. “I say we’re going to replace ObamaCare,” Mr. Romney replied. “And I’m replacing it with my own plan,” without defining the substance of his own agenda.
When pressed, Mr. Romney said that “I’m not getting rid of all of health-care reform. (That would be the liberal euphemism for ObamaCare.) Of course, there are a number of things that I like in health-care reform Read the rest of this entry »
Posted in - Did they REALLY say that?, - Lost In Space: TOTALLY Discombobulated, - Politics... that "dirty" little "game" that first begins in the home. | Tagged: Barack Obama, cheat, Flip Flop, GOP, liar, Meet the Press, Mitt Flop, Mitt Romney, MittFlop, NBC, Obamacare, Patient Protection and Affordable Care Act, Paul Ryan, Republican, rich, Romney, steal, thief, wealth | Leave a Comment »
Posted by Warm Southern Breeze on Saturday, September 8, 2012
A few points for the reader to consider:
This fraud was national in scope, involving a $3 BILLION settlement, of which the North Carolina Attorney General was able to recoup $31.8M. Pfizer, Abbott, Johnson & Johnson, Forest Labs, Eli Lilly, Astrazeneca have also all plead guilty to deceptive and fraudulent marketing. It’s very likely a drop in the bucket in comparison with the greater scope.
The four most expensive Pharmacy frauds in the United States history have occurred since George W. Bush oversaw the rewriting of the Medicare Part D drug benefit in 2003. In order of their value, they are:
GlaxoSmithKline – $3 Billion, 2012
Pfizer – $2.3 Billion, 2009
Abbott Laboratories – $1.5 Billion, 2012
Eli Lilly – $1.4 Billion, 2009
The so-called “doughnut hole” in the Medicare prescription Part D drug plan was closed by President Obama. That “doughnut hole” was created under the George W. Bush administration, who caved in to lobbyists from BIG PHARMA, and allowed them to write much of that aspect of the 2003 revision of the Medicare Part D law (also known as the Medicare Prescription Drug, Improvement, and Modernization Act (MMA), and refused to allow Medicaid the opportunity to bargain for prices with pharmaceutical firms.
Advertising is expensive. Advertising for medications on television, radio, Internet, magazines, billboards, buses, and any other place where advertising is sold, is illegal in some nations. It was once illegal in the United States, until the 1980′s when the FDA OK’d it under pressure from the Reagan administration.
IMS Health, a medical data firm, calculates that drug companies’ business in the United States alone earns more than $300 billion a year.
Last year, GSK had $20 Billion gross profits on $27 Billion in revenue. So don’t let anyone EVER fool you into believing that drug companies don’t make enough money, don’t have enough profits, or enough profit margin.
Pharmaceutical companies spent Read the rest of this entry »
Posted in - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: abuse, BIG MONEY, Big Pharma, Bupropion, corruption, FDA, Food and Drug Administration, fraud, George W. Bush, GlaxoSmithKline, GOP, lobbyist, Medicaid, North Carolina, Paroxetine, Paxil, Political corruption, Republican, Ronald Reagan, Roy Cooper, United States, waste, wealth, Wellbutrin | Leave a Comment »
Posted by Warm Southern Breeze on Sunday, September 2, 2012
How the GOP presidential candidate and his private equity firm staged an epic wealth grab, destroyed jobs – and stuck others with the bill
by: Matt Taibbi
Mitt Romney illustration / Illustration by Robert Grossman
The great criticism of Mitt Romney, from both sides of the aisle, has always been that he doesn’t stand for anything. He’s a flip-flopper, they say, a lightweight, a cardboard opportunist who’ll say anything to get elected.
The critics couldn’t be more wrong. Mitt Romney is no tissue-paper man. He’s closer to being a revolutionary, a backward-world version of Che or Trotsky, with tweezed nostrils instead of a beard, a half-Windsor instead of a leather jerkin. His legendary flip-flops aren’t the lies of a bumbling opportunist – they’re the confident prevarications of a man untroubled by misleading the nonbeliever in pursuit of a single, all-consuming goal. Romney has a vision, and he’s trying for something big: We’ve just been too slow to sort out what it is, just as we’ve been slow to grasp the roots of the radical economic changes that have swept the country in the last generation.
The incredible untold story of the 2012 election so far is that Romney’s run has been a shimmering pearl of perfect political hypocrisy, which he’s somehow managed to keep hidden, even with thousands of cameras following his every move. And the drama of this rhetorical high-wire act was ratcheted up even further when Romney chose his running mate, Rep. Paul Ryan of Wisconsin – like himself, a self-righteously anal, thin-lipped, Whitest Kids U Know penny pincher who’d be honored to tell Oliver Twist there’s no more soup left. By selecting Ryan, Romney, the hard-charging, chameleonic champion of a disgraced-yet-defiant Wall Street, officially succeeded in moving the battle lines in the 2012 presidential race.
Like John McCain four years before, Romney desperately needed a vice-presidential pick that would change the game. But where McCain bet on a combustive mix of clueless novelty and suburban sexual tension named Sarah Palin, Romney bet on an idea. He said as much when he unveiled his choice of Ryan, the author of a hair-raising budget-cutting plan best known for its willingness to slash the sacred cows of Medicare and Medicaid. “Paul Ryan has become an intellectual leader of the Republican Party,” Romney told frenzied Republican supporters in Norfolk, Virginia, standing before the reliably jingoistic backdrop of a floating warship. “He understands the fiscal challenges facing America: our exploding deficits and crushing debt.”
Debt, debt, debt. If the Republican Party had a James Carville, this is what he would have said to win Mitt over, in whatever late-night war room session led to the Ryan pick: “It’s the debt, stupid.” This is the way to defeat Barack Obama: to recast the race as a jeremiad against debt, something just about everybody who’s ever gotten a bill in the mail hates on a primal level.
Last May, in a much-touted speech in Iowa, Romney Read the rest of this entry »
Posted in - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: abuse, Bain Capital, crime, fraud, GOP, John McCain, Mitt Romney, news, Paul Ryan, Republican, Romney, United States, Wall Street, waste, wealth | 4 Comments »
Posted by Warm Southern Breeze on Sunday, September 2, 2012
The noose tightens.
UPDATE 2-New York probes private equity tax strategy – source
Sun Sep 2, 2012 8:00am IST
* NY AG subpoenas at least 12 private equity firms
* AG probing conversion of fees into fund investments
* Bain, Romney’s former firm, among those subpoenaed
* KKR, Apollo, Silver Lake, TPG also get subpoenas
By Karen Freifeld and Greg Roumeliotis
Sept 1 (Reuters) – At least a dozen U.S. private equity firms have been subpoenaed by the New York state attorney general as part of a probe into whether a widely used tax strategy that saved these firms hundreds of millions of dollars is proper, a source familiar with the situation said on Saturday.
Among the firms that were subpoenaed are Bain Capital LLC, KKR & Co LP, TPG Capital LP, Apollo Global Management LLC and Silver Lake Partners LP, the source said.
Bain was once headed by Mitt Romney, the Republican candidate who hopes to unseat President Barack Obama in the Nov. 6 election.
The subpoenas, which were sent out in July, seek documents related to Read the rest of this entry »
Posted in - Read 'em and weep: The Daily News | Tagged: Bain Capital, Barack Obama, capital, crime, Eric Schneiderman, fraud, law, Mitt Romney, money, New York, New York Attorney General, news, politics, Silver Lake Partners, Sprint Nextel, Vestar Capital Partners, Wall Street, wealth | Leave a Comment »
Posted by Warm Southern Breeze on Sunday, July 15, 2012
What does Mitt Romney have to hide?
Why won’t he live up to his late father’s example, and voluntarily and openly reveal all his tax records?
Where the Money Lives
August 2012, 2012-08-08 T11:00:24.000-04:00
By Nicholas Shaxson
For all Mitt Romney’s touting of his business record, when it comes to his own money the Republican nominee is remarkably shy about disclosing numbers and investments. Nicholas Shaxson delves into the murky world of offshore finance, revealing loopholes that allow the very wealthy to skirt tax laws, and investigating just how much of Romney’s fortune (with $30 million in Bain Capital funds in the Cayman Islands alone?) looks pretty strange for a presidential candidate.
BURIED TREASURE Grand Cayman, where Bain Capital maintains at least 138 funds. Inset, Mitt Romney tries to spot his La Jolla home from the campaign plane. ©Ruth Tomlinson/Robert Harding World Imagery/Corbis (beach); by Justin Sullivan/Getty images (inset).
A person who worked for Mitt Romney at the consulting firm Bain and Co. in 1977 remembers him with mixed feelings. “Mitt was … a really wonderful boss,” the former employee says. “He was nice, he was fair, he was logical, he said what he wanted … he was really encouraging.” But Bain and Co., the person recalls, pushed employees to find out secret revenue and sales data on its clients’ competitors. Romney, the person says, suggested “falsifying” who they were to get such information, by pretending to be a graduate student working on a project at Harvard. (The person, in fact, was a Harvard student, at Bain for the summer, but not working on any such projects.) “Mitt said to me something like ‘We won’t ask you to lie. I am not going to tell you to do this, but [it is] a really good way to get the information.’ … I would not have had anything in my analysis if I had not pretended.
“It was a strange atmosphere. It did leave a bad taste in your mouth,” the former employee recalls.
This unsettling account suggests the young Romney—at that point only two years out of Harvard Business School—was willing to push into gray areas when it came to business. More than three decades later, as he tried to Read the rest of this entry »
Posted in - Lost In Space: TOTALLY Discombobulated, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: avarice, Bain, Bain Capital, Banking in Switzerland, Bermuda, Cayman Island, Cayman Islands, George Romney, GOP, greed, hide, Mitt Romney, money, news, Newt Gingrich, Nicholas Shaxson, politics, problems, Republican, Romney, secrecy, secret, tax haven, trouble, United States, wealth | Leave a Comment »
Posted by Warm Southern Breeze on Monday, June 18, 2012
Is this not a prime example of how “We the People…” should require higher tax rates of the über wealthy?
I mean, really… they get a deduction of $77,000 for their f*ing horse?!
What’s wrong with this picture!?!
Out of touch with reality, or out of touch with reality?
Mitt says “job one is creating jobs in America.”
Since Mitt & Ann get those rich-folk tax breaks, that makes him a “job creator.”
So maybe you can work in one of Mitt’s horse barns!
You plebian slob.
Romney Horse Wins Spot on Olympic Dressage Team
June 16, 2012
GLADSTONE, N.J. — Mitt Romney and his wife, Ann, who plan to attend the opening of the Olympic Games in London this summer, now have a personal rooting interest in the event.
Jan Ebeling, Mrs. Romney’s longtime riding tutor, and his horse Rafalca, co-owned by Mrs. Romney, Read the rest of this entry »
Posted in - Did they REALLY say that?, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: American, Ann Romney, avarice, average, deduction, dressage, Ebeling, horse, income, London, median, Mitt Romney, mom, Olympic, Olympic Games, out of touch, Rich as Croseus, Romney, Stay at home mom, Stephen Colbert, tax, tax break, tax deduction, taxes, United States, United States Equestrian Federation, wealth, YouTube | 2 Comments »
Posted by Warm Southern Breeze on Sunday, May 20, 2012
Recall the words to this song?
“Oh, how I love Jesus… Oh, how I love Jesus… Oh, how I love Jesus…“
Well, some folk don’t “love” Him because He first loved them, but because He “gives me power to get wealth.” And THAT, my brothers and sisters, is where it’s at! Money, money, money! Pass the cash! I want more! More! More! More!
Is this abuse?
Perhaps the greater question is this: How can this be prevented?
And, this is ALL tax free.
Remember that word.
(And be sure to watch the hilarious video following the story below!)
Private jets, 13 mansions and a $100,000 mobile home just for the dogs: Televangelists ‘defrauded tens of million of dollars from Christian network’
By Nina Golgowski
PUBLISHED: 16:21 EST, 23 March 2012 | UPDATED: 16:22 EST, 23 March 2012
Two former employees of the world’s largest Christian television channel Trinity Broadcasting Network are accusing the non-profit of spending $50 million of its funding on extravagant personal expenses.
Among purchases, the network founded by Televangelists Paul and Jan Crouch, is accused of misappropriating its ‘charitable assets’ toward a $50 million jet, 13 mansions and a $100,000-mobile home for Mrs Crouch’s dogs.
Accused: Brittany Koper, center, recently filed a suit accusing the Trinity Broadcasting Network, its founders Janice Crouch (left) and Paul Crouch Sr (far right), in squandering $50 million of its funding
Their granddaughter, Brittany Koper, 26, recently filed her allegations in court after Read the rest of this entry »
Posted in - Faith, Religion, Goodness - What is the Soul of a man?, - Read 'em and weep: The Daily News | Tagged: abuse, Benny Hinn, Blab It and Grab It, California, corruption, Creflo Dollar, Crouch, Crouches, defraud, empire, excess, extravagance, FCC, fraud, humor, Jan Crouch, Jesus, Joel Osteen, Koper, lavish, Los Angeles Times, McVeigh, media, money, news, opulence, Paul Crouch, power, Protestant, religion, Trinity Broadcasting Network, video, Wall Watchers, waste, wealth, YouTube | 2 Comments »
Posted by Warm Southern Breeze on Monday, December 5, 2011
Mitt Romney, former governor of Massachusetts, and GOP wannabe presidential nominee, has made many assertions claiming a record of creating private sector jobs before he became governor.
However, Marc B. Walpow, a former managing partner at Bain Capital who worked closely with Mitt Romney during his time there had this to say:
“I never thought of what I do for a living as job creation. The primary goal of private equity is to create wealth for your investors.“
Let’s examine Mr. Romney’s job creations claims more closely.
A closer look at Mitt Romney’s job creation record
The Republican presidential contender says he learned about expanding employment during his time heading a private equity firm. But under his leadership, Bain Capital often maximized profits in part by firing workers.
By Tom Hamburger, Melanie Mason and Matea Gold, Washington Bureau December 3, 2011, 7:23 p.m.
Reporting from Washington—
Shortly after Mitt Romney resigned from Bain Capital in 1999 to run the Olympics in Salt Lake City, potential investors received a prospectus touting the extraordinary profits earned by the private equity firm that Romney controlled for 15 years.
During that time, Boston-based Bain acquired more than 115 companies, according to the prospectus. Bain’s estimated annual returns were more than five times that of the Dow Jones Industrial Average in the same period.
Now a front-runner for the Republican presidential nomination, Romney says his Bain experience shows he knows how to create jobs. He often cites Bain’s investment in a little-known office supply store called Staples, which now employs more than 90,000 worldwide.
DOCUMENT: Read the Bain Capital prospectus
But a closer examination of the prospectus paints a different picture of Bain’s operation. Under Romney’s leadership, Read the rest of this entry »
Posted in - Did they REALLY say that?, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: candidate, election, equity, GOP, jobs, liar, Mitt Romney, nominee, politics, Republican, tax, wealth | Leave a Comment »
Posted by Warm Southern Breeze on Tuesday, October 4, 2011
Is this not the height of arrogance?
Wall Street executives,
tell show us how you ~REALLY~ feel!
Posted in - Faith, Religion, Goodness - What is the Soul of a man?, - Read 'em and weep: The Daily News | Tagged: "Occupy Wall Street", #OccupyWallStreet, arrogance, corruption, Criticism of capitalism, greed, Leaderless resistance, New York City, news, Occupy Wall St., Protest, United States, video, Wall Street, wealth, YouTube, Zuccotti Park | Leave a Comment »
Posted by Warm Southern Breeze on Saturday, October 1, 2011
John Adams, 1823–24, Second President of the US. Painting by Gilbert Stuart (1755–1828).
Perhaps you’ve read the previous entry in this blog. If not, I encourage you do so.
For several reasons, not the least of which are that what you’ll read in the conclusion of this entry speak overwhelmingly to the issue addressed by the protestors.
Following is an entry I made in another forum, the content of which – as I considered it – was worthy of a separate post.
Your thoughtful commentary is encouraged.
I particularly like your earlier remark, and found it quite erudite. To wit, and to clarify, it is this one: “I believe in capitalism, Read the rest of this entry »
Posted in - Did they REALLY say that?, - Politics... that "dirty" little "game" that first begins in the home. | Tagged: avarice, Big Business, corporatism, evil, excesses, government, greed, history, John Adams, Massachusetts, movement, New York, New York City, politics, power, Truth to Power, United States, vice, Wall Street, wealth, wickedness | Leave a Comment »
Posted by Warm Southern Breeze on Monday, August 15, 2011
Stop Coddling the Super-Rich
By WARREN E. BUFFETT
Published: August 14, 2011
OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.
While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.
These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.
Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was Read the rest of this entry »
Posted in - Uncategorized | Tagged: American, Berkshire Hathaway, Congress, Giving Pledge, government, Income tax, law, money, money wealthy, Payroll tax, politics, Republican, rich, tax, Tax rate, taxes, United States, Warren Buffett, wealth | Leave a Comment »
Posted by Warm Southern Breeze on Friday, April 1, 2011
Those “poor, poor” rich men. We shouldn’t tax those poor, poor souls because they, in their mercy, give jobs to us, the genuinely wealthy slobs who do not need them. No, Congress should cut their taxes, and should not tax multi-national corporations such as General Electric which makes billions in profits and does not pay any income tax. In fact, Congress should eliminate all taxes upon the über-wealthy and should tax the poor! (sarcasm ends here)
CEO pay soars while workers’ pay stalls
By Matt Krantz and Barbara Hansen, USA TODAY
Updated: 04/01/2011 9:20am
CEOs didn’t have to cry poor for long.
The heads of the nation’s top companies got the biggest raises in recent memory last year after taking a hiatus during the recession.
At a time most employees can barely remember their last substantial raise, median CEO pay jumped 27% in 2010 as the executives’ compensation started working its way back to prerecession levels, a USA TODAY analysis of data from GovernanceMetrics International found. Workers in private industry, meanwhile, Read the rest of this entry »
Posted in - Did they REALLY say that?, - Read 'em and weep: The Daily News | Tagged: CEO, compensation, Congress, corporation, federal, government, injustice, justice, news, pay, politics, rich, tax, taxes, wealth | 4 Comments »
Posted by Warm Southern Breeze on Sunday, March 6, 2011
Earlier I’d posted about “Baby Gaga” human breast milk ice cream which was being marketed in England.
Now, the denizen attorney hoards hired by Stefani Joanne Angelina Germanotta, aka “Lady Gaga,” have threatened an entrepreneur in England who has hit upon a rather unique idea which has – legality & ethics issues aside – provided a nominal source of income for the donors and for the marketer.
We don’t read of the “Goo Goo Dolls” suing “Goo Goo Cluster” candy in Nashville, TN. Nor do we read of either of them suing “Goo Gone” of Cleveland, OH for their citrus-based cleaning product. Perhaps her insatiably greedy attorneys will file suit against anyone whom uses the word “gaga” in conversation.
Standard Candy Company, makers of the Goo Goo Cluster indicate that Read the rest of this entry »
Posted in - Did they REALLY say that?, - Even MORE Uncategorized!, - Lost In Space: TOTALLY Discombobulated, - Read 'em and weep: The Daily News | Tagged: abuse, Agence France-Presse, attorneys, avarice, Breast milk, candy, cleaner, copyright, corporate lawyers, Covent Garden, England, food, fraud, Goo Gone, Goo Goo Cluster, Goo Goo Dolls, ice cream, Lady Gaga, London, Mishcon de Reya, Nashville, photographer, photographs, photography, poverty, power, riches, stupidity, sue crazy, Tennessee, TN, waste, wealth, Westminster City Council | Leave a Comment »