Jack Cafferty: GE Paid No Taxes For 2009 & 2010: "Corporations Own The U.S. Government"

Click image to watch...Video can't be embedded.

The headline quote comes at 1:35.

Comments

[Benny and the Talibanks]

"Corporations own the US Government"

If only I could convince DB. :)

[DailyBail]

benny...i responded to you in the other thread...public employee unions also have substantial power...just because they are under attack doesn't mean their influence is gone...quite the contrary...they are still a force...

[john]

GE will help TEPCO supply electricity in summer: CEO

http://www.chinapost.com.tw/asia/japan/2011/04/04/297275/GE-will.htm

[snip]

GE chief executive Jeff Immelt, on a visit to Japan, met with officials at Tokyo Electric Power Co. (TEPCO) about the crippled Fukushima plant, site of the world's worst nuclear disaster since Chernobyl.

“Immelt said GE would cooperate with TEPCO on restarting and strengthening its thermal power generation in anticipation of the rise in power demand for the summer,” a TEPCO official told a webcast news briefing.

[john]

Flashback:

http://www.thestreet.com/story/11060496/1/general-electrics-harlem-horse-trade.html

[snip]

In May 2008, while Rangel still held his chairmanship, he met with GE tax chief and former U.S. Treasury official John Samuels. Samuels dropped to one knee and begged Rangel to extend a tax break that is especially important to GE, according to the report, which notes that a GE spokeswoman said Samuels was joking.
Rangel was presumably not joking, however, when he changed his position on the issue, known as "active financing," the same day.

H/T Old Logan (@wrh) for finding this!

[Charlie]

Why no view in Ireland?
Quote "The uploader has not made this video available in your country.
Sorry about that."

[Cheyenne]

But, but, but... I thought our corporate tax rate was punitively ruinous at 36%. Does lowering it mean GE gets an income stream? Who is the author of this so-called tax code?

[DailyBail]

@charlie...take it up withe youtube...

@cheyenne...based on what john linked above, i'm guessing that the people who wrote the tax code now work for GE...

[john]

CHECK THIS OUT!

GE Auditor KPMG: Supporting Their Tax Strategy For 102 Years

http://blogs.forbes.com/francinemckenna/2011/03/29/ge-auditor-kpmg-supporting-their-tax-strategy-for-102-years/

[snip]

G.E.’s giant tax department, led by a bow-tied former Treasury official named John Samuels, is often referred to as the world’s best tax law firm. Indeed, the company’s slogan “Imagination at Work” fits this department well. The team includes former officials not just from the Treasury, but also from the I.R.S. and virtually all the tax-writing committees in Congress....

[snip2]

The Sarbanes-Oxley Act of 2002 also prohibits an auditor from providing “bookkeeping” services to its audit clients.....

........In defiance of these provisions, KPMG – GE’s auditor – provides “loaned staff” or staff augmentation to GE’s tax department each year. These “temps” perform tasks that would be otherwise the responsibility of GE staff. Sources tell me KPMG employees working in GE tax have GE email addresses, are supervised by GE managers – there is no KPMG manager or partner on premises – and have access to GE employee facilities. They use GE computers because the software required for their tasks is GE proprietary software.

This type of “secondment” to an audit client is never allowed. KPMG should know better. KPMG was recently sanctioned by the SEC for a similar transgression involving their Australian office.

[DailyBail]

nice find john...thanks...

[john]

Flashback: 2005-2008

GE gets 'Wells notice' in SEC accounting probe

http://economictimes.indiatimes.com/articleshow/3450517.cms

[snip]

CHICAGO: General Electric Co said on Friday it had been notified by U.S. regulators that a civil complaint could be filed against the company following a more than three-year-long probe into its use of hedge accounting for derivatives and other accounting matters.

Disposition of above matter...............

GE settles SEC accounting probe for $50 million

http://blog.timesunion.com/business/ge-settles-sec-accounting-probe-for-50-million/14675/

[snip]

General Electric Co. announced this morning that it settled a Securities and Exchange Commission accounting fraud probe for $50 million.

The settlement came the same day that the SEC filed civil charges against the company.

“GE bent the accounting rules beyond the breaking point,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “Overly aggressive accounting can distort a company’s true financial condition and mislead investors.”

[DailyBail]

i remember that day...thx john...the question is how much did GE make from the questionable accounting that cost them the $50 million fine...

[john]

Paper: (PDF)

The Capture of Government Regulators By The Big Accounting Firms.

http://asbbs.org/files/2011/ASBBS2011v1/PDF/P/PaiK.pdf

[DailyBail]

nice one john...

[Cheyenne]

Haven't seen this clip, but Cafferty rocks the pissed-off-jaded-newsman pesrona as well as Joe Flaherty's Floyd Robertson on SCTV. Cafferty's eruption over Palin's Couric interview is legendary.

[DailyBail]

agreed...cafferty on palin is always a riot...this clip is great...cheyenne...i posted something on another thread that i found last night related to you...

http://dailybail.com/home/subpoenaed-documents-show-goldman-sachs-offered-to-tear-up-a.html#comment12986779

[William G.]

Jack finally found some religion over there at zionist headquarters.
Maybe Jack has alittle touble sleeping at night, with all those dead bodies piling up,
how does the media mafia keep it's collective head together without an employee
going off the rocker?

Take a good look at those regulars on CNN, because you won't see one worry line or tired eye
on those faces.

[Howard T. Lewis III]

Make ME your czar Czar. I, Howard T. Lewis III, will get your GE back taxes AND Monsanto's new 'employ the clean-up squad to erase GMO contamination from the fields of the world' . It WILL be the order of the day. Let me make it perfectly clear...

[DailyBail]

I hereby nominate Howard T. Lewis III as czar of cleaning up the system and kicking ass all along the way.

The Committee on Truth agrees...

So ordered...

[Chuck]

Not only do corporations own and run the government, the government IS the corporation. Forget democracy. That is only a fairy tale. There is only default settlement of debt and appraisal of collateral assets - you, by your own assent. You are worth more dead than alive, which is why you are being liquidated. That is where Obamacare comes in. Sleep on. Don't worry, be happy.